4165 Buffalo Rd Erie, PA 16510-2109

Property Details for 4165 Buffalo Rd

Year built

2021

Construction

FRAME

Lot size

0.68 lot acres

Property size

2,304 SF

Zone code

B1

Property type

Turn key restaurants

APN

27-051-151.0-017.05

APU

27051151001705

Description

This exceptional investment opportunity presents a 2,325-square-foot Chipotle restaurant located at 4165 Buffalo Rd, Erie, PA 16510. Built in 2021, this freestanding building sits on a 0.68-acre lot and benefits from a 15-year net lease with two 5-year options, followed by a 4-year and 11-month option. The lease commenced December 30, 2021, leaving approximately 12.1 years remaining. The lease includes 10% rent increases in each option period. The property boasts a strong net operating income (NOI) of $99,998, resulting in a 4.25% cap rate and a price per square foot of $1,010.75. The asking price is $2,350,000. This strategically located property is an outparcel to a significant shopping plaza anchored by a Giant Eagle grocery store, surrounded by other major retailers and commercial establishments. Its location in a primary retail corridor in Erie, Pennsylvania (MSA population 269,011), the largest city in Northwestern Pennsylvania, ensures high visibility and strong customer traffic. The property's drive-thru lane further enhances its appeal and operational efficiency. This is a rare opportunity to acquire a high-performing, long-term net lease investment with a strong corporate guarantor, Chipotle Mexican Grill, Inc. (NYSE: CMG). The property is situated within a 5-mile radius of 5.4 MSF of retail, 6.8 MSF of office, 9.5 MSF of industrial space, and 4,687 multifamily units.

Location Insight

City

Erie

County

Erie

State

Pennsylvania

Longitude

-80.0059

Latitude

42.1442

CBSA code

21500

CBSA name

ERIE, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments