1962 Wager Road Offering Memorandum Erie, PA 16509 · Section 3 Valuation 3 Summary Comparable...
Transcript of 1962 Wager Road Offering Memorandum Erie, PA 16509 · Section 3 Valuation 3 Summary Comparable...
1962 Wager Road
Erie, PA 16509
Offering Memorandum
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1 Offering Summary
2 Property Description
3 Financial Analysis
4 Market Overview
5 Offering Terms and Procedures
Confidential Offering Memorandum Disclaimer
Information included or referred to herein is furnished by third parties and is not guaranteedas to its accuracy or completeness. You understand that all information included or referred toherein is confidential and furnished solely for the purpose of your review in connection with thepotential purchase of 1962 Wager Road. Independent estimates of proforma income andexpenses should be developed by you before any decision is made on whether to make anypurchase. Summaries of any documents are not intended to be comprehensive or all-inclusive,but rather only outline some of the provisions contained therein and are qualified in theirentirety by the actual documents to which they relate. The asset owner, its representatives,and/or brokers, including but not limited to Altair Holdings, LLC, and their respective agents,representations, affiliates and employees, (i) make no representations or warranties of anykind, express or implied, as to any information or projections related to the subject asset, andhereby disclaim any and all such warranties or representations, and (ii) shall have no liabilitywhatsoever arising from any errors, omissions, or discrepancies in the information. Anysolicitation for offers to purchase the subject asset is subject to prior placement andwithdrawal, cancellation, or modification without notice.
Table of Contents
1962 Wager Road
Erie, PA
Altair Real Estate Services is pleased to provide this OfferingMemorandum for the contemplated sale of 1962 Wager Road, Erie,PA (Property). Erie, with a population of approximately 99,475, is amedium sized market, located nearly equidistant from Pittsburgh,PA (128 miles), Buffalo, NY (93 miles), and Cleveland, OH (103miles).
The Property includes the Building, which is 10,312 square feet,situated on 2.521 acres of land. The Building may be used forcommercial or laboratory purposes and has an attached parking lot.The Property was built in 1990. The Building is in good repair andcurrently vacant after the owner relocated it’s business operations.
The building, lot, and adjacent land are well maintained andrepresent the opportunity for a developer/investor/user topurchase this ideally located real estate asset with significantopportunity for value creation.
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Section 1
Offering Summary
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ExecutiveSummary
The Property is located on Wager Road within Millcreek Township and zoned commercial, including a building, parking lot, and adjacent parcel of undeveloped land.. The Property lies minutes from I-90, giving it ideal access to downtown Erie, Buffalo, NY, Pittsburgh, PA, and Cleveland, OH.
Section 1
Offering Summary
1 Executive Summary
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Investment Highlights
IDEAL LOCATION Due to it’s proximity to I-90, the Property is ideallypositioned for accessibility to major commercial centers,both local and interstate.
PARKING
BUILDING AGE
ADJACENT LAND
Attached Lot with over 50 spaces
Built in 1990, the Building is under thirty years old and not in need of extensive renovation.
Over one additional acre of undeveloped land is included within the purchase for possible extensions or construction of a new building.
Section 1
Offering Summary
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ADDRESS 1962 Wager Road, Erie, PA 16509
TOTAL BUILDING 10,312
YEAR BUILT 1990
ZONING C
PARKING Over 50 Spaces
PARCEL NUMBERS 33-156-641.2-002.00 and 33-156-641.2-003.00
PROPERTY TAXES $15,324.80
Property Description
Section 2
PropertyDescription
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2 Executive Summary
Property Photos
Section 2
PropertyDescription
Building Floor Plan
Section 2
PropertyDescription
Section 3
FinancialAnalysisFinancials
Financial Analysis
Building is currently vacant, operating expenses will be provided upon request.
Section 3
ValuationSummary3 FinancialsComparable Sales Analysis
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Commercial Sales Comparable 1 Comparable 2 Comparable 3 Comparable 4
Address 2418 East 38th Street 2108 West 8th Street 255 Penn Briar Drive 4011 Depot Road
City, State Erie, PA Erie, PA Erie, PA Erie, PA
Distance 2.9 miles 8.2 miles 3.4 miles 5.7 miles
$/SF $33.50 $69.44 $72.48 $73.85
Total SF 8,208 8,640 5,450 6,080
Price $275,000 $600,000 $395,000 $449,000
Sale Date February 27, 2017 December 15, 2017 December 28, 2016 August 9, 2018
Section 3
ValuationSummary
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Section 4
Market Overview
Erie County
Market Overview
The regional market area is Erie County, PA, Erie is located in the extreme northwest
corner of Pennsylvania and is situated on the southern shore of Lake Erie. Erie’s economy
is a recovery period; Erie has become a healthcare hub for the Northwestern corner of
Pennsylvania, Erie Insurance continues to expand and hire, and GE Transportation orders
have rebounded, resulting in many more job opportunities.
Erie has strong indicators of long-term growth. Local tourism is a strong seasonal
performer, and gambling revenues are reinvested into local economic development
incentives. UPMC Hamot and Saint Vincent Health Care Center have recently completed
substantial renovations and are two of the four largest employers, and Erie Insurance, the
largest employer, continues to grow and invest millions of dollars in Erie County while
adding over one thousand employees.
With two interstate highways, adequate rail service, the Lake Erie port, an international
airport, and strong growth from top employers and secondary employers such as
universities, the Erie region is well positioned as a future location for distribution, financial
services, retail trade and tourism, subject to economic demand regionally and nationally.
Section 5
MarketingTimeline
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Terms of Sale
The Property is being offered “as is”, “where is” and subject to all faults. Sellermakes no representation or warranty with respect thereto other than a specialwarranty of title in the deed conveying the Property to the buyer. Buyeracknowledges that buyer is not relying on any representation or warranty ofSeller or of any agent or representative of Seller. All information furnishedregarding property for sale or lease is from sources deemed reliable, but nowarranty or representation is made as to the accuracy thereof and the same issubject to errors, omissions, change or prices, rental or other conditions, priorsale or lease or withdrawal without notice.
Distribution of Offering Materials and Review Board
All due diligence materials will be provided by Altair Real Estate Services.
Section 5:
Offering Terms and Procedures
Offering Procedure
Altair Real Estate Services hereby solicit offers to purchase 1962 WagerRoad. This transaction will be conducted through an offer process inaccordance with the terms and provisions of this Offering memorandum,which Seller may, in its sole discretion, amend or update (provided thatSeller has no obligation to amend or update the information includedherein or otherwise made available to prospective purchasers). A signedLetter of Intent is acceptable to buyer when making offers on thisproperty. Inquiries concerning the procedures outlined in this OfferingMemorandum may be directed to:
Offering Terms and Procedures
Chuck PetersAltair Real Estate ServicesOffice: 814-833-2741
Section 5:
Offering Terms and Procedures