Downtown Lancaster Assemblage For
For Sale
$2,295,000
37-45 North Duke Street, Lancaster, PA 17603
Three-parcel assemblage in downtown Lancaster with single tenant net lease.
Property Size30,008 SF
Price / SF$76.48
Days on Market315
Property Features for 37-45 North Duke Street
General Information
Standard status
Active
Size
30,008 SF
Class
B
Property subtype
Office
Building Details
Building Size
30,008 SF
Year Built
1880
Listed By:
F. Jeffrey Kurtz, CCIM, SIOR
(717) 278-9362
Source:
Highassociates
Added: Nov 25, 2025
Changed: Aug 8
Last Checked: Aug 8 at 5:18AM
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 F. Jeffrey Kurtz, CCIM, SIOR
Investment Insights
Based on property information with market context.
This property comprises a three-parcel assemblage in downtown Lancaster, including 37 N Duke St, 45 N Duke St, and 37 N Cherry St, totaling 30,008 square feet. The property is currently under a NNN lease by a single tenant, Murray Insurance, with the lease expiring on September 30, 2027. There are 27 parking spaces located at the rear of the building. The buildings at 37 N Duke St, 45 N Duke St, and 37 N Cherry St were constructed in 1880, 1916, and 1941, respectively, with the finishes reflecting these periods. The property is located in the heart of Downtown Lancaster, across from the courthouse and a few blocks from Penn Square, surrounded by retail, restaurants, entertainment, and hotel amenities. The location is within walking distance of downtown's retail, restaurants, pubs, and entertainment venues. The property offers potential for redevelopment into multi-family or mixed-use spaces.
Key Highlights
- Single tenant net lease with 100% occupancy through 2027.
- Prime downtown Lancaster location across from the courthouse and near Penn Square.
- Three‑parcel assemblage totaling approximately 30,000 SF.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$167,126
Cap Rate
7.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,342,520
$3.3M
Cap Rate 7%
$2,387,514
$2.4M
Cap Rate 9%
$1,856,956
$1.9M
Market Conditions
NOI Build-Up for 30,008 SF
Gross rent
$258.7K $8.62/SF
− Vacancy
−$19.9K −$0.66/SF
EGI
$238.8K $7.96/SF
− OpEx
−$71.6K −$2.39/SF
NOI
$167.1K $5.57/SF
Area
Lancaster County, PA
Vacancy
7.70%
Lease Rate
$8.62 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,342,520
Cap Rate 7%
$2,387,514
Cap Rate 9%
$1,856,956
Alternative Uses
Best Use
Office B
$7.10M
$6.21M – $8.28M
NOI $496,809 @ 7.0% cap · market cap 21.65%
Second Best
Retail
$5.04M
$4.41M – $5.89M
NOI $353,146 @ 7.0% cap · market cap 15.39%
Theoretical Best
Office A
$10.06M
$8.80M – $11.73M
NOI $703,910 @ 7.0% cap · market cap 30.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,738
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office building - Three-parcel assemblage in downtown Lancaster with single tenant net lease.
Where is this office building located?
The property is located at 37-45 North Duke Street Lancaster, PA.
What is the asking price?
The asking price for this property is $2,295,000.
What are key features of this property?
This property features: Single tenant net lease with 100% occupancy through 2027.; Prime downtown Lancaster location across from the courthouse and near Penn Square.; Three‑parcel assemblage totaling approximately 30,000 SF.
