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818 State St
Erie, PA 16501

4-Unit Investment Property w/ Dollar General · Retail Property For Sale

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Investment Highlights

4-Unit NNN Investment Property in Downtown Erie
ADA Compliant with Elevator Service & 32+ Space Parking Garage
5,836± SF 2nd Floor Finished Office Space with 270±SF 1st Floor Lobby

30,785±SF Two-Story Commercial Building
Dollar General Leases 12,805± SF First Floor
Proforma NOI $256,359 - Offered at 12.9% Proforma Cap Rate

Executive Summary

4-Unit investment property in the heart of downtown Erie. 30,785± SF building, ADA compliant with elevator service, 32+ space private parking garage & wet sprinkler system. 24,328± SF gross leasable area. Dollar General occupies 12,805± SF first floor. 5,836± SF second floor finished office space with 270± SF first floor lobby. Ready to develop 3,297± SF first floor space facing W. 9th Street & 2,120± SF second floor space. Floor plans & 3D tours available. Situated on 2 parcels totaling 0.44± acres zoned C-3, Central Commercial District. 2024 property taxes: $29,207. Proforma income: $298,793. Proforma NOI: $256,359. Offered at 12.9% proforma cap rate. Floor plans available for unfinished first floor space & second floor. Contact broker for additional information.

PROPERTY FACTS

Sale Type

Investment or Owner User

Property Type

Retail

Property Subtype

Storefront Retail/Office

Building Size

33,066 SF

Building Class

Year Built/Renovated

1949/1996

Price

$1,995,000

Price Per SF

$60

Cap Rate

12.85%

NOI

$256,359

Percent Leased

53%

Tenancy

Multiple

Building Height

2 Stories

Building FAR

1.73

Land Acres

0.44 AC

Opportunity Zone

Yes

Zoning

C-3 - C-3, Central Commercial District

Parking

32 Spaces (1.1 Spaces per 1,000 SF Leased)

Frontage

82 FT on State St

Amenities

Bus Line

PROPERTY TAXES

Parcel Numbers	Multiple 16-030-005.0-203.00 16-030-005.0-204.00	Improvements Assessment	$586,900
Land Assessment	$151,800	Total Assessment	$738,700

PROPERTY TAXES

Parcel Numbers

Multiple

16-030-005.0-203.00
16-030-005.0-204.00

Land Assessment

$151,800

Improvements Assessment

$586,900

Total Assessment

$738,700

Learn More About Investing in Retail Properties

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Listing ID: 27354087
Date on Market: 12/20/2022
Last Updated:
Address: 818 State St, Erie, PA 16501

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