1116 Parade St Erie, PA 16503
Property profile & analytics
1116 Parade St Erie, PA 16503
- Turn key restaurants
- 2,748 SF
- 0.74 lot acres
Property ID
US73-1618567
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
Location Intelligence
Current Use by Public Records
- KFC / Restaurant
Property Details for 1116 Parade St
- Year built
- 1986
- Construction
- FRAME
- Lot size
- 0.74 lot acres
- Property size
- 2,748 SF
- Zone code
- C1
- Property type
- Turn key restaurants
- APN
- 15-020-017.0-101.00
- APU
- 15020017010100
Description
This exceptional investment opportunity presents a 2,748 square foot KFC restaurant located at 1116 Parade St, Erie, PA 16503. The property sits on a 0.74-acre lot and is subject to a 20-year triple-net (NNN) lease, commencing March 31, 2019, and expiring March 31, 2039, leaving 14.4 years remaining. The current annual net operating income (NOI) is $76,809, representing a 6.00% capitalization rate on the $1,280,150 asking price, or $465.85 per square foot. Built in 1986, this single-tenant property boasts 100% occupancy and benefits from a strong franchisee guarantee from Morgan Foods, Inc., a 68-unit franchisee. The lease includes annual rent increases of 1.25% starting in year 11, providing a hedge against inflation. This is a compelling investment opportunity offering long-term stability and strong returns in a prime Erie, Pennsylvania location. The property's strong tenant, long lease term, and built-in rent escalations make this an attractive addition to any portfolio. This is a rare chance to acquire a well-established, high-performing KFC location with significant upside potential. The property is offered at $1,280,150.
Value Estimations
based on Realmo’s proprietary methodology
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
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Location Insight
- Map
- Local Demand
- City
- Erie
- County
- Erie
- State
- Pennsylvania
- Longitude
- -80.0735
- Latitude
- 42.127
- CBSA code
- 21500
- CBSA name
- ERIE, PA METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$42,846
$96,300
$1,029,950
$1,126,250
-
$96,300
$1,029,950
$1,126,250
