1116 Parade StErie, PA 16503

  • Retail properties
  • 2,748 SF
For Sale
$1,280,150 View listing

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
1116 Parade St, Erie, Pennsylvania

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

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
$42,846
$96,300
$1,029,950
$1,126,250
-
$96,300
$1,029,950
$1,126,250

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