Property profile & analytics
1702 E 38Th St Erie, PA 16510
- Grocery and convenience stores
- 77,126 SF
- 8.85 lot acres
Value Estimations
Cap Rate Potential
Location Intelligence
Property ID
US73-1956059
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.
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
- 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.
Value Estimations
based on Realmo’s proprietary methodology
-
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 valuation — 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
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
$249,941
$1,156,500
$5,413,500
$6,570,000
-
$1,156,500
$5,413,500
$6,570,000
