4-Unit Investment Opportunity

818 State Street, Erie, PA

$2,250,000

Price

30,785 sqft

Building Size

0.436 acres

Lot Area

Gallery
Street
Map
Overview
Building Size
30,785 sqft
Lot Area
0.436 acres
Class
C
Year Built
1900
Floors
2
Parking Spots
32
Description

4-Unit investment property in the heart of downtown Erie. 30,785± SF building, ADA compliant with elevator service & 32+ space private parking garage. 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. Wet sprinkler system available. Situated on 2 parcels totaling 0.43± acres zoned C-3, Central Commercial District. 2023 property taxes: $28,102. Proforma income: $297,688. Proforma NOI: $256,359. Offered at 11.4% proforma cap rate. Floor plans available for unfinished first floor space & second floor. Contact broker for additional information.

Western side of State Street at middle of block between W. 8th & W. 9th Streets by Dollar General. Frontage on both State & W. 9th Streets.

Highlights
  • 4-Unit Investment Property in Downtown Erie
  • 30,785± SF Two-Story Commercial Building
  • ADA Compliant with Elevator Service
  • 32+ Space Private Parking Garage
  • 24,328± SF Gross Leasable Area
  • Dollar General Leases 12,805± SF First Floor
  • 5,836± SF 2nd Floor Finished Office Space with 270± SF First Floor Lobby
  • 3,297± SF Unfinished 1st Floor Space on W. 9th Street
  • 2,120± SF Unfinished Second Floor Space
  • Wet Sprinkler System Available
  • Situated on 2 Parcels Totaling 0.4356± Acres
  • Zoned C-3, Central Commercial District
  • 2023 Property Taxes: $28,102
  • Proforma Total Income: $297,688
  • Proforma Net Operating Income: $256,359
  • Offered at a 11.4% Proforma Cap Rate
Documents
Location
Gallery