Vacant PNC Bank | Advantageous Zoning | 1 S Center St
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Vacant PNC Bank | Advantageous Zoning 1 S Center St
9,059 SF Vacant Retail Building Online Auction Sale Corry, PA 16407
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Investment Highlights
- Former PNC bank delivered vacant, creating the ideal opportunity for local businesses looking for fresh space or for investors.
- Poised near a wealth of retail and conveniences, including Snap Fitness, The Corner Bar & Grillz, Dollar General, and many more.
- Average consumer spending is impressive within 5 miles of the former PNC Bank and exceeds $104 million annually.
- Top-notch positioning at the lighted intersection of S Center Street and E Main Street, which are the highest trafficked areas in town.
- Corry is the ideal place for investment largely due to its economic development authority that embraces area growth.
Executive Summary
This former PNC Bank location is the ideal opportunity for investors and owners/users alike. The sizable 9,059-square-foot property is ready for transfer to new ownership. Built in 1950 and perfectly maintained over the years, this property is ideal for many users. The property sits on 0.58 acres which is ample space for visitors and employees. 1 S Center Street is ideal for many potential business endeavors largely due to the C-1 zoning, which allows for a wide array of potential uses. Property is fitted with 22 parking spaces. Permitted uses include retail, convenience stores, municipal buildings, motels and hotels, offices, restaurants, churches and schools, personal services, indoor commercial recreation, retail, and manufacturing.
Corry, Pennsylvania, is a small town with excellent demographics and stats. There has been a noteworthy increase in the number of households over the past four years with excellent average incomes in a 10-mile radius ringing in at $68,480. The town is established with a majority of owner-occupied homes, with 66% owner occupants, and a small amount of apartment rentals. There are over 734 businesses within a 10-mile radius and 5,758 employees. Consumer spending is also noteworthy in this area with $177 million spent annually.
Corry is part of the greater Erie, Pennsylvania, retail landscape. The Erie retail market has a vacancy rate of 3.9% and no retail space under construction as of Q4 2024. Over the past year, the market's vacancy rate has changed by 0.1%. The Erie retail market contains roughly 21.0 million square feet of inventory. The market has approximately 3.4 million square feet of neighborhood center inventory, 1.7 million square feet of power center inventory, 470,000 square feet of strip center inventory, 2.3 million square feet of mall inventory, and 13.2 million square feet of general retail.
Property tours are available by appointment only. Please contact the listing broker to schedule.
Corry, Pennsylvania, is a small town with excellent demographics and stats. There has been a noteworthy increase in the number of households over the past four years with excellent average incomes in a 10-mile radius ringing in at $68,480. The town is established with a majority of owner-occupied homes, with 66% owner occupants, and a small amount of apartment rentals. There are over 734 businesses within a 10-mile radius and 5,758 employees. Consumer spending is also noteworthy in this area with $177 million spent annually.
Corry is part of the greater Erie, Pennsylvania, retail landscape. The Erie retail market has a vacancy rate of 3.9% and no retail space under construction as of Q4 2024. Over the past year, the market's vacancy rate has changed by 0.1%. The Erie retail market contains roughly 21.0 million square feet of inventory. The market has approximately 3.4 million square feet of neighborhood center inventory, 1.7 million square feet of power center inventory, 470,000 square feet of strip center inventory, 2.3 million square feet of mall inventory, and 13.2 million square feet of general retail.
Property tours are available by appointment only. Please contact the listing broker to schedule.
Data Room Click Here to Access
- Operating and Financial Statements
- Purchase Agreement
- Title and Insurance
Market Analytics Click Here to Access
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Market Sale Price per SF
Erie - PA USA
Market Cap Rate
Erie - PA USA
Market Sale Price per SF by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per SF Distribution
Market Cap Rate Distribution
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Property Type
Retail
Property Subtype
Bank
Building Size
9,059 SF
Building Class
C
Year Built
1950
Tenancy
Single
Building Height
2 Stories
Building FAR
0.36
Lot Size
0.58 AC
Zoning
C-1 - Light Commercial
Frontage
Amenities
- Corner Lot
- Signalized Intersection
- Air Conditioning
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
5,161
7,865
9,621
2020 Population
5,025
7,901
9,894
2029 Population
5,134
7,772
9,459
2024-2029 Projected Population Growth
-0.5%
-1.2%
-1.7%
Daytime Employees
2,481
4,383
4,614
Total Businesses
280
482
523
Average Household Income
$58,576
$62,890
$66,004
Median Household Income
$40,521
$46,541
$49,572
Total Consumer Spending
$50.2M
$81.5M
$104M
Median Age
39.4
41.3
42.5
2024 Households
2,120
3,213
3,918
Percent College Degree or Above
13%
13%
12%
Average Home Value
$105,334
$131,866
$143,712
$ values in USD
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 08-033-152.0-009.00 | Improvements Assessment | $587,076 CAD |
| Land Assessment | $24,741 CAD | Total Assessment | $611,817 CAD |
PROPERTY TAXES
Parcel Number
08-033-152.0-009.00
Land Assessment
$24,741 CAD
Improvements Assessment
$587,076 CAD
Total Assessment
$611,817 CAD
Sale Advisors
Sale Advisors
Gregory Rubino, President
(814) 454-1800
Contact
He is responsible for the day-to-day operations of Passport Realty, LLC and Passport Development, LLC. Born in Erie, he attended Sacred Heart Parochial School, Cathedral Preparatory School and Gannon University. He makes his home in Erie with his wife, Lisa, and has one child, Gregory Raymond.
