Historic Building Awaiting
For Sale
$499,000
28 North 2nd Street, Columbia, PA 17512
Circa 1900 building ideal for adaptive reuse project.
Property Size5,000 SF
Price / SF$99.80
Days on Market259
Property Features for 28 North 2nd Street
General Information
Standard status
Active
Size
5,000 SF
Class
C
Property subtype
Office
Building Details
Building Size
5,000 SF
Year Built
1900
Listing Agency:
High Associates Ltd.
(717) 669-8861
Listed By:
Althea Ramsay Carrigan · License #RS211857L
(717) 669-8861
Source:
Highassociates
Added: Nov 25, 2025
Changed: Aug 8
Last Checked: Aug 11 at 5:24AM
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 High Associates Ltd.
Investment Insights
Based on property information with market context.
This circa 1900 former Vigilant Fire Company building, once an Amvets Social Club, presents an ideal adaptive reuse project. The property is awaiting the right creative use and is suitable for entertainment, retail, and hospitality purposes, allowing one to enjoy the revitalization while appreciating the history. The building offers great river views from the upper floors. Located next to the new Hampton by Hilton Chip Factory Hotel, which is currently under construction, this historic building requires total renovation and is not able to be occupied as-is. A courtyard area and greenspace are present, potentially allowing for expansion to include modern services such as an elevator and ADA restrooms. The bulk of the building is not currently ADA compatible. The property is located on North 2nd Street in Columbia, PA, in the middle of the block, accessible by taking Locust Street west toward the river.
Key Highlights
- Historic circa 1900 former Vigilant Fire Company building.
- Ideal adaptive reuse project for entertainment, retail, or hospitality.
- Great river views from upper floors.
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
$38,475
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
7.71%
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%
$769,500
$769.5K
Cap Rate 7%
$549,643
$549.6K
Cap Rate 9%
$427,500
$427.5K
Market Conditions
NOI Build-Up for 5,000 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
$90.0K $18.00/SF
− Vacancy
−$9.0K −$1.80/SF
EGI
$81.0K $16.20/SF
− OpEx
−$42.5K −$8.51/SF
NOI
$38.5K $7.69/SF
Area
Lancaster County, PA
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
52.50%
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%
$769,500
Cap Rate 7%
$549,643
Cap Rate 9%
$427,500
Alternative Uses
Best Use
Retail
$840.6K
$735.5K – $980.7K
NOI $58,842 @ 7.0% cap · market cap 11.79%
Second Best
Hotel Hospitality
$549.6K
$480.9K – $641.3K
NOI $38,475 @ 7.0% cap · market cap 7.71%
Theoretical Best
Office A
$1.68M
$1.47M – $1.95M
NOI $117,287 @ 7.0% cap · market cap 23.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
628
Businesses Nearby
38k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 64%
Dining 36%
Turkey Hill Minit Market
Shops & Services
15,420 visits/mo
0.2 miles
Burger King
Dining
12,492 visits/mo
0.2 miles
Turkey Hill Minit Market
Shops & Services
6,653 visits/mo
0.3 miles
Truist
Shops & Services
1,975 visits/mo
0.4 miles
Domino's Pizza
Dining
1,223 visits/mo
0.2 miles
Demographics for 17512, PA
18,267
Population
8,255
Households
2.2
Avg Household Size
42
Median Age
23%
College-Educated
86%
High-School Grad
16.0 sq mi
ZIP Area
1,142
Density / Sq Mi
$61,130
Median Household Income
$42,702
Median Earnings
$1,067
Median Rent
$221,100
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Flowers by Us — 449 Locust St, Columbia, PA 17512
- Branch and Blossom Farm — S 6th St, Columbia, PA 17512
Frequently Asked Questions
What type of property is this?
Storefront property - Circa 1900 building ideal for adaptive reuse project.
Where is this storefront property located?
The property is located at 28 North 2nd Street Columbia, PA.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Historic circa 1900 former Vigilant Fire Company building.; Ideal adaptive reuse project for entertainment, retail, or hospitality.; Great river views from upper floors.
