2-Tenant Strip - Erie, PA
Retail | 6.28% CAP | 11,510 SF
Marketing description
Matthews™ is pleased to present 714‑718 East Avenue, Erie, Pennsylvania, a multi-tenant retail investment.
In 2024, Dollar General demonstrated long-term commitment by exercising its next five-year option early, extending the lease through April 30, 2031. An 8% rental increase is to take effect on May 1, 2026 through April 30, 2031 with one additional five-year option remaining through April 30, 2036. The asphalt parking lot was fully re-sealed in October 2025.
Strategically located just 1.5 miles from downtown Erie and near Gannon University, the property benefits from strong connectivity to local employment hubs and higher education institutions. The surrounding area supports a population of over 121,000 within a five-mile radius, ensuring steady foot traffic and consumer demand. Nearby major retail attractions, including the Millcreek Mall, further bolster the property's position within a high-traffic corridor.
Investment highlights
Parking Lot Improvements – The property benefits from recent capital improvements, with the entire asphalt parking lot re-sealed in October 2025. This upgrade reduces near-term maintenance requirements and enhances overall curb appeal.
Lease Extension Secured – In early 2024, Dollar General exercised its next 5-year option well in advance of its expiration, extending the lease term from May 1, 2026 through April 30, 2031. This proactive commitment underscores the tenant’s long-term occupancy strategy at this location.
Scheduled Rental Escalation – The lease includes a contractual 8% rental increase effective May 1, 2026, providing built-in income growth and enhancing the property’s cash flow profile.
Additional Tenant Option – The lease also provides for one remaining 5-year renewal option, which, if exercised, would extend Dollar General’s tenancy through April 30, 2036, offering further stability and long-term income potential.
Strong Demographic Base – The property is supported by a robust population of more than 121,000 residents within a 5-mile radius, creating a strong customer base for retail operations and sustaining tenant performance.
Strategic Location – Positioned just 1.5 miles from Downtown Erie and Gannon University, a private institution with 3,091 students, the property benefits from close proximity to key economic drivers, educational institutions, and steady consumer demand.
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