2018-2028 E 38th St - Freestanding FOR SALE


Erie, PA 16510
$1,625,000 USD
814-460-2000
2018-2028 E 38th St, Erie, PA for Sale
$1,625,000 USD
Freestanding - FOR SALE
1/15
null | 10.82% Cap Rate

2018-2028 E 38th St
Erie, PA 16510


HIGHLIGHTS

  • Own College Plaza, A 7-Unit Strip Plaza Near Mercyhurst University
  • 19,868± SF Center With 19,400± SF Rentable Area
  • Built in 1987 With Public Utilities & 129 Car Parking Lot
  • Tenant Mix: Dollar Tree, On The Avenue Salon, Sun Capsule & Jade Garden
  • 79.9% Occupancy - Upside Potential
  • $175,772 Pro-Forma NOI – Offered At 10.8% Pro-Forma Cap Rate

OVERVIEW

Own College Plaza, a 7-unit strip plaza near Mercyhurst University with immense upside potential. 19,868± SF center with 19,400± SF rentable area. Built in 1987 with public utilities. Situated on 2.182± acre corner lot along public bus route with curb cuts from both streets. 288’ Frontage along E. 38th Street with 15,000 average daily traffic (PennDOT - 2023 count year) & 330’ frontage along McCain Avenue. 129± parking spaces in private lot. Tenant mix includes Dollar Tree, On The Avenue Salon, Sun Capsule (tanning salon) & Jade Garden (Chinese restaurant). Within 1 mile of major retailers: Taco Bell, Dollar General, Tops Friendly Markets, McDonalds, Walmart, Marco’s Pizza, Subway, Cost Cutters, Widget Financial & more. Zoned C-1, Local Commercial District (City of Erie), offering many potential uses: office, retail, restaurant, fitness center, pet grooming & more. 79.9% Occupancy. $175,772 Pro-forma NOI – offered At 10.8% pro-forma cap rate. Contact the listing broker for additional information.

FOR SALE DETAILS

PRICE

$1,625,000 USD

PRICE/SF

$82 USD /SF

CAP RATE

10.82%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

College Plaza

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

ADD'L SUBTYPES

Storefront, Storefront Retail/Office

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1987

SPRINKLERS

-

PARKING SPACES

129

LAND DETAILS

LAND ACRES

2.18 AC

LAND SF

94,961 SF

ZONING

C-1

APN/PARCEL ID

18-051-062.0-100.00

ASK ABOUT THIS PROPERTY

Sherry BauerSBRE - Sherry Bauer Real Estate ServicesMore Info
814-460-2000

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Sherry BauerSBRE - Sherry Bauer Real Estate ServicesMore Info
814-460-2000

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