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    Versatile Commercial Space in Lancaster Title is generated by Realmo AI

    110 W KING STREET, Lancaster, PA 17603

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    For Lease
    $41,404 SF/Yr $12,987,054/Mo (calc)

    Adaptable commercial space in a vibrant, walkable downtown location.

    Type:Rental
    Property size:
    3,764 SF
    Added:
    Aug 8, 2023
    Days on Market:
    1033
    Last Refresh:
    May 19 at 10:51 pm

    Property Features for 110 W KING STREET

    General Information

    Standard status
    Active
    Size
    3,764 SF
    Property subtype
    Rental

    Building Details

    Year Built
    1965

    We can help!

    Listing Contact
    Corinn Kirchner
    Corinn Kirchner

    Listing agent Corinn Kirchner License #RM425642

    Listing office PPM Real Estate, Inc.

    Listing date Aug 8, 2023

    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 Location: High visibility at the signaled intersection of King and Water Streets in the Central Business District.
    • Versatile Space: Open layout and CBD zoning allows for retail, entertainment, office, fitness, or special purpose.
    • High Walkability: Boasts a 99% walkability score, close to parking, and near key locations.
    • Landlord Improvements: New electric (200amp panel), storefront entrances, and grease exhaust duct for restaurant use will be provided.
    • Affordable Rent: Rent is $11 psf NN, resulting in a total monthly rent of $4,460.49 + utilities, including CAM and water/sewer for retail/office use.
    • Blank Slate: The space is ready for tenant build‑out and design.

    Overview

    Located at 110 West King Street, this commercial space offers approximately 3,764 square feet suitable for retail, office, entertainment, fitness, or special-purpose use. Situated at the street level of a building featuring 76 newly remodeled apartments, the property benefits from entrances on both King and Water Streets and is located at a signaled intersection. The open layout, Central Business District zoning, and ample power and plumbing enhance its adaptability. The location boasts a 99% walkability score and is near the Steinman Parking Garage and two surface parking lots. The Fulton Theater is directly across the street, and Penn Square/Marriott/Convention Center is 1.5 blocks away, providing high visibility. The space is a blank slate ready for tenant build-out and design. The landlord will deliver new electric to the space (200 amp panel) and replace one storefront entrance on King Street and two on Water Street. For restaurant use, the landlord will provide a grease exhaust duct (tenant to install the exhaust fan and hood). Rent includes CAM and water/sewer for retail/office use. Tenant pays rent, taxes, and separately metered utilities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Lancaster Party Bus ... Limousine Service Lancaster Law Group Law Firm Hinnenkamp Lawrence F ... Accounting Firm Meyer Unkovic & Scott ... Law Firm Breneman Pamela J Law Firm

    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
    -76.303162
    Latitude
    40.038031

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    FAQs

    What type of property is this?
    Retail space - Adaptable commercial space in a vibrant, walkable downtown location.
    Where is this retail space located?
    The property is located at 110 W KING STREET Lancaster, PA.
    What is the lease rate?
    The lease rate is $41,404.
    What are key features of this property?
    This property features: Prime Location: High visibility at the signaled intersection of King and Water Streets in the Central Business District.; Versatile Space: Open layout and CBD zoning allows for retail, entertainment, office, fitness, or special purpose.; High Walkability: Boasts a 99% walkability score, close to parking, and near key locations.
    (717) 394-3374
    We can help!
    Listing Contact
    Corinn Kirchner
    Corinn Kirchner
    Real Estate License ID: RM425642
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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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