1702 38Th St, Erie, PA 16510
77,000 SF | Retail Building | Erie, PA 16510 | $8,750,000 ($114/SF) | 6% Cap Rate
For Sale
Active
Asking Price $8,750,000
- Property Type
-
Retail
- Square Feet
- 77,000 SF
- Price / Square Foot
- $114
Listing Contacts
- Property Info
Property Overview
SRS National Net Lease Group is excited to present a remarkable investment opportunity to acquire the fee simple interest (land & building ownership) of the absolute NNN Grocery Store Tops Friendly Market property located in Erie, PA. The tenant, Tops Friendly Market, has occupied the site for over 28 years and currently has 6 years remaining on its lease, along with 10 (5-year) renewal options. During the initial renewal period, the rent will experience an immediate 24.5% increase, with subsequent annual increases of 1% throughout the lease’s duration, growing NOI and hedging against inflation. The site enjoys robust, upward-trending sales exceeding $375 per square foot, a strong indicator of continued occupancy. The lease structure is absolute NNN, relieving the landlord of any responsibilities, rendering it an ideal, hands-off investment opportunity. Tops Friendly Market, a well-known supermarket chain with 154 locations spanning New York, Vermont, and Pennsylvania, is investing $6 million into its stores in Erie, PA. For this location, Tops has planned substantial enhancements, including new interior decor, energy-efficient lighting, the introduction of self-checkout stations, and expanded retail space to offer a wider selection of beer and wine options. The exterior will also undergo a fresh coat of paint and receive upgraded landscaping, further solidifying the property’s appeal and long-term viability.
Property Details
- Class
- B
- Year Built
- 1995
- Stories
- 1
- Property Subtype
- Freestanding
- Lot Size (sq. ft)
- 385,506 SF
Highlights
- Corporate Guaranteed Lease | 28+ Year Operating History | Options To Extend | 24.5% Rent Increase in 2029
- Absolute NNN | Fee Simple Ownership |Zero Landlord Responsibilities
- High Tenant Commitment | Substantial Improvements Planned
- Located Along E 38th St | State Highway 290 | Excellent Visibility & Access
- Strong National/Credit Tenant Presence | Retail Corridor
- Direct Residential Consumer Base | Strong Demographics In 5-Mile Trade Area | Diverse Economy
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