Mixed-Use Property with Auto
New
For Sale
$595,000
451 S PRINCE STREET, Lancaster, PA 17603
An automotive repair garage and recently renovated apartment are arranged on separate levels.
Property Size5,821 SF
Price / SF$102.22
Days on Market4
Property Features for 451 S PRINCE STREET
General Information
Standard status
Active
Size
5,821 SF
Total Parking Spaces
10
Property subtype
Commercial
Amenities
recently installed roof
three bay doors
Building Details
Year Built
1936
Listing Agency:
Compass Real Estate, LLC
(717) 431-8300
Listed By:
Deepa Balepur · License #RM425415
(717) 808-3531
Source:
Cummingsrealtors
Added: Oct 12
Changed: Oct 15
Last Checked: Oct 15 at 2:33AM
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 Compass Real Estate, LLC
Investment Insights
Based on property information with market context.
This mixed-use property at 451 S. Prince Street pairs an automotive repair garage with an apartment above. The garage provides approximately 4,000 square feet of work and service area, three bay doors with access at both the front and rear, and 10 parking spaces. The apartment has been recently renovated and is ready for occupancy or rental. A recently installed roof is another property improvement.
The property is in Lancaster City along a busy corridor. Its automotive garage is currently functioning, with the apartment offering a separate residential component.
The property is in Lancaster City along a busy corridor. Its automotive garage is currently functioning, with the apartment offering a separate residential component.
Key Highlights
- Functioning automotive repair garage with approximately 4,000 square feet of work and service space
- Three bay doors provide access from the front and rear
- Recently renovated apartment above the garage, ready for occupancy or rental
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$32,419
Cap Rate
5.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$648,380
$648.4K
Cap Rate 7%
$463,129
$463.1K
Cap Rate 9%
$360,211
$360.2K
Market Conditions
NOI Build-Up for 5,821 SF
Gross rent
$50.2K $8.62/SF
− Vacancy
−$3.9K −$0.66/SF
EGI
$46.3K $7.96/SF
− OpEx
−$13.9K −$2.39/SF
NOI
$32.4K $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%
$648,380
Cap Rate 7%
$463,129
Cap Rate 9%
$360,211
Alternative Uses
Best Use
Mixed Use
$1.03M
$903.7K – $1.20M
NOI $72,297 @ 7.0% cap · market cap 12.15%
Second Best
Retail
$978.6K
$856.3K – $1.14M
NOI $68,504 @ 7.0% cap · market cap 11.51%
Theoretical Best
Office A
$1.95M
$1.71M – $2.28M
NOI $136,546 @ 7.0% cap · market cap 22.95%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
5,128
Businesses Nearby
34k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 60%
Groceries 22%
Dining 9%
Beauty & Spa 6%
Sunoco
Shops & Services
8,706 visits/mo
0.4 miles
Turkey Hill Minit Market
Shops & Services
7,599 visits/mo
0.4 miles
Bravo Supermarkets
Groceries
6,864 visits/mo
0.5 miles
Mavis Discount Tire
Shops & Services
2,542 visits/mo
0.2 miles
China Express
Dining
2,070 visits/mo
0.5 miles
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 Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - An automotive repair garage and recently renovated apartment are arranged on separate levels.
Where is this mixed-use property located?
The property is located at 451 S PRINCE STREET Lancaster, PA.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Functioning automotive repair garage with approximately 4,000 square feet of work and service space; Three bay doors provide access from the front and rear; Recently renovated apartment above the garage, ready for occupancy or rental
