137 2Nd StErie, PA 16507
Prime Erie location, strong tenant.
Overview
- Added:
- Dec 11, 2024
- Days on market:
- 114
Highlights
- Investment-grade credit tenant: Commonwealth of Pennsylvania, Department of Corrections (AA/Aa3 rating).
- Long-term lease: 15-year extension with a strong, 20+ year history at this location.
- Inflation-resistant lease: 2.5% annual rent increases.
- Additional income streams: Parking lot lease with UPMC Hamot (extending to 2029) and laundry services.
- State-operated correctional facility: Erie Community Corrections Center, one of 12 in Pennsylvania, serving a large regional population.
- Prime downtown Erie location: High population density (±140,000 within 5 miles), near major employers (UPMC Hamot, Erie Insurance), entertainment venues, and the bayfront.
Property Details for 137 2Nd St
- Property type
- Specialty properties, Retail properties
- Square Feet
- 44,834 SF
- Class
- A
- Year Built/Renovated
- 1972/2003
- Buildings
- 1
- Stories
- 3
- Lot Size (sq. ft)
- 60,984 SF
Location Insight
- City
- Erie
- County
- Erie
- State
- Pennsylvania
- Latitude
- 42.1317308
- Longitude
- -80.0901456
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