Private Outdoor Viewing Deck Office
For Sale
$4,500,000
311 HARRISBURG AVENUE, Lancaster, PA 17603
Office building converted from a tobacco warehouse with a private outdoor viewing deck into Penn Medicine Stadium.
Property Size18,495 SF
Days on Market155
Property Features for 311 HARRISBURG AVENUE
General Information
Standard status
Active
Size
18,495 SF
Taxes and HOA fees
Annual Taxes
$17,160
Amenities
private outdoor viewing deck
Building Details
Building Size
18,495 SF
Year Built
1920
Year Renovated
2020
Listing Agency:
U.S. Commercial Realty
(717) 735-6000
Listed By:
Joseph Kyle Maser
Source:
Kingswayrealty
Added: Mar 23
Changed: Aug 23
Last Checked: Aug 24 at 3:09AM
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 U.S. Commercial Realty
Investment Insights
Based on property information with market context.
This office building serves as The Exterior Company, LLC’s corporate headquarters for their regional business providing roofing, siding and gutter solutions. The property was created through a major renovation and restoration completed in 2020 of a former Lancaster County tobacco warehouse. The renovation includes a private outdoor viewing deck that looks into Penn Medicine Stadium.
Set in the northwest corridor of Lancaster City, the building is positioned in proximity to Franklin & Marshall College and Penn Medicine’s Lancaster General Hospital.
The facility totals 18,495 square feet and is well suited for an owner-occupant looking for a headquarters-style office environment built from a fully renovated historic warehouse structure.
Set in the northwest corridor of Lancaster City, the building is positioned in proximity to Franklin & Marshall College and Penn Medicine’s Lancaster General Hospital.
The facility totals 18,495 square feet and is well suited for an owner-occupant looking for a headquarters-style office environment built from a fully renovated historic warehouse structure.
Key Highlights
- 18,495 SF office building
- Major renovation and restoration completed in 2020
- Private outdoor viewing deck into Penn Medicine Stadium
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
$306,201
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
6.80%
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%
$6,124,020
$6.1M
Cap Rate 7%
$4,374,300
$4.4M
Cap Rate 9%
$3,402,233
$3.4M
Market Conditions
NOI Build-Up for 18,495 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
$475.0K $25.68/SF
− Vacancy
−$66.7K −$3.61/SF
EGI
$408.3K $22.07/SF
− OpEx
−$102.1K −$5.52/SF
NOI
$306.2K $16.56/SF
Area
Lancaster County, PA
Vacancy
14.04%
Lease Rate
$25.68 /SF/Yr
Expense Ratio
25.00%
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%
$6,124,020
Cap Rate 7%
$4,374,300
Cap Rate 9%
$3,402,233
Alternative Uses
Best Use
Office B
$4.37M
$3.83M – $5.10M
NOI $306,201 @ 7.0% cap · market cap 6.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.20M
$5.42M – $7.23M
NOI $433,845 @ 7.0% cap · market cap 9.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,043
Businesses Nearby
Explore this area
Business Placement
Demographics for 17603, PA
66,739
Population
28,142
Households
2.4
Avg Household Size
37
Median Age
37%
College-Educated
90%
High-School Grad
30.0 sq mi
ZIP Area
2,225
Density / Sq Mi
$77,156
Median Household Income
$40,043
Median Earnings
$1,265
Median Rent
$244,500
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?
Office building - Office building converted from a tobacco warehouse with a private outdoor viewing deck into Penn Medicine Stadium.
Where is this office building located?
The property is located at 311 HARRISBURG AVENUE Lancaster, PA.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 18,495 SF office building; Major renovation and restoration completed in 2020; Private outdoor viewing deck into Penn Medicine Stadium
