Turnkey Restaurant and Bar with
For Sale
$1,900,000
551 W King Street Lancaster, Lancaster, PA 17603
Recently renovated restaurant and bar with a strong tap selection, plus an included residential apartment and liquor license.
Property Size8,044 SF
Price / SF$236.20
Days on Market37
Property Features for 551 W King Street Lancaster
General Information
Standard status
Active
Size
8,044 SF
Building Details
Year Built
1900
Listing Agency:
(866) 825-7169
Listed By:
Lara Rhoades
(866) 825-7169
Source:
Va.exprealty
Added: Jun 30
Changed: Jul 21
Last Checked: Aug 5 at 4:09AM
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 Lara Rhoades
Investment Insights
Based on property information with market context.
Turnkey opportunity to acquire a well-known restaurant and bar that is currently operating. The space has been recently renovated and remodeled and features a New American menu and a strong bar program with 24 beers on tap. The sale also includes one residential apartment, an additional parking lot parcel at 619-621 Marietta Ave (Parcel ID 335-70501-0-0000), and an R liquor license.
Located on high-traffic West King Street in downtown Lancaster, the venue offers high visibility in a bustling urban setting.
The property is offered for sale as a going concern, so no inquiries should be made to management or staff.
Located on high-traffic West King Street in downtown Lancaster, the venue offers high visibility in a bustling urban setting.
The property is offered for sale as a going concern, so no inquiries should be made to management or staff.
Key Highlights
- Recently renovated restaurant and bar with 24 beers on tap and a New American menu
- Includes an R liquor license plus FF&E included in the sale
- Sale includes one residential apartment and an additional parking lot parcel at 619‑621 Marietta Ave (Parcel ID 335‑70501‑0‑0000)
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $209.5k | $26.04 |
| − Vacancy | −$13.8k | −$1.72 |
| EGI | $195.6k | $24.32 |
| − OpEx | −$48.9k | −$6.08 |
| NOI | $146.7k | $18.24 |
8,044 SF · lease $26.04/SF/yr · vacancy 6.60% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$2.10M
$1.83M – $2.45M
NOI $146,731 @ 7.0% cap · market cap 7.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.70M
$2.36M – $3.14M
NOI $188,691 @ 7.0% cap · market cap 9.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,970
Businesses Nearby
50k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 53%
Shops & Services 31%
Groceries 14%
Electronics 2%
McDonald's
Dining
19,295 visits/mo
0.4 miles
Sunoco
Shops & Services
8,706 visits/mo
0.5 miles
Bravo Supermarkets
Groceries
6,864 visits/mo
0.4 miles
Turkey Hill Minit Market
Shops & Services
5,351 visits/mo
0.5 miles
Krispy Krunchy Chicken
Dining
2,858 visits/mo
0.1 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
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Recently renovated restaurant and bar with a strong tap selection, plus an included residential apartment and liquor license.
Where is this conventional restaurant located?
The property is located at 551 W King Street Lancaster Lancaster, PA.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Recently renovated restaurant and bar with 24 beers on tap and a New American menu; Includes an R liquor license plus FF&E included in the sale; Sale includes one residential apartment and an additional parking lot parcel at 619‑621 Marietta Ave (Parcel ID 335‑70501‑0‑0000)
