Cold Storage Distribution
For Sale
$3,799,000
648 Manor St, Lancaster, PA 17603
Large cold storage and dry warehouse facility with six loading docks and freezer-ready racking in place.
Property Size32,625 SF
Price / SF$116.44
Days on Market50
Property Features for 648 Manor St
General Information
Standard status
Active
Size
32,625 SF
Total Parking Spaces
19
Warehouse & Industrial
Clear Height
38 ft
Dock-High Doors
5
Drive-In Doors
1
Heavy Power
Yes
Additional Details
Opportunity Zone
Yes
Building Details
Year Built
1996
Listing Agency:
Astoria Realty Advisors LLC
Listed By:
Benuel Esh · License #RS329980
(717) 344-4480
Source:
Kandorre
Added: Jul 17
Changed: Sep 3
Last Checked: Sep 4 at 8:41AM
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 Astoria Realty Advisors LLC
Investment Insights
Based on property information with market context.
This cold storage distribution facility includes a primary building configured for freezer and dry operations, with freezer space featuring 38-foot clear ceiling heights and racking already in place. The building also contains dry storage, shipping and handling space, plus office, restroom, and cafeteria areas to support on-site functions.
The loading system features six loading docks, including one drive-in door, with dock doors measuring 11’ x 8’. Dedicated parking includes 19 spaces, and additional spaces are described as available at $50/month.
Cold storage capacity includes freezer space previously supported for pallet positions at both low- and sub-freezing temperatures, and the refrigeration infrastructure includes a circa 1996 ammonia-based system that remains in place but is not operational. New cooling equipment installation is required to bring the facility back online. Power capacity in place is described as 20 MW+ combined from gas (UGI) and grid power (PPL), with the ability to expand. The property is offered for sale and is also noted as being available for lease.
The loading system features six loading docks, including one drive-in door, with dock doors measuring 11’ x 8’. Dedicated parking includes 19 spaces, and additional spaces are described as available at $50/month.
Cold storage capacity includes freezer space previously supported for pallet positions at both low- and sub-freezing temperatures, and the refrigeration infrastructure includes a circa 1996 ammonia-based system that remains in place but is not operational. New cooling equipment installation is required to bring the facility back online. Power capacity in place is described as 20 MW+ combined from gas (UGI) and grid power (PPL), with the ability to expand. The property is offered for sale and is also noted as being available for lease.
Key Highlights
- Primary 32,625 SF building with 19,840 SF freezer space and 8,785 SF dry storage/shipping/handling plus 4,000 SF office, restrooms, and cafeteria.
- Freezer area features 38‑foot clear ceiling height with racking in place; previously supported 2,000 pallet positions at 28°F and 230 pallet positions at 0°F.
- Six loading docks (including one drive‑in door) with dock doors measuring 11’ x 8’ for refrigerated logistics and truck circulation.
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
$220,637
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
5.81%
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%
$4,412,740
$4.4M
Cap Rate 7%
$3,151,957
$3.2M
Cap Rate 9%
$2,451,522
$2.5M
Market Conditions
NOI Build-Up for 32,625 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
$281.2K $8.62/SF
− Vacancy
−$21.7K −$0.66/SF
EGI
$259.6K $7.96/SF
− OpEx
−$38.9K −$1.19/SF
NOI
$220.6K $6.76/SF
Area
Lancaster County, PA
Vacancy
7.70%
Lease Rate
$8.62 /SF/Yr
Expense Ratio
15.00%
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%
$4,412,740
Cap Rate 7%
$3,151,957
Cap Rate 9%
$2,451,522
Alternative Uses
Best Use
Warehouse
$3.15M
$2.76M – $3.68M
NOI $220,637 @ 7.0% cap · market cap 5.81%
Second Best
Industrial
$2.60M
$2.27M – $3.03M
NOI $181,701 @ 7.0% cap · market cap 4.78%
Theoretical Best
Office A
$10.93M
$9.57M – $12.75M
NOI $765,298 @ 7.0% cap · market cap 20.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
38 ft
Clear height
5
Dock-high doors
1
Drive-in doors
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
2,621
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 Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Refrigerated & cold storage - Large cold storage and dry warehouse facility with six loading docks and freezer-ready racking in place.
Where is this refrigerated & cold storage located?
The property is located at 648 Manor St Lancaster, PA.
What is the asking price?
The asking price for this property is $3,799,000.
What are key features of this property?
This property features: Primary 32,625 SF building with 19,840 SF freezer space and 8,785 SF dry storage/shipping/handling plus 4,000 SF office, restrooms, and cafeteria.; Freezer area features 38‑foot clear ceiling height with racking in place; previously supported 2,000 pallet positions at 28°F and 230 pallet positions at 0°F.; Six loading docks (including one drive‑in door) with dock doors measuring 11’ x 8’ for refrigerated logistics and truck circulation.
