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137 W 2nd St
Erie, PA 16507 Mid City Erie

$6,511,000 USD

Correctional Facility For Sale  •  44,834 SF

Property Details

• Property Type Correctional Facility
• Total Building Size 44,834 SF
• Lot Size 1.42 AC
• Building Class C
• Year Built 1972
• Cap Rate 7.90 %
• Zoning WC2

30 Transit Score

70 Walk Score

Highlights

15-Year Lease Extension with Commonwealth of Pennsylvania, AA/Aa3 Credit Tenant

Annual 2.5% Rent Increases Provide Strong Inflation Hedge for Investors

Additional Income from UPMC Hamot Parking Lease Through 2029

100% Occupied, 44,834 SF Facility with 49 Rooms and 150 Resident Capacity

Located in Downtown Erie, PA with Over 140,000 People in a 5-Mile Radius

Net Operating Income of $514,110 and Proforma Cap Rate of 7.90%

Cap Rate:

7.90 %

Public Transportation

Commuter Rail	Drive	Walk	Distance
	3 min	19 min	1.0 mi
Airport	Drive	Walk	Distance
Erie International/Tom Ridge Field	13 min	-	6.5 mi