Erie, Pennsylvania, offers a unique opportunity for investors to capitalize on the city's diverse economy and rich history. With 3 restaurants for sale, Erie presents an attractive option for those looking to invest in the food industry. Restaurants in Erie can represent a range of investments, from casual eateries to fine dining establishments, and can cater to the city's growing tourism industry, educational institutions, and local residents. Erie's amenities, such as Presque Isle State Park, UPMC Park, and the Erie Maritime Museum, make it an attractive destination for visitors and locals alike. The city's infrastructure, including Erie Water Works, Penelec, and National Fuel Gas Company, provides a solid foundation for businesses to operate. Additionally, Erie's location on the southern shore of Lake Erie provides a unique lakeside setting that moderates summer heat and offers opportunities for waterfront development. With attractions like the Erie Philharmonic, the Lake Erie Ballet, and the Warner Theatre, Erie is a great place for business and travel.
Restaurants in Erie are situated in a city that offers a mix of history, culture, and recreation. With nearby institutions like Gannon University, Mercyhurst University, and Penn State Erie, The Behrend College, restaurants can cater to a diverse student population. Additionally, Erie's economy is driven by industries such as manufacturing, healthcare, and technology, providing a solid customer base for restaurants. Other property types available in Erie include apartment buildings, shopping centers, specialty properties, and hotels, each offering unique investment opportunities. Apartment buildings can cater to the city's growing student population, while shopping centers can take advantage of the city's retail demand. Specialty properties, such as office buildings, can serve the city's emerging industries, and hotels can capitalize on Erie's tourism industry. With its unique blend of history, culture, and recreation, Erie is an attractive destination for investors and visitors alike.
What is the average cost per square foot for a restaurant in Erie?
The average cost per square foot for a restaurant in Erie is $780 USD per square feet, with an average size of 2,987 square feet and a largest size of 4,237 square feet, making it an attractive option for entrepreneurs and investors looking to tap into the city's diverse economy and growing tourism industry.
What factors determine the value of a restaurant for sale in Erie?
The value of a restaurant for sale in Erie is determined by a combination of factors, including:
- the average price per square foot, which is currently $780 USD per square foot, and the average size of the restaurant, which is approximately 2,987 square feet;
- the average cap rate, which is 5.2%, and the potential for return on investment;
- the location and accessibility of the restaurant, including its proximity to major transportation hubs like the Erie International Airport and Tom Ridge Field, and its visibility from major roads like Interstate 90 and State Street.
