1702 E 38Th St, Erie, PA 16510
- Grocery and convenience stores
- 77,126 SF
- 8.85 lot acres
Current Use by Public Records
- Tops Pharmacy / Pharmacy
- TOPS Friendly Markets / Specialty Food Shop / Supermarket
- CDReload - Online Bitcoin ATM / Crypto Atm / Atm
- Redbox / Cinema / (Bike/Boat/Book/etc) Store
- Primo Water Refill & Exchange / Big Box & Wholesale Store
Property Details for 1702 E 38Th St
- Year built
- 1995
- Construction
- FRAME
- Lot size
- 8.85 lot acres
- Zone code
- C1
- Property type
- Grocery and convenience stores
- APN
- 18-051-067.0-100.00
- APU
- 18051067010000
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Dec 16, 2024 | $7,100,000 | Ns Retail Holdings LLC | Tops Bj Partners LLC | Special Warranty Deed | — |
| Jul 16, 2014 | $6,000,000 | Tops Bj Partners Lll | Estate Of William Wilson Scogin JR | Special Warranty Deed | — |
| Jul 16, 2014 | — | William W Scogin JR. | Four Cs LLC | Grant Deed · related | — |
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.
Value Estimations
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $9,503,000
- AI Estimate
- $10,233,000
Market price range: $2.88M - $9.50MMarket price range: $3.38M - $10.2M -
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $6,330,000 Current use
- OFFICE BUILDING
- $6,345,000 Change: +0% Conversion: Easy
- RESTAURANT
- $6,345,000 Change: +0% Conversion: Easy
- APARTMENT HOUSE (5+ UNITS)
- $6,295,000 Change: -1% Conversion: Difficult
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Erie
- County
- Erie
- State
- Pennsylvania
- Longitude
- -80.0306
- Latitude
- 42.1169
- CBSA code
- 21500
- CBSA name
- ERIE, PA METROPOLITAN STATISTICAL AREA
