1116 Parade StErie, PA 16503
- Retail properties
- 2,748 SF
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
- Retail properties
- Property subtype
- 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.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
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
Comparable in this City
Similar Nearby for Sale
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