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    220 Hazel St Lancaster, PA

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    Prime property with retail, office, and warehouse spaces for lease.

    Type:INDUSTRIAL
    Property size:
    3,500 SF
    Lot size:
    0.61 Acres
    Added:
    Jul 29, 2024
    Days on Market:
    640
    Last Refresh:
    Apr 5 at 10:07 pm

    Property Features for 220 Hazel St

    General Information

    Standard status
    Active
    Size
    3,500 SF
    Lot size
    0.61 Acres
    Property subtype
    INDUSTRIAL

    Spaces For Lease

    at 220 Hazel St Contact us

    We can help!

    Listing Contact
    Tom Troccoli
    Tom Troccoli

    Listing agent Tom Troccoli

    Listing office Bennett Williams Commercial - Lancaster

    Listing date Jul 29, 2024

    Source Moodyscre

    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 Bennett Williams Commercial - Lancaster

    Overview

    Lancaster City Versatile Leasing Opportunity

    This property in Lancaster City offers a versatile leasing opportunity with three units suitable for various business needs. The first unit is an upstairs retail/office space of 540 square feet, ideal for boutiques, studios, or professional offices. The second unit is a street-level retail/office space of 775 square feet, perfect for businesses seeking prominent street-level visibility. Additionally, there's an attached warehouse space of 5,000 square feet, divisible into 1,000 square feet increments, suitable for manufacturing, light industrial, or storage purposes. The property's zoning permits a broad range of commercial and industrial uses, making it ideal for startups or established businesses looking to expand. The total property size is 3,500 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Lancaster Extrusion Inc. Factory Land & Sea Specialty Food Shop Janelle Lynn Makeup ... Cosmetic Store Aesthetically Alicia Cosmetic Store revu Clothing & Fashion Store

    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.

    Similar Places Nearby

    • Seymour Street Self storage — 222 Seymour St, Lancaster, PA 17603
    • North Street Storage — 555 North St, Lancaster, PA 17602
    • SOWE Storage unit — 33 Old Dorwart St, Lancaster, PA 17603
    • Seymour Storage Units — 201 Seymour St, Lancaster, PA 17603
    • Ace Moving Co — 822 Lafayette St, Lancaster, PA 17603

    Location Insight

    • Map
    • Local Demand
    City
    Lancaster
    County
    Lancaster
    State
    Pennsylvania
    Longitude
    -76.307
    Latitude
    40.0293

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    FAQs

    What type of property is this?
    Warehouse - Prime property with retail, office, and warehouse spaces for lease.
    Where is this warehouse located?
    The property is located at 220 Hazel St Lancaster, PA.
    What is the lease rate?
    The lease rate is $8 SF/Yr.
    What are key features of this property?
    This property features: Versatile property with three distinct units.; Large 5,000 sq ft warehouse space divisible into 1,000 sq ft increments.; Prime location in Lancaster City.
    (717) 843-5555 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Tom Troccoli
    Tom Troccoli
    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.

    More about this property
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