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    137 2Nd St Erie, PA 16507

    Sponsored
    For Sale
    $6,511,000

    Prime Erie location, strong tenant.

    Property size:
    44,834 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional investment opportunity presents a 44,834 square foot Class A medical office building in Erie, Pennsylvania. The property boasts a 100% occupancy rate with a single, credit-rated tenant: the Commonwealth of Pennsylvania, Department of Corrections, under a gross lease with a remaining term of 14.3 years (expiring March 14, 2039). The lease commenced November 1, 2003, and includes annual rent increases of 2.50%, providing a hedge against inflation. The building, constructed in 1972 and renovated in 2003, features three stories and sits on a 1.4-acre lot. The asking price is $6,511,000, representing a 7.66% cap rate and a price per square foot of $145. The property generates a substantial net operating income (NOI) of $498,953. Additional income streams are derived from a parking lot lease with UPMC Hamot Medical Center (extending to 2029) and laundry services. The strategic downtown Erie location offers proximity to major employers like UPMC Hamot Hospital and Erie Insurance, as well as significant tourist attractions and a large regional population. The tenant has a long history at this location and recently extended their lease, demonstrating a strong commitment. Two, five-year lease options are available. The property is fee simple ownership and the APN is 17-040-006.0-212.00. This is a rare opportunity to acquire a stabilized, government-backed investment with significant long-term potential.

    Property Features for 137 2Nd St

    General Information

    Property type
    Medical offices
    Square Feet
    44,834 SF
    Class
    A
    Lot Size
    60,984 SF

    Building Details

    Year Built/Renovated
    1972/2003
    Buildings
    1
    Stories
    3

    HighLights

    • Investment‑grade credit tenant: Commonwealth of Pennsylvania, Department of Corrections (AA/Aa3 rating).
    • Long‑term lease: 15‑year extension with a strong, 20+ year history at this location.
    • Inflation‑resistant lease: 2.5% annual rent increases.
    • Additional income streams: Parking lot lease with UPMC Hamot (extending to 2029) and laundry services.
    • State‑operated correctional facility: Erie Community Corrections Center, one of 12 in Pennsylvania, serving a large regional population.
    • Prime downtown Erie location: High population density (±140,000 within 5 miles), near major employers (UPMC Hamot, Erie Insurance), entertainment venues, and the bayfront.
    Property Profile Location Intelligence

    Current Use by Public Records

    Erie Community Correction ... State Government Office

    Suggested Use

    Restaurant Realty agency Building Supply Spa & Massage Dental Office Law Firm Wholesale Shop Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Erie
    County
    Erie
    State
    Pennsylvania
    Longitude
    -80.0901456
    Latitude
    42.1317308

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    FAQs

    What type of property is this?
    Medical office - Prime Erie location, strong tenant.
    Where is this medical office located?
    The property is located at 137 2Nd St Erie, PA.
    What is the asking price?
    The asking price for this property is $6,511,000.
    What are key features of this property?
    This property features: Investment-grade credit tenant: Commonwealth of Pennsylvania, Department of Corrections (AA/Aa3 rating).; Long-term lease: 15-year extension with a strong, 20+ year history at this location.; Inflation-resistant lease: 2.5% annual rent increases.
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    Realmo Value Estimation

    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.

    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.

    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
    137 2Nd St Erie, PA 16507
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