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137 W 2nd St 44,834 SF Specialty Building Offered at $6,511,000 at a 7.90% Cap Rate in Erie, PA 16507



Investment Highlights
- 15-Year Lease Extension with Commonwealth of Pennsylvania, AA/Aa3 Credit Tenant
- Additional Income from UPMC Hamot Parking Lease Through 2029
- Located in Downtown Erie, PA with Over 140,000 People in a 5-Mile Radius
- Annual 2.5% Rent Increases Provide Strong Inflation Hedge for Investors
- 100% Occupied, 44,834 SF Facility with 49 Rooms and 150 Resident Capacity
- Net Operating Income of $514,110 and Proforma Cap Rate of 7.90%
Executive Summary
Kyle Matthews
Matthews Real Estate Investment Services, Inc
License # RB068831, RM423998 (PA)
1600 West End Ave, Ste. 1500 Nashville, TN 37203
(866) 889-0550
Matthews Real Estate Investment Services, Inc
License # RB068831, RM423998 (PA)
1600 West End Ave, Ste. 1500 Nashville, TN 37203
(866) 889-0550
Property Facts
| Price | $6,511,000 | Building Class | C |
| Price Per SF | $145.22 | Lot Size | 1.42 AC |
| Sale Type | Investment | Building Size | 44,834 SF |
| Cap Rate | 7.90% | No. Stories | 3 |
| Property Type | Specialty | Year Built | 1972 |
| Property Subtype | Correctional Facility | Opportunity Zone |
Yes
|
| Zoning | WC2 - Commercial | ||
| Price | $6,511,000 |
| Price Per SF | $145.22 |
| Sale Type | Investment |
| Cap Rate | 7.90% |
| Property Type | Specialty |
| Property Subtype | Correctional Facility |
| Building Class | C |
| Lot Size | 1.42 AC |
| Building Size | 44,834 SF |
| No. Stories | 3 |
| Year Built | 1972 |
| Opportunity Zone |
Yes |
| Zoning | WC2 - Commercial |
1 1
Walk Score®
Very Walkable (76)
Property Taxes
| Parcel Number | 17-040-006.0-212.00 | Improvements Assessment | $1,774,200 |
| Land Assessment | $609,300 | Total Assessment | $2,383,500 |
Property Taxes
Parcel Number
17-040-006.0-212.00
Land Assessment
$609,300
Improvements Assessment
$1,774,200
Total Assessment
$2,383,500
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137 W 2nd St
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