Greg has in the past served as a Trustee of the Multiple Sclerosis Society; Member of the President’s Cabinet for the United Way; Member of the Committee for the 2004 United States Women’s Amateur Golf Championship; Member of the Board of the Greater Erie Board of Realtors' Multiple Listing Service; Member the Board of the Cathedral Preparatory School Academic Excellence Foundation; and, Member of the International Council of Shopping Centers. Greg was honored as the Person of the Year by the Giuseppe Mazzini Italian-American Society of Erie, Pennsylvania in 2005.
At the request of Governor Tom Ridge, Greg led the team that developed the Benjamin Wiley Charter School, one of the leading charter schools in the region.
Greg also has served as Chairman and a Member of the Board of Roar on the Shore (one of Erie's premier tourist events with annual economic impact in excess of $20,000,000) and was Chairman of the Real Estate Committee of the Erie-Western Pennsylvania Port Authority in 2007-08, having been appointed by Governor Ed Rendell.
Greg has in the past served as a Trustee of the Multiple Sclerosis Society; Member of the President’s Cabinet for the United Way; Member of the Committee for the 2004 United States Women’s Amateur Golf Championship; Member of the Board of the Greater Erie Board of Realtors' Multiple Listing Service; Member the Board of the Cathedral Preparatory School Academic Excellence Foundation; and, Member of the International Council of Shopping Centers. Greg was honored as the Person of the Year by the Giuseppe Mazzini Italian-American Society of Erie, Pennsylvania in 2005.
At the request of Governor Tom Ridge, Greg led the team that developed the Benjamin Wiley Charter School, one of the leading charter schools in the region.
Greg also has served as Chairman and a Member of the Board of Roar on the Shore (one of Erie's premier tourist events with annual economic impact in excess of $20,000,000) and was Chairman of the Real Estate Committee of the Erie-Western Pennsylvania Port Authority in 2007-08, having been appointed by Governor Ed Rendell.
Peter Mitchell, Vice President; Broker of Record
(814) 454-1800
Contact
Peter S. Mitchell has been a commercial real estate professional for over three decades. He spent many years at Baldwin Brothers, Inc. and has also developed an excellent reputation through his former firm, Peter S. Mitchell Real Estate. Pete acts as Broker of Record for the Passport Companies and is actively engaged in locating and providing development assistance for regional and national tenants throughout western PA and New York. Pete focuses his practice throughout western Pennsylvania, where he lives with his wife, Gloria, and where his grown children also reside with their grandchildren.
Pete graduated from the Realtor’s institute, has served on the Greater Erie Board of Realtors, on the Ethics committee as well as the Educational committee, and on the Board of Directors as the representative of the Realtor Associates for all of GEBOR. He has also served on the Board of Directors for both the Erie Sportsman’s Club and the Glenwood YMCA. He was privileged to be rated as one of the top 5 independent leasing consultants with regards to factory outlet centers by Value Retail News.
Previously, Pete managed the Liberty Plaza for 12 years and the Corry Plaza for more than a decade. He also consulted for the East Grandview Plaza.
Pete graduated from the Realtor’s institute, has served on the Greater Erie Board of Realtors, on the Ethics committee as well as the Educational committee, and on the Board of Directors as the representative of the Realtor Associates for all of GEBOR. He has also served on the Board of Directors for both the Erie Sportsman’s Club and the Glenwood YMCA. He was privileged to be rated as one of the top 5 independent leasing consultants with regards to factory outlet centers by Value Retail News.
Previously, Pete managed the Liberty Plaza for 12 years and the Corry Plaza for more than a decade. He also consulted for the East Grandview Plaza.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
Molly Patten
Contact
Auctioneer License:
Ten-X Arlene Richardson RE Broker RB068364. Ten-X Commercial Auction Firm AY002443, Auctioneer Arlene Richardson AU006275
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Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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Vacant PNC Bank | Advantageous Zoning | 1 S Center St
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