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    32-34 S PRINCE Street Millersville, PA 17551

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    For Lease
    $1,750 /Mo

    CommercialLease - MILLERSVILLE, PA

    Type:Retail
    Added:
    Feb 23, 2026
    Days on Market:
    64
    Last Refresh:
    Apr 28 at 11:06 am

    Property Features for 32-34 S PRINCE Street

    General Information

    Property type
    Other
    Property subtype
    Retail
    Parking
    4
    Parking features
    Fenced, Parking Lot
    Standard status
    Active

    Utilities

    Heating system
    Heat Pump (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1987
    Number of units
    8
    Building materials
    Masonry, Wood Siding

    We can help!

    Listing Contact
    Spencer Speros
    Spencer Speros

    Listing agent Spencer Speros License #RM421936

    Listing office A' La Carte Real Estate Svcs 600 Fountain Avenue, Lancaster, PA

    Listing date Feb 23, 2026

    MLS# PALA2082180

    Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Retail/Office Space Near Campus

    Located near Millersville Campus, this commercial space in Chestnut Hill Plaza is suitable for retail or office use. The complex includes several other businesses and apartments. The space can be subdivided into two 800-square-foot units, or both units can be leased together. The monthly rent is $875 for one unit or $1750 for both units, which includes parking, landscaping, and snow removal.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Millersville
    County
    Lancaster
    State
    Pennsylvania
    Longitude
    -76.3589792
    Latitude
    39.9980623

    Nearby Similar for Lease

    • $875/Mo

      Retail/Office Space Near Millersville Campus

      Two units available for retail or office use near Millersville.
      28 S PRINCE Street, MILLERSVILLE, PA 17551
      View Details
    • $11 SF/Yr

      Millersville Retail/Office Space Available

      Former bank space near Millersville University.
      515B Leaman Ave, Millersville, PA 17551
      View Details
    • $13 SF/Yr

      Corner Retail Space Available

      Corner retail space with open floor plan and parking.
      509-513 Leaman Ave, Millersville, PA
      View Details
    • Contact for pricing

      Retail Space in Millersville Center

      Retail spaces available in mixed-use shopping center near Millersville University.
      321 Manor Ave, Millersville, PA
      View Details
    • $11 SF/Yr

      Retail Space Near University Campus

      Former bank with drive-thru near Millersville University.
      249 Manor Ave, Millersville, PA
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail or office space near Millersville Campus for lease.
    Where is this retail space located?
    The property is located at 32-34 S PRINCE Street Millersville, PA.
    What is the lease rate?
    The lease rate is $1,750 /Mo.
    What are key features of this property?
    This property features: Prime location near Millersville Campus; Suitable for retail or office use; Option to lease one 800 sq. ft. unit or combine for **1600 sq. ft.**
    (717) 808-1942
    We can help!
    Listing Contact
    Spencer Speros
    Spencer Speros
    Real Estate License ID: RM421936
    Learn More
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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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