Drive-Through Restaurant
For Sale
$795,000
1935 COLUMBIA Avenue, Lancaster, PA 17603
Commercial Sale, LANCASTER, PA
Property Size4,454 SF
Lot Size0.42 Acres
Price / SF$178.49
Days on Market91
Property Features for 1935 COLUMBIA Avenue
General Information
Property type
Other
Property subtype
Retail
Parking
26
Parking features
Parking Lot
Elementary school district
HEMPFIELD
Middle school district
HEMPFIELD
High school district
HEMPFIELD
Standard status
Active
Lot size
0.42 Acres
Taxes and HOA fees
Tax Annual Amount
14651
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Building Details
Year built
1973
Building materials
Brick
Listing Agency:
Bennett Williams Realty, Inc.
(717) 843-5555
Listed By:
Joshua Miller · License #RS365967
(717) 383-6647
Added: Jun 10
Changed: Sep 5
Last Checked: Sep 8 at 10:06AM
MLS# PALA2089938
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.
Investment Insights
Based on property information with market context.
Located at 1935 Columbia Avenue, this 4,454 SF, two-story commercial building occupies approximately 0.42 acres and includes a drive-through. The ground level is arranged for quick-service restaurant operations, while the upper floor contains two residential apartments. Brick construction, a heat pump heating system, central air, and an on-site parking lot are part of the existing improvements.
CBC zoning supports retail, restaurant, and commercial uses. The property was built in 1973 and renovated in 1984, offering an established structure for continued restaurant use, owner occupancy, or future reconfiguration. Additional parcels are available separately or in combination, including a 0.30-acre commercial building at 9 Eisenhower Boulevard and a 0.41-acre parking lot on Wilson Avenue. The property fronts Columbia Avenue in East Hempfield Township, Lancaster County.
CBC zoning supports retail, restaurant, and commercial uses. The property was built in 1973 and renovated in 1984, offering an established structure for continued restaurant use, owner occupancy, or future reconfiguration. Additional parcels are available separately or in combination, including a 0.30-acre commercial building at 9 Eisenhower Boulevard and a 0.41-acre parking lot on Wilson Avenue. The property fronts Columbia Avenue in East Hempfield Township, Lancaster County.
Key Highlights
- 4,454 SF two‑story commercial building with drive‑through
- Approximately 0.42 acres along Columbia Avenue
- Ground‑floor quick‑service restaurant layout
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$55,319
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.96%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,106,380
$1.1M
Cap Rate 7%
$790,271
$790.3K
Cap Rate 9%
$614,656
$614.7K
Market Conditions
NOI Build-Up for 4,454 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$96.2K $21.60/SF
− Vacancy
−$7.7K −$1.73/SF
EGI
$88.5K $19.87/SF
− OpEx
−$33.2K −$7.45/SF
NOI
$55.3K $12.42/SF
Area
Lancaster County, PA
Vacancy
8.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,106,380
Cap Rate 7%
$790,271
Cap Rate 9%
$614,656
Alternative Uses
Best Use
Specialty Retail
$1.16M
$1.02M – $1.35M
NOI $81,246 @ 7.0% cap · market cap 10.22%
Second Best
Mixed Use
$790.3K
$691.5K – $922.0K
NOI $55,319 @ 7.0% cap · market cap 6.96%
Theoretical Best
Office A
$1.49M
$1.31M – $1.74M
NOI $104,479 @ 7.0% cap · market cap 13.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
952
Businesses Nearby
302k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 33%
Dining 28%
Groceries 18%
Home Improvements & Furnishings 17%
Lowe's
Home Improvements & Furnishings
46,747 visits/mo
0.2 miles
Aldi
Groceries
32,313 visits/mo
0.5 miles
Dollar Tree
Shops & Services
27,301 visits/mo
0.3 miles
Royal Farms
Shops & Services
26,764 visits/mo
0.5 miles
McDonald's
Dining
19,087 visits/mo
0.4 miles
Demographics for 17603, PA
66,739
Population
28,142
Households
2.4
Avg Household Size
37
Median Age
37%
College-Educated
90%
High-School Grad
30.0 sq mi
ZIP Area
2,225
Density / Sq Mi
$77,156
Median Household Income
$40,043
Median Earnings
$1,265
Median Rent
$244,500
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Drive through restaurant - Two-story configuration combines quick-service restaurant space with two residential apartments.
Where is this drive through restaurant located?
The property is located at 1935 COLUMBIA Avenue Lancaster, PA.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: 4,454 SF two‑story commercial building with drive‑through; Approximately 0.42 acres along Columbia Avenue; Ground‑floor quick‑service restaurant layout
