502/506 State St, Erie, PA, 16501
About This Home
Positioned in the heart of downtown Erie, this exceptional mixed-use property presents a rare opportunity to own a fully revitalized asset rich in character and income potential. Registered in the National Registry of Historic Buildings, the property offers access to valuable grants and tax incentives, enhancing long-term returns. Thoughtfully redeveloped in 2021, the building blends historic charm with modern updates throughout. The property features six total units, including two established retail tenants on the first floor, providing immediate cash flow and strong street presence. Upper levels offer move-in ready space ideal for office or residential use, along with additional square footage ready for build-out—creating significant upside for added value. Ideal for investors or owner-operators seeking a turnkey opportunity with expansion potential in a prime downtown location.
Getting Around
Very Walkable
Some Transit
BikeableSchools
Construction
Condition
- Property condition: Resale
- Year built: 1858
Materials
- Roof: Rubber
- Construction materials: Brick,Block
Type & Style
- Home type: MultiFamily
- Architectural style: Three Story
- Property subType: Multi Family
Interior
Bedrooms & Bathrooms
- Bathrooms: 6
Heating & Cooling
- Heating features: Forced Air,Gas
- Cooling features: Central Air
Interior Area
- Total structure area: 15,948
- Total interior livable area: 15,948 sqft
Property
Details
- Parcel number: 17040002.0104.00
- Zoning description: C-3
Features
- Levels: Three Or More
- Stories: 3
Lot
- Lot size: 6,651 sqft
- Lot size dimensions: 37 x 103 x 0 x 0
Climate Risk is Financial Risk
Every home has a financial story beyond the listing price. Below, you’ll see the climate risks that could affect this property — and in Bills & Affordability, how those risks may influence repairs, insurance, utilities, and long-term value.
Biggest Threats for This Home
- Winter Weather
- Lightning
- Strong Wind
- Tsunami
How This Home’s Risks Compare
FEMA Declared Disasters Across Pennsylvania Counties
Understanding the Costs
Financial advisors generally recommend spending no more than 30% of your gross household income on housing costs. In practice, many households stretch to 35% or beyond — especially in high-cost markets.
Estimated Costs Today
| Monthly | Annual | |
|---|---|---|
| Mortgage | $9,606 | $115,272 |
| Home Insurance * | $2,684 | $32,208 |
| Property Taxes | $2,406 | $28,872 |
| Electricity | $1,749 | $20,997 |
| Total | $16,445 | $197,340 |
Income You'd Need if You Spent...
Pennsylvania FAIR Plan Programs
Insurance Placement Facility of Pennsylvania/FAIR Plan
Wildfire
HailWindHow Costs Could Change Over Time
Climate risk is quickly impacting all of the major home ownership costs. Adjust the growth rates and percentage of income spent on housing below to see how your housing costs could change over the next 10 years — and what income you'd need to keep up.
Comparing Against the Market
Price Per Sq Ft
vs Other Active Listings
Avg $/sqft
vs Homes Sold Last Month
Median $/sqft
Current Market Trends
Median Price Per Square Foot
The median price per square foot of homes sold in this area each month. Compare this to this listing's price per square foot to gauge whether the home is priced in line with recent sales.
Historicals for This Listing
Zestimate History ($/sqft)
Price History
| Date | Event | Price |
|---|---|---|
| 2026-04-02 | Listed for sale | $1,899,900 |
For Sale by Agent
View on Zillow