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    51 Main St North East, PA 16428

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    For Sale
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    Charming 2-unit Inn, Redevelopment Potential

    Property size:
    11,074 SF

    Property Features for 51 Main St

    General Information

    Property type
    Multifamily properties
    Square Feet
    11,074 SF
    Lot Size
    23,958 SF

    Building Details

    Year Built/Renovated
    1832/2024
    Buildings
    2
    Stories
    2
    Units
    2

    We can help!

    Listing Contact
    Jim Barbour
    Jim Barbour

    Listing Agency: Keller Williams Realty Erie Listing Agent: Jim Barbour

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional property, the former Grape Arbor Inn, presents a unique investment opportunity in the heart of Pennsylvania's wine country. Located at 51 and 55 E Main St, North East, PA 16428, this meticulously renovated (2024) estate boasts two historic buildings (11,074 sq ft total) constructed in 1832, situated on a 0.55-acre lot. Currently vacant, the property offers immediate occupancy starting August 19, 2024. The two-unit apartment building features 10 bedrooms and 8.5 bathrooms, many as private suites, perfect for a bed and breakfast or Airbnb operation. The spacious kitchen and sunroom are ideal for entertaining. High ceilings, abundant natural light, central AC and forced air heat provide modern comfort, while original features like stained glass windows, staircases, and fireplaces retain the property's historic charm. Zoned C-1, this property offers flexibility for various uses, including its original single-family residence configuration. The asking price is $900,000 ($450,000 per unit, $81.27 per sq ft). This prime location is within walking distance of restaurants and shops, and minutes from Freeport beach and the North East marina. Don't miss this chance to own a piece of Pennsylvania history.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Episcopal Church of Holy ... Church The Colonial Manor Hotel & Motel Grape Arbor Bed ... Bed & Breakfast

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    North East
    County
    Erie
    State
    Pennsylvania
    Longitude
    -79.831663269803
    Latitude
    42.216848445876

    Nearby Similar for Sale

    • $1,990,000
      15,976 SF

      Pennsylvania Winery with Event Venue

      Thriving winery with event venue and remodeled residence in wine country.
      10225 Lake Rd, North East, PA 16428
      View Details
    • $1,990,000
      1,152 SF

      Established Winery and Event Venue

      Thriving winery with event venue and remodeled residence in wine country.
      10225 Lake Rd, North East, PA 16428
      View Details

    FAQs

    What type of property is this?
    Multifamily property - Charming 2-unit Inn, Redevelopment Potential
    Where is this multifamily property located?
    The property is located at 51 Main St North East, PA.
    What is the asking price?
    The asking price for this property is $900,000.
    What are key features of this property?
    This property features: Flexible zoning allows for continued use as an Airbnb, conversion to a bed and breakfast, or reversion to a single-family residence (SFR).; Prime location with high rental demand.; Strong potential for significant ROI.
    (610) 967-0538 Call to check price and availability
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    51 Main St North East, PA 16428
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Jim Barbour
    Jim Barbour
    Real Estate License ID: AB068949
    (610) 967-0538
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