137 2Nd StErie, PA 16507

  • Office properties
  • 42,321 SF
For Sale
$6,511,000 View listing

Property Details for 137 2Nd St

Year built
1972
Lot size
1.40 AC
Property size (Sq ft)
42,321 SF
Zone code
WC2
Property type
Office properties
Property subtype
Office buildings
APN
17-040-006.0-212.00
APU
17040006021200

Description

This exceptional investment opportunity presents a 44,834 square foot Class A medical office building in Erie, Pennsylvania. The property boasts a 100% occupancy rate with a single, credit-rated tenant: the Commonwealth of Pennsylvania, Department of Corrections, under a gross lease with a remaining term of 14.3 years (expiring March 14, 2039). The lease commenced November 1, 2003, and includes annual rent increases of 2.50%, providing a hedge against inflation. The building, constructed in 1972 and renovated in 2003, features three stories and sits on a 1.4-acre lot. The asking price is $6,511,000, representing a 7.66% cap rate and a price per square foot of $145. The property generates a substantial net operating income (NOI) of $498,953. Additional income streams are derived from a parking lot lease with UPMC Hamot Medical Center (extending to 2029) and laundry services. The strategic downtown Erie location offers proximity to major employers like UPMC Hamot Hospital and Erie Insurance, as well as significant tourist attractions and a large regional population. The tenant has a long history at this location and recently extended their lease, demonstrating a strong commitment. Two, five-year lease options are available. The property is fee simple ownership and the APN is 17-040-006.0-212.00. This is a rare opportunity to acquire a stabilized, government-backed investment with significant long-term potential.

137 2Nd St, Erie, Pennsylvania

Location Insight

City
Erie
County
Erie
State
Pennsylvania
Latitude
42.1318
Longitude
-80.0902
CBSA code
21500
CBSA name
ERIE, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$90,675
$609,300
$1,774,200
$2,383,500
-
$609,300
$1,774,200
$2,383,500

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].