Two-Story Office/Flex
For Sale
$309,000
221 E Princess St, York, PA 17403
Vacant two-unit office/flex building with dedicated on-site parking, suited for professional, medical, or wellness use.
Property Size5,250 SF
Lot Size0.19 Acres
Price / SF$58.86
Days on Market112
Property Features for 221 E Princess St
General Information
Standard status
Active
Size
5,250 SF
Lot size
0.19 Acres
Additional Details
Office Units
2
Taxes and HOA fees
Annual Taxes
$4,687
Building Details
Stories
2
Tenancy
Multi
Listing Agency:
Weichert Realtors - The Ortega Group
(717) 455-7062
Listed By:
Luis R. Ortega Jr.
(717) 587-6515
Source:
Exprealty
Added: May 20
Changed: Aug 21
Last Checked: Sep 7 at 11:47AM
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 Weichert Realtors - The Ortega Group
Investment Insights
Based on property information with market context.
This two-story commercial building offers a flexible office/flex layout arranged as two distinct suites on the first and second floors. The property totals approximately 5,250 square feet and includes a vacant interior, providing a blank canvas for renovation and customization. The building is supported by a dedicated on-site parking lot, and the overall configuration can accommodate a range of professional and office-related uses.
Located on a high-visibility corner on E. Princess Street at 221-225 E. Princess St, the property sits on an approximately 8,466 square foot lot. With immediate possession at closing, it is positioned for buyers who want to control timing and scope. The asset is zoned for office/flex commercial use.
Given the combination of on-site parking, a two-suite office/flex format, and a vacant condition, the building can fit organizations and operators seeking an adaptable downtown base. It may be suitable for non-profit and professional services tenants, as well as medical or wellness office concepts, subject to the applicable requirements of the buyer’s intended improvements and use within the office/flex zoning framework.
Located on a high-visibility corner on E. Princess Street at 221-225 E. Princess St, the property sits on an approximately 8,466 square foot lot. With immediate possession at closing, it is positioned for buyers who want to control timing and scope. The asset is zoned for office/flex commercial use.
Given the combination of on-site parking, a two-suite office/flex format, and a vacant condition, the building can fit organizations and operators seeking an adaptable downtown base. It may be suitable for non-profit and professional services tenants, as well as medical or wellness office concepts, subject to the applicable requirements of the buyer’s intended improvements and use within the office/flex zoning framework.
Key Highlights
- Vacant two‑story commercial building with 5,250 SF total in a two‑unit office/flex layout
- 8,466 SF lot at 221‑225 E. Princess Street with dedicated on‑site parking lot
- High‑visibility corner location on E. Princess Street
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
$28,219
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
9.13%
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%
$564,380
$564.4K
Cap Rate 7%
$403,129
$403.1K
Cap Rate 9%
$313,544
$313.5K
Market Conditions
NOI Build-Up for 5,250 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
$46.0K $8.76/SF
− Vacancy
−$2.6K −$0.49/SF
EGI
$43.4K $8.27/SF
− OpEx
−$15.2K −$2.89/SF
NOI
$28.2K $5.38/SF
Area
York County, PA
Vacancy
5.60%
Lease Rate
$8.76 /SF/Yr
Expense Ratio
35.00%
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%
$564,380
Cap Rate 7%
$403,129
Cap Rate 9%
$313,544
Alternative Uses
Best Use
Office B
$1.20M
$1.05M – $1.40M
NOI $83,701 @ 7.0% cap · market cap 27.09%
Second Best
Industrial
$437.6K
$382.9K – $510.6K
NOI $30,633 @ 7.0% cap · market cap 9.91%
Theoretical Best
Office A
$1.52M
$1.33M – $1.77M
NOI $106,404 @ 7.0% cap · market cap 34.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,547
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 17403, PA
40,344
Population
16,490
Households
2.4
Avg Household Size
37
Median Age
32%
College-Educated
89%
High-School Grad
20.6 sq mi
ZIP Area
1,958
Density / Sq Mi
$72,233
Median Household Income
$38,105
Median Earnings
$1,072
Median Rent
$206,900
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Vacant two-unit office/flex building with dedicated on-site parking, suited for professional, medical, or wellness use.
Where is this flex space located?
The property is located at 221 E Princess St York, PA.
What is the asking price?
The asking price for this property is $309,000.
What are key features of this property?
This property features: Vacant two‑story commercial building with 5,250 SF total in a two‑unit office/flex layout; 8,466 SF lot at 221‑225 E. Princess Street with dedicated on‑site parking lot; High‑visibility corner location on E. Princess Street
