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137 W 2nd St - ERIE COMMUNITY CORRECTIONS CENTER

44,834 SF Specialty Building Offered at $6,511,000 at a 7.66% Cap Rate in Erie, PA 16507

Specialty Properties Pennsylvania Erie 137 W 2nd St, Erie, PA 16507

Investment Highlights

  • Commonwealth of Pennsylvania, Department of Corrections has a AA credit rating from Fitch and Aa3 credit rating from Moody’s.
  • 2.50% annual rent increases provide a great hedge against inflation.
  • The landlord receives income from laundry services at the property
  • The tenant has operated at this facility for over 20 years and recently signed a long-term 15-year lease extension showing their strong commitment
  • UPMC Hamot Medical Center leased and maintains a majority portion of the parking lot since 2004 and recently extended their lease through 2029.
  • Bureau of Community Corrections (BCC) was established in the early 1970s to operate community corrections centers for actively serving inmates

Executive Summary

Broker of Record
Kyle Matthews
License No. RB068831 (PA)
(866) 889-0550
Matthews Real Estate Investment Services, Inc
1600 West End,
Ste. 1500 Nashville, TN 37203

Property Facts

Price $6,511,000 Building Class C
Price Per SF $145 Lot Size 1.42 AC
Sale Type Investment Building Size 44,834 SF
Cap Rate 7.66% No. Stories 3
Property Type Specialty Year Built/Renovated 1972/2003
Property Subtype Correctional Facility Opportunity Zone Yes
State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Price $6,511,000
Price Per SF $145
Sale Type Investment
Cap Rate 7.66%
Property Type Specialty
Property Subtype Correctional Facility
Building Class C
Lot Size 1.42 AC
Building Size 44,834 SF
No. Stories 3
Year Built/Renovated 1972/2003
Opportunity Zone Yes
State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.

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Walk Score ®
Very Walkable (79)
What is a Walk Score®, Transit Score® & Bike Score®?
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What is a Walk Score®
, Transit Score® & Bike Score?
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of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®
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PROPERTY TAXES

Parcel Number 17-040-006.0-212.00 Improvements Assessment $1,774,200
Land Assessment $609,300 Total Assessment $2,383,500

PROPERTY TAXES

Parcel Number
17-040-006.0-212.00
Land Assessment
$609,300
Improvements Assessment
$1,774,200
Total Assessment
$2,383,500
(424) 220-7244

  • Listing ID: 32262853

  • Date on Market: 6/26/2024

  • Last Updated:

  • Address: 137 W 2nd St, Erie, PA 16507

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137 W 2nd St - ERIE COMMUNITY CORRECTIONS CENTER
(424) 220-7244 x

137 W 2nd St - ERIE COMMUNITY CORRECTIONS CENTER

Joseph Nelson

(424) 220-7244

(424) 220-7244

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