137 2Nd St Erie, PA 16507

Property Details for 137 2Nd St

Year built

1972

Lot size

1.40 lot acres

Property size

42,321 SF

Zone code

WC2

Property type

Office buildings

APN

17-040-006.0-212.00

APU

17040006021200

Description

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.

Location Insight

City

Erie

County

Erie

State

Pennsylvania

Longitude

-80.0902

Latitude

42.1318

CBSA code

21500

CBSA name

ERIE, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments