16,388± SF 4-Building Package on 2.2± Acres | 1501 Peninsula Dr
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16,388± SF 4-Building Package on 2.2± Acres 1501 Peninsula Dr
16,388 SF Retail Building Erie, PA 16505 $1,295,000 ($79/SF)
Investment Highlights
- 16,388± SF 4-Building Commercial Package on 2.2± Acres
- Along a High Traffic Corridor Leading to Presque Isle State Park
- Site Includes 3 Corners Including Signalized Intersection at Peninsula Drive & W. 15th Street
- 4 Buildings Include Restaurant with Drive-Thru & Boat/Recreational Vehicle Sales & Service Facility
- 19,913 Average Annual Daily Traffic along Peninsula Drive (AADT 2020)
- Floor Plans Available for All 4 Buildings
Executive Summary
16,388± SF 4-building commercial package for sale including a restaurant with drive-thru and a boat/recreational vehicle sales & service facility. Situated on 2.2± acres with 280’ frontage on Peninsula Drive - a high traffic corridor with 19,913 Average Annual Daily Traffic (2020). Site includes 3 corners including the signalized corner at Peninsula Drive & W. 15th Street. Conveniently located along one of Erie’s major north-south corridors just 1.3 miles to I-79 & 6.4 miles to I-90 near the entrance to Waldameer & Water World and Presque Isle State Park – Pennsylvania’s most visited state park.
Building 1: 8,064± SF mixed-use commercial building located at the signalized intersection of Peninsula Drive & W. 16th Street. Owner-occupied & utilized as a boat/recreational vehicle sales & repair shop with 5,000± SF showroom, 1,525± SF shop, 3 private offices, restroom & 400± SF storage area. Built in 1964 with gas forced air heat & central air conditioning. Main access from W. 16th Street.
Building 2: 5,400± SF clear span, unheated warehouse with 12’7” ceilings & 13’7”W x 12’6”H sliding door, concrete floors, floor drain & 110 Amp service. Built in 1985. Owner-occupied & utilized as a showroom/warehouse. Main access from W. 16th Street.
Building 3: 2,040± SF clear span, heated warehouse with 13’9” ceilings & 14’6”W x 13’9”H two-panel sliding door, concrete floors, floor drain & 220 Amp service. Built in 1988. Main access from Hilborn Avenue. Owner-occupied & utilized as a boat/recreational vehicle repair shop.
Building 4: 864± SF restaurant with drive-thru, indoor seating for ±9, outdoor seating, full commercial kitchen with ancillary hood & two restrooms. Accessible from W. 15th Street & Peninsula Drive. Built in 1984. Utilized as New York Lunch restaurant with a month-to-month lease.
Buildings 1 through 3 are enclosed in a gated yard with gates along W. 15th Street & Hilborn Avenue. The 2.2± acre site is primarily zoned MU-2 (Corridor Mixed-Use) with 0.41± acres at the corner of W. 16th & Hilborn Avenue zoned I-1 (Light Industrial). Many potential uses: retail, hotel, office, vehicle sales/service/repair, veterinary clinic, eating or drinking establishment, car wash, and more (see flyer for full list of permitted uses). Available for sale or as a land lease. Contact broker for additional information.
Building 1: 8,064± SF mixed-use commercial building located at the signalized intersection of Peninsula Drive & W. 16th Street. Owner-occupied & utilized as a boat/recreational vehicle sales & repair shop with 5,000± SF showroom, 1,525± SF shop, 3 private offices, restroom & 400± SF storage area. Built in 1964 with gas forced air heat & central air conditioning. Main access from W. 16th Street.
Building 2: 5,400± SF clear span, unheated warehouse with 12’7” ceilings & 13’7”W x 12’6”H sliding door, concrete floors, floor drain & 110 Amp service. Built in 1985. Owner-occupied & utilized as a showroom/warehouse. Main access from W. 16th Street.
Building 3: 2,040± SF clear span, heated warehouse with 13’9” ceilings & 14’6”W x 13’9”H two-panel sliding door, concrete floors, floor drain & 220 Amp service. Built in 1988. Main access from Hilborn Avenue. Owner-occupied & utilized as a boat/recreational vehicle repair shop.
Building 4: 864± SF restaurant with drive-thru, indoor seating for ±9, outdoor seating, full commercial kitchen with ancillary hood & two restrooms. Accessible from W. 15th Street & Peninsula Drive. Built in 1984. Utilized as New York Lunch restaurant with a month-to-month lease.
Buildings 1 through 3 are enclosed in a gated yard with gates along W. 15th Street & Hilborn Avenue. The 2.2± acre site is primarily zoned MU-2 (Corridor Mixed-Use) with 0.41± acres at the corner of W. 16th & Hilborn Avenue zoned I-1 (Light Industrial). Many potential uses: retail, hotel, office, vehicle sales/service/repair, veterinary clinic, eating or drinking establishment, car wash, and more (see flyer for full list of permitted uses). Available for sale or as a land lease. Contact broker for additional information.
Financial Summary (Actual - 2022) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
Financial Summary (Actual - 2022) Click Here to Access
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Building Size
16,388 SF
Building Class
C
Year Built
1964
Price
$1,295,000
Price Per SF
$79
Tenancy
Single
Building Height
1 Story
Building FAR
0.17
Land Acres
2.20 AC
Zoning
MU-2 - MU-2, Corridor Mixed-Use
Parking
50 Spaces (3.05 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Freeway Visibility
- Pylon Sign
- Signalized Intersection
Nearby Major Retailers
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $625,700 (2024) | |
| Land Assessment | $397,700 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $228,000 (2024) | Tax Year | 2022 Payable 2022 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$397,700 (2024)
Improvements Assessment
$228,000 (2024)
Total Assessment
$625,700 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2022 Payable 2022
-
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SBRE - Sherry Bauer Real Estate Services
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16,388± SF 4-Building Package on 2.2± Acres | 1501 Peninsula Dr
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