1702 E 38th St - Supermarket FOR SALE


Erie, PA 16510
$8,077,000 USD
610-727-3962
1702 E 38th St, Erie, PA for Sale
$8,077,000 USD
Supermarket - FOR SALE
1/9
null | 6.5% Cap Rate

1702 E 38th St
Erie, PA 16510


HIGHLIGHTS

  • Corporate Guaranteed Lease | 28+ Year Operating History | Options To Extend | 24.5% Rent Increase in 2029
  • Absolute NNN | Fee Simple Ownership |Zero Landlord Responsibilities
  • High Tenant Commitment | Substantial Improvements Planned
  • Located Along E 38th St | State Highway 290 | Excellent Visibility & Access
  • Strong National/Credit Tenant Presence | Retail Corridor
  • Direct Residential Consumer Base | Strong Demographics In 5-Mile Trade Area | Diverse Economy

OVERVIEW

SRS National Net Lease Group is excited to present a remarkable investment opportunity to acquire the fee simple interest (land & building ownership) of the absolute NNN Grocery Store Tops Friendly Market property located in Erie, PA. The tenant, Tops Friendly Market, has occupied the site for over 28 years and currently has 6 years remaining on its lease, along with 10 (5-year) renewal options. During the initial renewal period, the rent will experience an immediate 24.5% increase, with subsequent annual increases of 1% throughout the lease’s duration, growing NOI and hedging against inflation. The site enjoys robust, upward-trending sales exceeding $375 per square foot, a strong indicator of continued occupancy. The lease structure is absolute NNN, relieving the landlord of any responsibilities, rendering it an ideal, hands-off investment opportunity. Tops Friendly Market, a well-known supermarket chain with 154 locations spanning New York, Vermont, and Pennsylvania, is investing $6 million into its stores in Erie, PA. For this location, Tops has planned substantial enhancements, including new interior decor, energy-efficient lighting, the introduction of self-checkout stations, and expanded retail space to offer a wider selection of beer and wine options. The exterior will also undergo a fresh coat of paint and receive upgraded landscaping, further solidifying the property’s appeal and long-term viability.

FOR SALE DETAILS

PRICE

$8,077,000 USD

PRICE/SF

$105 USD /SF

CAP RATE

6.5%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Top Friendly Markets | Corp Abs NNN

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Supermarket

ADD'L SUBTYPES

Freestanding

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1995

SPRINKLERS

-

PARKING SPACES

524

LAND DETAILS

LAND ACRES

8.85 AC

LAND SF

385,506 SF

ZONING

C-1

APN/PARCEL ID

18-051-067.0-100.00

ASK ABOUT THIS PROPERTY

David WirthSRS Real Estate PartnersMore Info
610-727-3962

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David WirthSRS Real Estate PartnersMore Info
610-727-3962

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.