KFC
Erie, PA
Key Details
| Price: | $1,250,000 |
|---|---|
| Cap Rate: | 6.14% |
| Annual Rent: | $76,809 |
| Address: | 1116 Parade Street, Erie, Pennsylvania 16503 |
| Property Type: | Retail |
| Lease Type: | Triple Net (NNN) |
Property Data
| Original Lease Term: | 20 Years |
|---|---|
| Lease Commencement: | 3/31/2019 |
| Lease Expiration: | 3/31/2039 |
| Lease Term Remaining: | 14.2 Years |
| Rental Increases: | 1.25% Annually |
| Lot Size: | 0.74 Acres |
| Building Size: | 2,748 SF |
| Year Built: | 1986 |
NNN Pro is pleased to present the exclusive listing for a KFC located at 1116 Parade Street, Erie, Pennsylvania 16503. The site consists of roughly 2748 rentable square feet of building space on an estimated 0.74-acre parcel of land. This KFC is subject to a 20-year Triple Net (NNN) lease, which commenced 3/31/2019. The current annual rent is $76,809 and has scheduled increases of 1.25% Annually.
About the Investment
- Long Term 20-Year NNN Lease | This KFC is subject to a 20-year NNN Lease with over 14 years remaining on the lease. The lease is absolute triple-net (NNN), in which the landlord has zero responsibilities.
- Strong Guarantee | The lease is backed by Morgan Foods, Inc., a wellestablished franchisee with 68 units, providing a robust guarantee and offering strong security for any investor.
- Long Term Operating History | KFC has maintained a successful operating history at this location for 39 years, demonstrating a strong and lasting commitment to the site.
Key Details
| Price: | $1,250,000 |
|---|---|
| Cap Rate: | 6.14% |
| Annual Rent: | $76,809 |
| Address: | 1116 Parade Street, Erie, Pennsylvania 16503 |
| Property Type: | Retail |
| Lease Type: | Triple Net (NNN) |
Property Data
| Original Lease Term: | 20 Years |
|---|---|
| Lease Commencement: | 3/31/2019 |
| Lease Expiration: | 3/31/2039 |
| Lease Term Remaining: | 14.2 Years |
| Rental Increases: | 1.25% Annually |
| Lot Size: | 0.74 Acres |
| Building Size: | 2,748 SF |
| Year Built: | 1986 |
Talk to the Pros
Josh Kanter
jkanter@nnnpro.com
License: NY: 10401294056
Anthony D'Ambrosia
adambrosia@nnnpro.com
License: NY: 10401294012
Glen Kunofsky
gkunofsky@nnnpro.com
License: NY: 49KU1129178
Broker of Record
Brian Brockman
Bang Realty-Pennsylvania, Inc
License: RM432816
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This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.