New Construction Flex
For Sale
Contact for pricing
1850 Lemon Street, York, PA 17404
Industrial-zoned flex space offers a substantial warehouse footprint with planned office functionality.
Property Size73,136 SF
Price / SF$149.99
Days on Market62
Property Features for 1850 Lemon Street
General Information
Standard status
Active
Size
73,136 SF
Property subtype
Industrial
Zoning
General Industrial (I-3)
Lease Type
Absolute Net
Building Details
Year Built
2026
Building Size
73,136 SF
Listing Agency:
ROCK Commercial Real Estate
(717) 854-5357
Listed By:
David Bode · License #PA RM423009
Source:
Crexi
Added: Jul 2
Changed: Aug 31
Last Checked: Aug 31 at 1:09AM
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 ROCK Commercial Real Estate
Investment Insights
Based on property information with market context.
Located at 1850 Lemon Street in York, Pennsylvania, this flex space is planned as a 73,136 SF industrial facility. The project is new construction with approximately 3,400 SF designated for future office space, creating a combination of warehouse and administrative areas within one building.
The property carries General Industrial (I-3) zoning. Completion is projected for Q3 2026, with the asset’s construction year identified as 2026.
The property carries General Industrial (I-3) zoning. Completion is projected for Q3 2026, with the asset’s construction year identified as 2026.
Key Highlights
- 73,136 SF industrial flex space
- Approximately 3,400 SF of future office space
- General Industrial (I‑3) zoning
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
$518,183
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
4.72%
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%
$10,363,660
$10.4M
Cap Rate 7%
$7,402,614
$7.4M
Cap Rate 9%
$5,757,589
$5.8M
Market Conditions
NOI Build-Up for 73,136 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
$645.8K $8.83/SF
− Vacancy
−$36.2K −$0.49/SF
EGI
$609.6K $8.34/SF
− OpEx
−$91.4K −$1.25/SF
NOI
$518.2K $7.09/SF
Area
York County, PA
Vacancy
5.60%
Lease Rate
$8.83 /SF/Yr
Expense Ratio
15.00%
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%
$10,363,660
Cap Rate 7%
$7,402,614
Cap Rate 9%
$5,757,589
Alternative Uses
Best Use
Warehouse
$7.40M
$6.48M – $8.64M
NOI $518,183 @ 7.0% cap · market cap 4.72%
Second Best
Industrial
$6.10M
$5.33M – $7.11M
NOI $426,739 @ 7.0% cap · market cap 3.89%
Theoretical Best
Office A
$21.18M
$18.53M – $24.70M
NOI $1,482,280 @ 7.0% cap · market cap 13.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
382
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 17404, PA
37,745
Population
15,716
Households
2.4
Avg Household Size
38
Median Age
30%
College-Educated
89%
High-School Grad
21.5 sq mi
ZIP Area
1,756
Density / Sq Mi
$75,882
Median Household Income
$43,408
Median Earnings
$1,136
Median Rent
$176,200
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial-zoned flex space offers a substantial warehouse footprint with planned office functionality.
Where is this flex space located?
The property is located at 1850 Lemon Street York, PA.
What is the asking price?
The asking price for this property is $10,970,000.
What are key features of this property?
This property features: 73,136 SF industrial flex space; Approximately 3,400 SF of future office space; General Industrial (I‑3) zoning
