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    Commercial Property with Income Potential Title is generated by Realmo AI

    864 ROUTE 41, Gap, PA 17527

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    Claim this Listing
    For Sale
    $799,900

    Unique commercial property featuring retail space and residential units.

    Type:Commercial/Industrial
    Property size:
    3,000 SF
    Lot size:
    1.25 Acres
    Price / SF:
    $266/SF
    Added:
    Dec 17, 2024
    Days on Market:
    529
    Last Refresh:
    May 20 at 1:37 am

    Property Features for 864 ROUTE 41

    General Information

    Standard status
    Active
    Size
    3,000 SF
    Lot size
    1.25 Acres
    Property subtype
    Commercial/Industrial

    Building Details

    Year Built
    1792

    We can help!

    Listing Contact
    Eric Herr

    Listing agent Eric Herr License #RS357599

    Listing office Lighthouse Real Estate

    Listing date Dec 17, 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 Lighthouse Real Estate

    HighLights

    • Unique commercial property with high visibility.
    • Offers three potential income‑producing spaces.
    • Includes a 3000‑sf building suitable for retail with 14' ceilings and loading dock.
    • Duplex (862 & 864 Rt 41) is currently tenant‑occupied, providing immediate income.
    • 864 Rt 41 features an open main floor with separate rooms and a bath.
    • 862 Rt 41 includes a kitchen, dining and living rooms, 2 bedrooms and a full bath.

    Overview

    Located at 864 Route 41 in Gap, this commercial property offers three potential income-producing spaces. The property includes a 2-unit duplex, with both sides currently tenant-occupied. Unit 864 is occupied by The Hair Review and features an open main floor with two separate rooms and a bathroom. The second floor of this unit is used for storage. Heating is provided by propane, and cooling is managed with window AC units. Unit 862 includes a large laundry/mudroom, an eat-in kitchen, and separate dining and living rooms. The second floor has two bedrooms and a full bath. This apartment is heated by electric baseboard and cooled with window AC units. Additionally, 868 Route 41 is a 3000-sf building that was most recently used as a retail store. The building has an open layout and 14-foot ceilings in the main room. The south end of the building features an approximately 14-foot elevated floor with a 4-foot entry door that opens to a loading dock. Current rents are $750.00 for 864 and $1100.00 for 862.
    Property Profile Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Pharmacy

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

    Similar Places Nearby

    • Florals In Time — 5293 Lincoln Hwy, Gap, PA 17527

    Location Insight

    • Map
    • Local Demand
    City
    Gap
    County
    Lancaster
    State
    Pennsylvania
    Longitude
    -76.0174
    Latitude
    39.9832

    FAQs

    What type of property is this?
    Storefront property - Unique commercial property featuring retail space and residential units.
    Where is this storefront property located?
    The property is located at 864 ROUTE 41 Gap, PA.
    What is the asking price?
    The asking price for this property is $799,900.
    What are key features of this property?
    This property features: Unique commercial property with high visibility.; Offers three potential income‑producing spaces.; Includes a 3000‑sf building suitable for retail with 14' ceilings and loading dock.
    (717) 875-7299
    We can help!
    Listing Contact
    Eric Herr
    Real Estate License ID: RS357599
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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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