707 38Th StErie, PA 16509

Property Details for 707 38Th St

Year built

1969

Construction

FRAME

Lot size

0.70 AC

Property size (Sq ft)

7,670 SF

Zone code

C2

Property type

Retail properties

Property subtype

Strip malls

APN

19-061-011.0-205.00

APU

19061011020500

Description

Liberty Center II, located at 707 W 38th St, Erie, PA 16509, presents a compelling investment opportunity in a thriving retail corridor. This single-story, 7,670 square foot building, constructed in 1962 and classified as Class B, sits on a 0.7-acre lot (APN 19-061-011.0-205.00) and is zoned C-3. The property features five suites, with three currently available. One immediately available in-line suite offers approximately 1,422 square feet, previously occupied by a mobile phone store. An endcap unit, currently housing The UPS Store, will become available in December 2024, offering approximately 1,517 to 3,076 square feet. Additionally, a 1,559 to 3,076 square foot turn-key restaurant space is available. Rental rates range from $18.00 to $23.09 per square foot per year, net, net, net (NNN), with estimated NNN fees of $4.06 per square foot based on 2023 figures. This property benefits from high visibility along a major retail and service corridor, boasting 21,000 average annual daily traffic (AADT) on Peach Street and 19,000 AADT on W. 38th Street (PennDOT 2022 data). Its convenient location is also served by public transportation. Liberty Center II is part of a larger plaza anchored by established businesses including Tops Friendly Market, Harbor Freight Tools, Dollar Tree, and many others, ensuring high foot traffic and a strong tenant base. Up to 14,761 square feet of space is potentially available. 3D tours and floor plans are available for most units.

• CAP approach

  CAP return

  Valuation

  6%

  $2,028,354

  6.5%

  $1,872,326

  7%

  $1,738,589

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,807,978

  Geo Method

  $1,807,978

• Alternative Use

  Use

  Valuation

  Residential

  $1,579,377

  Hospitality

  $1,446,701

  Educational

  $1,203,638

  Medical

  $1,245,033

  Retail

  $1,872,326

Location Insight

City

Erie

County

Erie

State

Pennsylvania

Latitude

42.0957

Longitude

-80.0831

CBSA code

21500

CBSA name

ERIE, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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