1702 E 38Th St Erie, PA 16510

Property Details for 1702 E 38Th St

Year built

1995

Construction

FRAME

Lot size

8.85 lot acres

Property size

77,126 SF

Zone code

C1

Property type

Grocery and convenience stores

APN

18-051-067.0-100.00

APU

18051067010000

Description

Fee-simple ownership of a 77,000 sq ft. Tops Friendly Markets grocery store in Erie, PA, boasting a 6.5% cap rate, $525,000 NOI, and a corporate-guaranteed lease with significant rent increases built in. The property sits on an 8.85-acre lot with 524 parking spaces and enjoys excellent visibility due to its location on E 38th St (13,700 VPD) and proximity to State Highway 290 (15,300 VPD). Built in 1995, this C-1 zoned property features a 100% occupancy rate and a remaining lease term of 4.4 years, followed by 10 five-year renewal options. The lease includes a substantial 24.5% rent increase at the beginning of the first option period, followed by 1% annual increases thereafter. The tenant, Tops Friendly Markets, is investing $6 million in renovations, including interior upgrades, energy-efficient lighting, self-checkout stations, expanded retail space, exterior painting, and landscaping improvements. The 5-mile trade area boasts over 133,974 residents with an average income of $69,469. This presents a rare opportunity to acquire a stable, high-performing asset with significant long-term growth potential. The property's absolute NNN lease structure eliminates landlord responsibilities, making it an ideal hands-off investment. The asking price is $8,077,000, with a price per square foot of $104.90. APN: 18-051-067.0-100.00.

Location Insight

City

Erie

County

Erie

State

Pennsylvania

Longitude

-80.0306

Latitude

42.1169

CBSA code

21500

CBSA name

ERIE, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments