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31141306
31141307

2201-3 W 38th St, Erie, PA 16506

CB
Fl SL3424071
Marcus & Millichap - Orlando
GD
FL SL3653952
Marcus & Millichap - Orlando
SK
FL FL SL3508957
Marcus & Millichap - Orlando
Listed by Marcus & Millichap - Orlando
$932,000
84 days on market
Updated 83 days ago

AEG Vision | 9.50% CAP | NNN Lease

Details
Property Type Office
Sub Type Medical Office
Square Footage 6,000
Units 1
Cap Rate 9.5%
NOI $88,560
Occupancy 100%
Tenancy Single
Brand/Tenant AEG Vision
Lease Type NNN
Lease Term 8.4
Lease Expiration 05/30/2028
Remaining Term 2
Rent Bumps No
Lease Options (1) Three Year Option
Price per SqFt $155
Broker Co-Op Yes
Year Built 1992
Year Renovated 2018
Buildings 1
Acreage 0.570
Investment Type Net Lease
Lease Commencement 01/23/2020
Ownership Fee Simple

Longstanding Optical Practice | 35+ Year Operating History

Investment highlights

Triple Net Lease with Longstanding Optical Practice

- 35 + Year Operating History in the Erie, PA Market

High Yield Medical Investment Property

- 9.50% Cap Rate Provides Strong Cash Flow for Investor

Passive Ownership Lease Structure

- Tenant Responsible for Taxes, Insurance, and OpEx

Freestanding 6,000 SF Building with Multi Suite Entry

-Situated on a 0.57-acre parcel

Interior Renovated in 2018

-Modernized for improved functionality and appeal

Excellent Location with Frontage on West 38th St.

- 14,500+ VPD with Access to I79 (32,000+ VPD)

Significant Population Density in Immediate Area

- 139,000 Residents within 5 Mile Radius

Proximity to Major Healthcare Hubs

- 3 Miles from AHN Saint Vincent Hospital

Corporate Lease with AEG Vision

- AEG has Over 500 Locations and 5,000 Optometrists

Listing Contacts

CB
Fl SL3424071
Marcus & Millichap - Orlando
GD
FL SL3653952
Marcus & Millichap - Orlando
SK
FL FL SL3508957
Marcus & Millichap - Orlando
Listed by Marcus & Millichap - Orlando

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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$88,560.00
$7,380.00/mo

Valuation Metrics

0
DSCR
9.5%
Cap Rate
9.5%
ROI

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Additional Information

Name
Timothy Stephenson
License
PA RMR006104
Title
Broker of Record
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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