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137 W 2nd St
Erie, PA 16507

$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 7.66 %

47 Transit Score

79 Walk Score

Highlights

Commonwealth of Pennsylvania, Department of Corrections has a AA credit rating from Fitch and Aa3 credit rating from Moody’s.

The tenant has operated at this facility for over 20 years and recently signed a long-term 15-year lease extension showing their strong commitment

2.50% annual rent increases provide a great hedge against inflation.

UPMC Hamot Medical Center leased and maintains a majority portion of the parking lot since 2004 and recently extended their lease through 2029.

The landlord receives income from laundry services at the property

Bureau of Community Corrections (BCC) was established in the early 1970s to operate community corrections centers for actively serving inmates

Cap Rate:

7.66 %

Public Transportation

Commuter Rail	Drive	Walk	Distance
Erie Amtrak Station (Lake Shore Limited - Amtrak)	3 min	19 min	1.0 mi
Airport	Drive	Walk	Distance
Erie International/Tom Ridge Field	13 min	-	6.5 mi