1702 East 38th Street, Erie, PA 16510
CAP Rate: 6.48%
NET Operating Income: $563,640
Square-Footage: 77,000 SF
Lot Size: 8.87 AC
Year Built: 1995
This is a rare Tops Market fee simple absolute NNN lease in Erie, PA. The lease calls for zero landlord obligations. There are scheduled annual increases in rent with ten, five year options to renew. The asset is well situated at a major commerical thoroughfare with high traffic counts.
Erie is a city in and the county seat of Erie County, Pennsylvania. Named for the lake and the Native American tribe that resided along its southern shore, Erie is the fourth-largest city in Pennsylvania, as well as the largest city in Northwestern Pennsylvania, with a population of 101,786 at the 2010 census. The estimated population in 2016 had decreased to 98,593. The Erie metropolitan area, equivalent to all of Erie County, consists of 276,207 residents. The Erie-Meadville, PA Combined Statistical Area has a population of 369,331, as of the 2010 Census.