2232 W 23rd St | Erie, PA 16506
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2232 W 23rd St
Erie, PA 16506
Retail Property For Sale
Investment Highlights
- Linde is an investment-grade tenant (S&P: A Stable).
- Brand New 7-year lease with Linde-Praxair (NASDAQ:LIN).
- 2 x 5-year option periods to renew.
- Linde’s TTM Revenue = $32.7 Billion.
- NNN Lease – Landlord responsible for roof, structure, foundation, parking lot.
- Located less than 2-miles from Erie International Airport.
Executive Summary
Friedman Real Estate is pleased to present this free-standing industrial asset leased to Linde-Praxair & Signs Now located in Erie, PA. Linde-Praxair signed a brand new 7-year lease commencing in July of 2024. The Linde lease features two (2) Five (5) year option periods to renew.
Starting 7/1/2024 - Linde will occupy one-half of the building. Signs Now currently occupies the other one-half of the building. Signs Now will vacate the building when their lease expires on 12/31/2025. Linde will then take over the whole building on 1/1/2026. The total monthly rent will remain $11,000 throughout this transition and the base term (please see rent roll).
Linde is the world's largest industrial gas company by market share and revenue. It serves customers in the healthcare, petroleum refining,
manufacturing, food, beverage carbonation, fiber-optics, steel making, aerospace, material handling equipment (MHE), chemicals, electronics, and water treatment industries. The company's primary business is the manufacturing and distribution of atmospheric gases
Starting 7/1/2024 - Linde will occupy one-half of the building. Signs Now currently occupies the other one-half of the building. Signs Now will vacate the building when their lease expires on 12/31/2025. Linde will then take over the whole building on 1/1/2026. The total monthly rent will remain $11,000 throughout this transition and the base term (please see rent roll).
Linde is the world's largest industrial gas company by market share and revenue. It serves customers in the healthcare, petroleum refining,
manufacturing, food, beverage carbonation, fiber-optics, steel making, aerospace, material handling equipment (MHE), chemicals, electronics, and water treatment industries. The company's primary business is the manufacturing and distribution of atmospheric gases
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Storefront
Building Size
10,000 SF
Building Class
C
Year Built
1989
Price
$1,650,000
Price Per SF
$165
Cap Rate
8%
NOI
$132,001
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.33
Lot Size
0.69 AC
Zoning
18M2
PROPERTY TAXES
| Parcel Number | 33-049-194.0-034.02 | Improvements Assessment | $223,100 |
| Land Assessment | $90,000 | Total Assessment | $313,100 |
PROPERTY TAXES
Parcel Number
33-049-194.0-034.02
Land Assessment
$90,000
Improvements Assessment
$223,100
Total Assessment
$313,100
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