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    Prime Retail Space Available Title is generated by Realmo AI

    1 W CHESTNUT, Lancaster, PA 17603

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    For Lease
    $64,170 SF/Yr $14,919,525/Mo (calc)

    New construction retail space in central business district.

    Type:Rental
    Property size:
    2,790 SF
    Lot size:
    0.32 Acres
    Added:
    Sep 6, 2024
    Days on Market:
    638
    Last Refresh:
    May 19 at 9:21 pm

    Property Features for 1 W CHESTNUT

    General Information

    Standard status
    Active
    Size
    2,790 SF
    Lot size
    0.32 Acres
    Property subtype
    Rental

    Building Details

    Year Built
    2023

    We can help!

    Listing Contact
    Corinn Kirchner
    Corinn Kirchner

    Listing agent Corinn Kirchner License #RM425642

    Listing office PPM Real Estate, Inc.

    Listing date Sep 6, 2024

    Source Exitrealty

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of PPM Real Estate, Inc.

    HighLights

    • Prime corner location in the Central Business District with excellent visibility and signage on North Queen Street and East Chestnut Street.
    • Located within a 12‑story apartment building with 142 residences, providing a built‑in customer base.
    • High walkability score (100%) and abundant parking (garage and street) adjacent to the building.
    • Flexible space suitable for a variety of businesses: restaurant, cafe, office, professional, medical, or retail/service.
    • Shell delivery includes essential infrastructure: two restrooms, finished ceiling, concrete floors, HVAC, 200‑amp electric panel, and 17‑foot ceilings.
    • Full glass storefronts wrapping around the perimeter, offering maximum exposure.

    Overview

    This new construction, first-floor retail space offers approximately 2,790 square feet, and is subdividable. It is located in the Central Business District at a corner location shared by The Holiday Inn, Imperial Restaurant, QSB Restaurant-Lounge, and Lancaster County Offices. The space is situated within a 12-story apartment building with 142 residences. The location offers visibility and signage at the corner of North Queen Street and East Chestnut Street. The property has a walkability score of 100% with garage and street parking adjacent to the building. It is suitable for a restaurant, cafe, office, professional, medical, or retail/service business. The property features full glass storefronts wrapping around the perimeter. For restaurant use, the tenant has the option to add a grease duct and exhaust. The shell delivery includes two restrooms, a finished ceiling, concrete floors, an HVAC system, a 200-amp electric panel, and 17-foot ceilings (to the underside of the second floor). The landlord offers a Tenant Improvement Allowance (TIA) for a qualified tenant signing a minimum 7-year lease. There is also potential for demising into two suites.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Lancaster
    County
    Lancaster
    State
    Pennsylvania
    Longitude
    -76.3073
    Latitude
    40.041268

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    FAQs

    What type of property is this?
    Retail space - New construction retail space in central business district.
    Where is this retail space located?
    The property is located at 1 W CHESTNUT Lancaster, PA.
    What is the lease rate?
    The lease rate is $64,170.
    What are key features of this property?
    This property features: Prime corner location in the Central Business District with excellent visibility and signage on North Queen Street and East Chestnut Street.; Located within a 12‑story apartment building with 142 residences, providing a built‑in customer base.; High walkability score (100%) and abundant parking (garage and street) adjacent to the building.
    (717) 394-3374
    We can help!
    Listing Contact
    Corinn Kirchner
    Corinn Kirchner
    Real Estate License ID: RM425642
    Learn More
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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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    1 W CHESTNUT, LANCASTER, PA 17603
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