Renovated Brick
New
For Sale
$259,900
658-60 E 7TH Street, Erie, PA 16501
MULTI_FAMILY - Other - Erie, PA
Property Size3,800 SF
Lot Size0.08 Acres
Price / SF$68.39
Days on Market2
Property Features for 658-60 E 7TH Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-2
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bathroom 4, Bathroom 3, Bedroom 2, Bedroom 4, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 6, Bedroom 3
Parking features
Garage
Lot features
Level
Elementary school district
City-Erie
Middle school district
City-Erie
High school district
City-Erie
Directions
East on 6th St to South on Reed.
Subdivision
1 - Erie Northeast
Standard status
Active
APN
14-010-019.0-200.00
Size
3,800 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
2143
Expense value
5000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Hot Water(Heating)
Water source
Public
Amenities
rear deck
Building Details
Year built
1920
Number of units
4
Building materials
Brick, VinylSiding
Roof type
Composition
Architectural style
Other
Listing Agency:
Coldwell Banker Select - Peach · Coldwell Banker Real Estate
(814) 453-4578
Listed By:
Paul Nick · License #RS329894
(814) 572-3864
Added: Aug 18
Changed: Aug 19
Last Checked: Aug 19 at 7:06AM
MLS# 192727
Copyright © 2026 Greater Erie Board of Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,800-square-foot brick quadplex was built in 1920 and includes four apartments arranged across two floors. The second floor contains two two-bedroom units, while the first floor offers one one-bedroom apartment and one efficiency. Recent improvements include remodeled kitchens, bathrooms, flooring, and interior paint, along with updated electrical and plumbing systems. The property also features a newer composition roof, a two-story rear deck, a full basement, and a detached one-car garage.
Public water and public sewer serve the building, with hot-water heating powered by natural gas. The property occupies 0.08 acres and combines durable brick construction with updated building systems and refreshed apartment interiors.
Public water and public sewer serve the building, with hot-water heating powered by natural gas. The property occupies 0.08 acres and combines durable brick construction with updated building systems and refreshed apartment interiors.
Key Highlights
- Four‑unit configuration with two 2‑bedroom units, one 1‑bedroom unit, and one efficiency
- 3,800 square feet on a 0.08‑acre parcel
- Recent renovations include kitchens, bathrooms, flooring, and paint
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$23,354
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.99%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$467,080
$467.1K
Cap Rate 7%
$333,629
$333.6K
Cap Rate 9%
$259,489
$259.5K
Market Conditions
NOI Build-Up for 3,800 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$44.2K $11.64/SF
− Vacancy
−$1.8K −$0.47/SF
EGI
$42.5K $11.17/SF
− OpEx
−$19.1K −$5.03/SF
NOI
$23.4K $6.15/SF
Area
Erie County, PA
Vacancy
4.00%
Lease Rate
$11.64 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$467,080
Cap Rate 7%
$333,629
Cap Rate 9%
$259,489
Alternative Uses
Best Use
Multifamily LT 5
$372.9K
$326.3K – $435.0K
NOI $26,101 @ 7.0% cap · market cap 10.04%
Second Best
Apartment 5plus
$333.6K
$291.9K – $389.2K
NOI $23,354 @ 7.0% cap · market cap 8.99%
Theoretical Best
Office A
$942.7K
$824.9K – $1.10M
NOI $65,992 @ 7.0% cap · market cap 25.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
900
Businesses Nearby
Explore this area
Business Placement
Demographics for 16501, PA
2,241
Population
1,468
Households
1.5
Avg Household Size
48
Median Age
23%
College-Educated
85%
High-School Grad
0.7 sq mi
ZIP Area
3,201
Density / Sq Mi
$14,579
Median Household Income
$12,623
Median Earnings
$411
Median Rent
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Updated four-unit apartment property with a varied unit mix, detached garage, basement, and two-story rear deck.
Where is this quadplex located?
The property is located at 658-60 E 7TH Street Erie, PA.
What is the asking price?
The asking price for this property is $259,900.
What are key features of this property?
This property features: Four‑unit configuration with two 2‑bedroom units, one 1‑bedroom unit, and one efficiency; 3,800 square feet on a 0.08‑acre parcel; Recent renovations include kitchens, bathrooms, flooring, and paint
