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    Historic Townhouse with Mixed-Use Potential Title is generated by Realmo AI

    121-123 E KING Street, Lancaster, PA 17602

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    For Sale
    $1,895,000

    Commercial Sale - LANCASTER, PA

    Type:Office
    Property size:
    5,500 SF
    Lot size:
    0.20 Acres
    Price / SF:
    $344/SF
    Added:
    Jan 9, 2026
    Days on Market:
    147
    Last Refresh:
    Jun 5 at 4:06 am

    Property Features for 121-123 E KING Street

    General Information

    Property type
    Other
    Property subtype
    Office
    Parking
    14
    Parking features
    Garage
    Standard status
    Active
    Size
    5,500 SF
    Lot size
    0.20 Acres

    Taxes and HOA fees

    Tax Annual Amount
    28125

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1762
    Building materials
    Brick, Stone

    We can help!

    Listing Contact
    Anne M Lusk
    Anne M Lusk

    Listing agent Anne M Lusk License #RS210178L

    Listing office Lusk & Associates Sotheby's International Realty 100 Foxshire Drive, Lancaster, PA

    Listing date Jan 9, 2026

    MLS# PALA2081618

    Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Historic 1762 sandstone Georgian townhouse, the oldest in Lancaster City, meticulously preserved with modern upgrades.
    • Prime downtown location in the Central Business District, one block from Penn Square, with walkable access to restaurants, shops, and cultural landmarks.
    • Exceptional mixed‑use potential with approximately 5,500 sq ft of commercial space, including an office designed by C. Emlen Urban for Milton Hershey.
    • Rare 14‑car rear garage with EV charging station, a valuable amenity in the city.
    • Magnificently restored 3,500 sq ft residence with 3 bedrooms and 3.5 baths, upgraded between 2015‑2016 with refined finishes.
    • Soaring ceilings and open, light‑filled layout create a sense of effortless sophistication and residential comfort.

    Overview

    This historic townhouse, dating back to 1762, is located in the heart of downtown Lancaster, in the Central Business District, one block from Penn Square. The sandstone Georgian townhome has been preserved while accommodating modern use. The property offers mixed-use potential, with approximately 5,500 square feet of commercial space across the first and lower levels. The primary office space was designed by architect C. Emlen Urban for Milton Hershey. The property includes a 14-car rear garage equipped with an EV charging station. Above the commercial space is a restored 3,500-square-foot residence featuring three bedrooms, three full baths, and one half bath. The home was upgraded between 2015 and 2016, blending historic character with metropolitan finishes. The property is located within walkable access to restaurants, coffee shops, bakeries, boutique shopping, and cultural landmarks, including Lancaster Central Market, the courthouse, Fulton Theatre, and Ware Center. The property sits on a 0.2-acre lot. A new roof is planned for 2025. The property is the oldest city townhouse in Lancaster. It offers flexible commercial opportunity and exceptional residential living.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lancaster
    County
    Lancaster
    State
    Pennsylvania
    Longitude
    -76.30295
    Latitude
    40.03868

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    FAQs

    What type of property is this?
    Mixed-use property - Historic Lancaster townhouse with commercial space and residential living.
    Where is this mixed-use property located?
    The property is located at 121-123 E KING Street Lancaster, PA.
    What is the asking price?
    The asking price for this property is $1,895,000.
    What are key features of this property?
    This property features: Historic 1762 sandstone Georgian townhouse, the oldest in Lancaster City, meticulously preserved with modern upgrades.; Prime downtown location in the Central Business District, one block from Penn Square, with walkable access to restaurants, shops, and cultural landmarks.; Exceptional mixed‑use potential with approximately 5,500 sq ft of commercial space, including an office designed by C. Emlen Urban for Milton Hershey.
    (717) 271-9339
    We can help!
    Listing Contact
    Anne M Lusk
    Anne M Lusk
    Real Estate License ID: RS210178L
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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