818 State St Erie, PA 16501

This exceptional mixed-use property in Erie, Pennsylvania presents a compelling value-add investment opportunity. The 30,785 square foot, two-story building boasts a prime downtown location at 818 State St, 16501, and features a diverse tenant mix. A significant portion of the building is leased to Dollar General, occupying 12,805 square feet of first-floor space. The remaining space offers substantial upside potential. The upper floor includes 5,836 square feet of finished office space, complemented by a 270 square foot first-floor lobby. Additionally, there are 3,297 square feet of unfinished first-floor space and 2,120 square feet of unfinished second-floor space, ready for development and lease-up. The property includes a convenient 32+ space private parking garage and is ADA compliant with elevator service. Other key features include a wet sprinkler system and is situated on two parcels totaling 0.44 acres, zoned C-3 (Central Commercial District). The property's current occupancy is 52.6%, with a projected net operating income (NOI) of $256,359, representing a pro-forma cap rate of 12.85%. The asking price is $1,995,000, and the 2024 property taxes are $29,207. Floor plans and 3D tours are available upon request. This is a rare opportunity to acquire a well-located, multi-tenant property with significant value-add potential in a thriving downtown market. The property consists of four units, is built on a 0.44-acre lot, and has a net rentable area of 24,328 square feet.