KFC 1116 Parade St 2,748 SF Retail Building Erie, PA 16503 $1,250,000 ($454.88/SF) 6.14% Cap Rate
INVESTMENT HIGHLIGHTS
- Long Term 20-Year NNN Lease | This KFC is subject to a 20-year NNN Lease with over 14 years remaining on the lease.
- Long Term Operating History | KFC has maintained a successful operating history at this location for 39 years
- Strong Guarantee | The lease is backed by Morgan Foods, Inc., a wellestablished franchisee with 68 units, providing a robust guarantee
EXECUTIVE SUMMARY
NNN Pro is pleased to present the exclusive listing for a KFC located at 1116 Parade Street, Erie, Pennsylvania 16503. The site consists of roughly 2748 rentable square feet of building space on an estimated 0.74-acre parcel of land. This KFC is subject to a 20-year Triple Net (NNN) lease, which commenced 3/31/2019. The current annual rent is $76,809 and has scheduled increases of 1.25% Annually Starting in Year 11.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Fast Food
Building Size
2,748 SF
Building Class
B
Year Built
1986
Price
$1,250,000
Price Per SF
$454.88
Cap Rate
6.14%
NOI
$76,809
Tenancy
Single
Building Height
1 Story
Building FAR
0.09
Lot Size
0.74 AC
Opportunity Zone
Yes
Zoning
GC - General Commercial
Frontage
2,748’ on Parade St
AMENITIES
- 24 Hour Access
- Pylon Sign
- Signage
- Tenant Controlled HVAC
- Drive Thru
- Air Conditioning
Walk Score®
Very Walkable (80)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 15-020-017.0-101.00 | Improvements Assessment | $1,029,950 |
| Land Assessment | $96,300 | Total Assessment | $1,126,250 |
CONTACTS
-
Glen Kunofsky -
Josh Kanter -
Anthony D'Ambrosia -
NNN Pro Group
