Remodeled Triplex with Loft
For Sale
$255,000
Pending
942 BROWN Avenue, Erie, PA 16502
ResidentialIncome, Erie, PA
Property Size2,896 SF
Lot Size0.11 Acres
Days on Market55
Property Features for 942 BROWN Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning description
R-2
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 5, Bedroom 6, Bathroom 3, Bedroom 2
Parking
3
Elementary school district
City-Erie
Middle school district
City-Erie
High school district
City-Erie
Directions
942 Brown Avenue - west of Liberty Street and east of Cascade Street on north side of street
Subdivision
3 - Erie Southwest
Standard status
Pending
APN
19-060-026.0-116.00
Size
2,896 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
4758
Expense value
5000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
on-site laundry
fireplaces
off-street parking
vaulted ceilings
Building Details
Year built
1905
Number of units
3
Building materials
VinylSiding
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Agresti Real Estate
(814) 459-9400
Listed By:
Nicholas Marinelli · License #AB062182L
(814) 806-6300
Added: Jun 30
Changed: Aug 19
Last Checked: Aug 23 at 12:06PM
MLS# 191809
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.
Remodeled three-unit triplex featuring three New York-style loft apartments with vaulted ceilings, fireplaces, and open living spaces. Each unit includes two bedrooms, and the property is described as fully furnished and ready to operate. Built in 1905 with vinyl siding and an asphalt roof, the home is served by public water and public sewer. Heating is natural gas forced air.
The property is located at 942 Brown Avenue in Erie, PA 16502. The layout is supported for short-term business rental use, with on-site laundry and off-street parking included.
The rooming configuration supports a multi-unit tenant or rental strategy, with the three units positioned as loft-style apartments within the same building.
The property is located at 942 Brown Avenue in Erie, PA 16502. The layout is supported for short-term business rental use, with on-site laundry and off-street parking included.
The rooming configuration supports a multi-unit tenant or rental strategy, with the three units positioned as loft-style apartments within the same building.
Key Highlights
- Three‑unit triplex with New York‑style loft apartments and vaulted ceilings
- Each unit offers two bedrooms and open living spaces with fireplaces
- Fully furnished property described as ready to operate for short‑term rental use
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
$19,892
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
7.80%
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%
$397,840
$397.8K
Cap Rate 7%
$284,171
$284.2K
Cap Rate 9%
$221,022
$221.0K
Market Conditions
NOI Build-Up for 2,896 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
$29.5K $10.20/SF
− Vacancy
−$1.1K −$0.39/SF
EGI
$28.4K $9.81/SF
− OpEx
−$8.5K −$2.94/SF
NOI
$19.9K $6.87/SF
Area
Erie County, PA
Vacancy
3.80%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
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%
$397,840
Cap Rate 7%
$284,171
Cap Rate 9%
$221,022
Alternative Uses
Best Use
Multifamily LT 5
$284.2K
$248.7K – $331.5K
NOI $19,892 @ 7.0% cap · market cap 7.80%
Second Best
Apartment 5plus
$254.3K
$222.5K – $296.7K
NOI $17,799 @ 7.0% cap · market cap 6.98%
Theoretical Best
Office A
$718.5K
$628.7K – $838.2K
NOI $50,293 @ 7.0% cap · market cap 19.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
784
Businesses Nearby
Explore this area
Business Placement
Demographics for 16502, PA
15,435
Population
7,811
Households
2
Avg Household Size
34
Median Age
18%
College-Educated
90%
High-School Grad
2.5 sq mi
ZIP Area
6,174
Density / Sq Mi
$34,649
Median Household Income
$27,342
Median Earnings
$831
Median Rent
$90,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Remodeled three-unit triplex with vaulted-ceiling loft layouts, fireplaces, on-site laundry, and off-street parking.
Where is this triplex located?
The property is located at 942 BROWN Avenue Erie, PA.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: Three‑unit triplex with New York‑style loft apartments and vaulted ceilings; Each unit offers two bedrooms and open living spaces with fireplaces; Fully furnished property described as ready to operate for short‑term rental use
