Cold Storage Distribution
New
For Sale
$3,990,000
648 Manor St, Lancaster, PA 17603
Purpose-built industrial facility with freezer, dry storage, shipping, office, and cafeteria areas for food logistics operations.
Property Size32,625 SF
Price / SF$122.30
Days on Market3
Property Features for 648 Manor St
General Information
Standard status
Active
Size
32,625 SF
Building Details
Year Built
1996
Listing Agency:
Astoria Realty Advisors LLC
(717) 344-4480
Listed By:
Benuel Esh · License #RS329980
Source:
Kandorre
Added: Aug 9
Changed: Aug 10
Last Checked: Aug 10 at 9:30AM
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.
The ±32,625 SF distribution facility at 648 Manor St includes ±19,840 SF of freezer space, ±8,785 SF dedicated to dry storage, shipping, and handling, and ±4,000 SF of offices, restrooms, and cafeteria space. Freezer areas have 38-foot clear heights and existing racking. The property previously accommodated 2,000 pallet positions at 28°F and 230 pallet positions at 0°F. Six loading docks, including one drive-in door, support truck access; dock openings measure 11’ x 8’. Nineteen dedicated parking spaces are included.
The building retains its original ammonia-based refrigeration system from 1996, although it is not operational and new cooling equipment is required. Gas service from UGI and grid power from PPL provide more than 20 MW of combined capacity, with expansion capability. The property is located in an opportunity zone and the CRIZ district, near downtown Lancaster, Pennsylvania.
The building retains its original ammonia-based refrigeration system from 1996, although it is not operational and new cooling equipment is required. Gas service from UGI and grid power from PPL provide more than 20 MW of combined capacity, with expansion capability. The property is located in an opportunity zone and the CRIZ district, near downtown Lancaster, Pennsylvania.
Key Highlights
- ±32,625 SF primary building with freezer, dry storage, shipping, office, restroom, and cafeteria areas
- ±19,840 SF of freezer space with 38‑foot clear heights and racking in place
- Previously supported 2,000 pallet positions at 28°F and 230 pallet positions at 0°F
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
5.53%
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 5.53%
Second Best
Industrial
$2.60M
$2.27M – $3.03M
NOI $181,701 @ 7.0% cap · market cap 4.55%
Theoretical Best
Office A
$10.93M
$9.57M – $12.75M
NOI $765,298 @ 7.0% cap · market cap 19.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
731
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?
Distribution center - Purpose-built industrial facility with freezer, dry storage, shipping, office, and cafeteria areas for food logistics operations.
Where is this distribution center located?
The property is located at 648 Manor St Lancaster, PA.
What is the asking price?
The asking price for this property is $3,990,000.
What are key features of this property?
This property features: ±32,625 SF primary building with freezer, dry storage, shipping, office, restroom, and cafeteria areas; ±19,840 SF of freezer space with 38‑foot clear heights and racking in place; Previously supported 2,000 pallet positions at 28°F and 230 pallet positions at 0°F
