1001-03 Parade St Erie, PA 16503

Property Details for 1001-03 Parade St

Year built

1890

Lot size

0.08 lot acres

Property size

6,560 SF

Property type

Commercial real estate

Description

This exceptional 6,560 square foot commercial building presents a rare investment opportunity in Erie, PA. Located on the prominent northeast corner of 10th and Parade Streets, this beautiful brick structure boasts excellent street visibility and high traffic exposure. The property comprises six rental units, mostly occupied by long-term tenants, providing immediate and consistent cash flow. Recent upgrades include a new metal roof (2022) and a complete electrical service replacement, enhancing both efficiency and longevity. Many windows have also been replaced. The building's historic charm is complemented by modern updates, creating a desirable blend of character and functionality. A substantial, clear basement and a large walk-up attic offer significant potential for expansion and future development. Individual utility metering for each unit simplifies management and optimizes cost allocation. While the liquor license is not included in the sale price of $349,900, it is available for separate negotiation under specific conditions. This well-maintained property, situated on a 0.08-acre lot, represents a solid investment with strong potential for both rental income and future appreciation. Low current rents offer room for future increases.

Location Insight

City

Erie

County

Erie

State

Pennsylvania

Longitude

-80.0737

Latitude

42.1286