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    Retail Space in Open-Air Center Title is generated by Realmo AI

    2350 E LINCOLN HIGHWAY 520, Lancaster, PA 17602

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    For Lease
    $39,130 SF/Yr $929,337,500/Mo (calc)

    Retail space in high-traffic open-air center near Route 30.

    Type:Rental
    Property size:
    285,000 SF
    Lot size:
    35.20 Acres
    Added:
    Nov 11, 2022
    Days on Market:
    1290
    Last Refresh:
    May 19 at 11:02 pm

    Property Features for 2350 E LINCOLN HIGHWAY 520

    General Information

    Standard status
    Active
    Size
    285,000 SF
    Lot size
    35.20 Acres
    Property subtype
    Rental

    Building Details

    Year Built
    2011

    We can help!

    Listing Contact
    Jeff Kurtz

    Listing agent Jeff Kurtz

    Listing office High Associates Ltd.

    Listing date Nov 11, 2022

    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 High Associates Ltd.

    HighLights

    • Located in a 285,000 SF open air retail center in the heart of PA Dutch Amish Tourism.
    • High traffic location with 41,000 ADT.
    • Excellent visibility and access to anchor stores and Wine & Spirits.
    • Access to prominent parking and outdoor seating areas.
    • Located amongst major retailers: Kohl's, Bed Bath & Beyond, Christmas Tree Shoppes, Aldi, Ross, Staples, Petco, etc.
    • Space can be combined with contiguous space for a total of 3,460 SF.

    Overview

    This retail space is located within a 285,000 square foot open-air retail center on Route 30, situated in the heart of Pennsylvania Dutch Amish tourism area. The location benefits from high traffic, with an average daily traffic count of 41,000. The space, formerly occupied by Sally Beauty, provides access to prominent parking and outdoor seating areas. It offers visibility and accessibility to anchor stores, including Wine & Spirits, Kohl's, Bed Bath & Beyond, Christmas Tree Shoppes, Aldi, Ross, Staples, and Petco. The space is available starting March 1, 2023, upon the current tenant's departure. There is an option to combine this space with an adjacent space, creating a total of 3,460 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Coffee Co - MillCreek Cafe & Coffee Shop Da V Nails Nail Salon Noodle King Restaurant Lendmark Financial Services ... Loan Service WAVE ( THE TV-SERVICES YOU ... Computer & Electronic Repair

    Suggested Use

    Restaurant Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Lancaster
    County
    Lancaster
    State
    Pennsylvania
    Longitude
    -76.208638
    Latitude
    40.025572

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    FAQs

    What type of property is this?
    Retail space - Retail space in high-traffic open-air center near Route 30.
    Where is this retail space located?
    The property is located at 2350 E LINCOLN HIGHWAY 520 Lancaster, PA.
    What is the lease rate?
    The lease rate is $39,130.
    What are key features of this property?
    This property features: Located in a 285,000 SF open air retail center in the heart of PA Dutch Amish Tourism.; High traffic location with **41,000 ADT**.; Excellent visibility and access to anchor stores and Wine & Spirits.
    (717) 293-4554
    We can help!
    Listing Contact
    Jeff Kurtz
    Request Owner's contact information
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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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