PNC Bank | Vacant Retail | 201 E Erie St
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PNC Bank | Vacant Retail 201 E Erie St
2,360 SF Vacant Retail Building Online Auction Sale Linesville, PA 16424
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Investment Highlights
- Vacant former PNC Bank opportunity perfect for investors looking for fresh space for owners/users seeking a place for their business.
- In downtown Linesville surrounded by retailers including Fine Wine & Good Spirits, Twin Pies, Jerry’s Corner Bar, and others.
- Average consumer spending is impressive within 5 miles of the former PNC Bank and exceeds $51.39 million annually.
- Strategically positioned at the Pennsylvania and Ohio border at a highly visibly intersection seeing over 4,500 vehicles per day.
- Linesville has seen exponential growth in a 5 mile radius over the past 10 years with a stable community of majority owner-occupied households.
Executive Summary
The former PNC Bank, located at 201 E Erie Street, presents an excellent opportunity for owners/users and investors alike. The asset, ringing in at an impressive 2,360 square feet, is ready for new ownership. Built in 1976, the property has been meticulously maintained over the years. As a staple to the Linesville community, 201 E Erie Street comes equipped with a 0.58-acre lot containing 27 total spaces. 201 E Erie Street is ideal for many potential business endeavors, largely due to the excellent zoning optionality. The C-2 zoning allows for a wide array of uses. Permitted uses include retail, convenience stores, municipal buildings, motels and hotels, offices, restaurants, churches and schools, personal services, indoor commercial recreation, retail, and manufacturing.
For a town with a small population, Linesville has a substantial impact when it comes to demographics and statistics. There has been exponential growth within a 5-mile radius of 201 E Erie Street and noteworthy average household incomes of over $73,000. The well-established community has 82% owner-occupied households and a small amount of residents in rentals. There are over 891 total businesses with a total of 6,888 employees in a 10-mile radius. Consumer spending is also noteworthy in this same area, with over $252,499 spent annually.
Linesville, Pennsylvania, is part of Crawford County and an excellent place for business. Situated at the border of Pennsylvania and Ohio, the well-connected town's main road, Erie Street, sees over 4,500 vehicles per day. There are several local businesses and necessities surrounding the asset-driving business in the area. Some of these businesses include Twin Pies, Fine Wine & Good Spirits, Linesville Pharmacy, The Port of Pymatuning, and many more.
Property tours are available by appointment only. Please contact the listing broker to schedule.
For a town with a small population, Linesville has a substantial impact when it comes to demographics and statistics. There has been exponential growth within a 5-mile radius of 201 E Erie Street and noteworthy average household incomes of over $73,000. The well-established community has 82% owner-occupied households and a small amount of residents in rentals. There are over 891 total businesses with a total of 6,888 employees in a 10-mile radius. Consumer spending is also noteworthy in this same area, with over $252,499 spent annually.
Linesville, Pennsylvania, is part of Crawford County and an excellent place for business. Situated at the border of Pennsylvania and Ohio, the well-connected town's main road, Erie Street, sees over 4,500 vehicles per day. There are several local businesses and necessities surrounding the asset-driving business in the area. Some of these businesses include Twin Pies, Fine Wine & Good Spirits, Linesville Pharmacy, The Port of Pymatuning, and many more.
Property tours are available by appointment only. Please contact the listing broker to schedule.
Data Room Click Here to Access
- Operating and Financial Statements
- Purchase Agreement
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Property Type
Retail
Property Subtype
Bank
Building Size
2,360 SF
Building Class
C
Year Built
1976
Tenancy
Single
Building Height
1 Story
Building FAR
0.09
Lot Size
0.58 AC
Zoning
C-2 - Secondary Commercial
Parking
27 Spaces (11.44 Spaces per 1,000 SF Leased)
Frontage
101 FT on East Erie Street
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
1,046
2,117
4,104
2020 Population
1,145
2,133
3,771
2029 Population
1,015
2,091
4,125
2024-2029 Projected Population Growth
-3.0%
-1.2%
0.5%
Daytime Employees
950
1,117
1,355
Total Businesses
89
123
174
Average Household Income
$79,399
$71,521
$73,964
Median Household Income
$52,916
$51,642
$55,640
Total Consumer Spending
$12.8M
$25.2M
$51.4M
Median Age
47.2
49.4
51.8
2024 Households
467
935
1,837
Percent College Degree or Above
11%
12%
12%
Average Home Value
$159,267
$162,092
$153,416
PROPERTY TAXES
| Parcel Number | 30-0-014459 | Improvements Assessment | $100,350 |
| Land Assessment | $5,550 | Total Assessment | $105,900 |
PROPERTY TAXES
Parcel Number
30-0-014459
Land Assessment
$5,550
Improvements Assessment
$100,350
Total Assessment
$105,900
Sale Advisors
Sale Advisors
Gregory Rubino, President
(814) 454-1800
Contact
He is responsible for the day-to-day operations of Passport Realty, LLC and Passport Development, LLC. Born in Erie, he attended Sacred Heart Parochial School, Cathedral Preparatory School and Gannon University. He makes his home in Erie with his wife, Lisa, and has one child, Gregory Raymond.
Greg has in the past served as a Trustee of the Multiple Sclerosis Society; Member of the President’s Cabinet for the United Way; Member of the Committee for the 2004 United States Women’s Amateur Golf Championship; Member of the Board of the Greater Erie Board of Realtors' Multiple Listing Service; Member the Board of the Cathedral Preparatory School Academic Excellence Foundation; and, Member of the International Council of Shopping Centers. Greg was honored as the Person of the Year by the Giuseppe Mazzini Italian-American Society of Erie, Pennsylvania in 2005.
At the request of Governor Tom Ridge, Greg led the team that developed the Benjamin Wiley Charter School, one of the leading charter schools in the region.
Greg also has served as Chairman and a Member of the Board of Roar on the Shore (one of Erie's premier tourist events with annual economic impact in excess of $20,000,000) and was Chairman of the Real Estate Committee of the Erie-Western Pennsylvania Port Authority in 2007-08, having been appointed by Governor Ed Rendell.
Greg has in the past served as a Trustee of the Multiple Sclerosis Society; Member of the President’s Cabinet for the United Way; Member of the Committee for the 2004 United States Women’s Amateur Golf Championship; Member of the Board of the Greater Erie Board of Realtors' Multiple Listing Service; Member the Board of the Cathedral Preparatory School Academic Excellence Foundation; and, Member of the International Council of Shopping Centers. Greg was honored as the Person of the Year by the Giuseppe Mazzini Italian-American Society of Erie, Pennsylvania in 2005.
At the request of Governor Tom Ridge, Greg led the team that developed the Benjamin Wiley Charter School, one of the leading charter schools in the region.
Greg also has served as Chairman and a Member of the Board of Roar on the Shore (one of Erie's premier tourist events with annual economic impact in excess of $20,000,000) and was Chairman of the Real Estate Committee of the Erie-Western Pennsylvania Port Authority in 2007-08, having been appointed by Governor Ed Rendell.
Peter Mitchell, Vice President; Broker of Record
(814) 454-1800
Contact
Peter S. Mitchell has been a commercial real estate professional for over three decades. He spent many years at Baldwin Brothers, Inc. and has also developed an excellent reputation through his former firm, Peter S. Mitchell Real Estate. Pete acts as Broker of Record for the Passport Companies and is actively engaged in locating and providing development assistance for regional and national tenants throughout western PA and New York. Pete focuses his practice throughout western Pennsylvania, where he lives with his wife, Gloria, and where his grown children also reside with their grandchildren.
Pete graduated from the Realtor’s institute, has served on the Greater Erie Board of Realtors, on the Ethics committee as well as the Educational committee, and on the Board of Directors as the representative of the Realtor Associates for all of GEBOR. He has also served on the Board of Directors for both the Erie Sportsman’s Club and the Glenwood YMCA. He was privileged to be rated as one of the top 5 independent leasing consultants with regards to factory outlet centers by Value Retail News.
Previously, Pete managed the Liberty Plaza for 12 years and the Corry Plaza for more than a decade. He also consulted for the East Grandview Plaza.
Pete graduated from the Realtor’s institute, has served on the Greater Erie Board of Realtors, on the Ethics committee as well as the Educational committee, and on the Board of Directors as the representative of the Realtor Associates for all of GEBOR. He has also served on the Board of Directors for both the Erie Sportsman’s Club and the Glenwood YMCA. He was privileged to be rated as one of the top 5 independent leasing consultants with regards to factory outlet centers by Value Retail News.
Previously, Pete managed the Liberty Plaza for 12 years and the Corry Plaza for more than a decade. He also consulted for the East Grandview Plaza.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
Molly Patten
Contact
Auctioneer License:
Ten-X Arlene Richardson RE Broker RB068364. Ten-X Commercial Auction Firm AY002443, Auctioneer Arlene Richardson AU006275
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Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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PNC Bank | Vacant Retail | 201 E Erie St
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