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Shopping Neighborhood

Lake Erie Plaza

2249 W 38th St, Erie, PA 16506

Listing Price: $2,617,000

Cap Rate
10.00%
Gross SF
62,369
Rentable SF
62,369
Price/Gross SF
$41.96
Lot Size
11.06 acres
Year Built
1973

Investment Overview

Marcus & Millichap is pleased to bring to market Lake Erie Plaza, a 62,369-square-foot neighborhood office and retail center in Erie, Pennsylvania.

Investment Highlights

  • 94 Percent Occupied, 62,369-Square-Foot Neighborhood Retail and Office Center in Erie, Pennsylvania (MSA Population is 270,000)
  • Anchored by Agility Business Processing Solutions Call Center (63 Percent of Gross Leasable Area) –Tenant Since 2012
  • Organized as Inline Condominiums with Only One Non-Owned Condo (Suite 300 -Dog Training Facility); Purchaser Would Assume Management and Control of Condo Association
  • Priced Well-Below Replacement Cost at $42 per Square Foot; Low-Basis, High-Yield Opportunity
  • Pro Forma CAP of 13.7 Percent Upon Execution of Market-Rent Triple-Net Deals on Six Percent Vacancy and 10 Percent Underutilized Gross Leasable Area
  • New Roofs Installed Over 82 Percent of Gross Leasable Area with Warranties
  • High-Yield: Offers In-Place Year One Cash-on-Cash Return of 17.4 Percent and Total Return of 22.7 Percent at Proposed Financing Terms
  • Dense Infill Middle-Income Demographics: 11,694 Residents within One-Mile and 142,786 Residents Within Five-Miles; Average Household Income of $64-72,000 within One-, Three- and Five-Mile Radii

Broker of Record

  • Sean Beuche

    Regional Manager

    (215) 531-7000

    License(s) PA: RM424190

    Pennsylvania

Shopping Neighborhood

Lake Erie Plaza

Listing Price: $2,617,000

Cap Rate
10.00%
Gross SF
62,369
Rentable SF
62,369
Price/Gross SF
$41.96
Lot Size
11.06 acres
Year Built
1973

Investment Highlights

  • 94 Percent Occupied, 62,369-Square-Foot Neighborhood Retail and Office Center in Erie, Pennsylvania (MSA Population is 270,000)
  • Anchored by Agility Business Processing Solutions Call Center (63 Percent of Gross Leasable Area) –Tenant Since 2012
  • Organized as Inline Condominiums with Only One Non-Owned Condo (Suite 300 -Dog Training Facility); Purchaser Would Assume Management and Control of Condo Association
  • Priced Well-Below Replacement Cost at $42 per Square Foot; Low-Basis, High-Yield Opportunity
  • Pro Forma CAP of 13.7 Percent Upon Execution of Market-Rent Triple-Net Deals on Six Percent Vacancy and 10 Percent Underutilized Gross Leasable Area
  • New Roofs Installed Over 82 Percent of Gross Leasable Area with Warranties
  • High-Yield: Offers In-Place Year One Cash-on-Cash Return of 17.4 Percent and Total Return of 22.7 Percent at Proposed Financing Terms
  • Dense Infill Middle-Income Demographics: 11,694 Residents within One-Mile and 142,786 Residents Within Five-Miles; Average Household Income of $64-72,000 within One-, Three- and Five-Mile Radii

Investment Overview

Marcus & Millichap is pleased to bring to market Lake Erie Plaza, a 62,369-square-foot neighborhood office and retail center in Erie, Pennsylvania.

Broker of Record

  • Sean Beuche

    Regional Manager

    (215) 531-7000

    License(s): PA: RM424190

    Pennsylvania

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