1116 Parade StErie, PA 16503

Property Details for 1116 Parade St

Year built

1986

Construction

FRAME

Lot size

0.74 AC

Property size (Sq ft)

2,748 SF

Zone code

C1

Property type

Turn key restaurants

APN

15-020-017.0-101.00

APU

15020017010100

Description

This exceptional investment opportunity presents a 2,748 square foot KFC restaurant located at 1116 Parade St, Erie, PA 16503. The property sits on a 0.74-acre lot and is subject to a 20-year triple-net (NNN) lease, commencing March 31, 2019, and expiring March 31, 2039, leaving 14.4 years remaining. The current annual net operating income (NOI) is $76,809, representing a 6.00% capitalization rate on the $1,280,150 asking price, or $465.85 per square foot. Built in 1986, this single-tenant property boasts 100% occupancy and benefits from a strong franchisee guarantee from Morgan Foods, Inc., a 68-unit franchisee. The lease includes annual rent increases of 1.25% starting in year 11, providing a hedge against inflation. This is a compelling investment opportunity offering long-term stability and strong returns in a prime Erie, Pennsylvania location. The property's strong tenant, long lease term, and built-in rent escalations make this an attractive addition to any portfolio. This is a rare chance to acquire a well-established, high-performing KFC location with significant upside potential. The property is offered at $1,280,150.

• CAP approach

  CAP return

  Valuation

  6%

  $726,716

  6.5%

  $670,815

  7%

  $622,900

• Comparable approach

  Method

  Valuation

  Relative Method

  $647,761

  Geo Method

  $647,761

• Alternative Use

  Use

  Valuation

  Residential

  $565,858

  Hospitality

  $518,323

  Educational

  $431,238

  Medical

  $446,069

  Retail

  $670,815

Location Insight

City

Erie

County

Erie

State

Pennsylvania

Latitude

42.127

Longitude

-80.0735

CBSA code

21500

CBSA name

ERIE, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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