2715 Parade StErie, PA 16504

Property Details for 2715 Parade St

Year built

1996

Construction

FRAME

Lot size

1.03 AC

Property size (Sq ft)

11,290 SF

Zone code

C1

Property type

Retail space

APN

18-050-077.0-113.00

APU

18050077011300

Description

This exceptional 11,325-square-foot retail property, situated at 2715 Parade St in Erie, Pennsylvania, presents a unique investment opportunity. The building, constructed in 1996, is a single-tenant, free-standing structure on a 0.98-acre lot. Currently vacant, this former pharmacy/drug store offers high visibility and ample parking, making it ideal for a variety of retail uses. The asking price is $1,575,000, representing a land value of $11 per square foot. Located in downtown Erie, this property benefits from a strong demographic profile, with an average household income exceeding $70,759 annually within a 5-mile radius. Its convenient location offers easy access to major amenities, including the Erie Zoo (less than 2 miles away) and the Millcreek Mall complex (less than 5 miles), featuring stores like Kirkland's, Journey's, Macy's, and more. Furthermore, the property's proximity to Presque Isle State Park (12.2 miles) adds to its appeal. The property is offered for sale or lease on a net lease basis, with no tenant credit rating available as the space is currently vacant. This is a prime opportunity to acquire a well-maintained retail building in a thriving Erie, PA location. The property is offered as-is.

• CAP approach

  CAP return

  Valuation

  6%

  $2,985,673

  6.5%

  $2,756,006

  7%

  $2,559,148

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,661,288

  Geo Method

  $2,661,288

• Alternative Use

  Use

  Valuation

  Residential

  $2,324,794

  Hospitality

  $2,129,499

  Educational

  $1,771,718

  Medical

  $1,832,650

  Retail

  $2,756,006

Location Insight

City

Erie

County

Erie

State

Pennsylvania

Latitude

42.114

Longitude

-80.0637

CBSA code

21500

CBSA name

ERIE, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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