Lancaster Commercial Property with
For Sale
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1950 Old Philadelphia Pike, Lancaster, PA 17602
High-visibility commercial property with drive-through and flexible zoning.
Property Size2,935 SF
Price / SF$442.93
Days on Market846
Property Features for 1950 Old Philadelphia Pike
General Information
Standard status
Active
Size
2,935 SF
Total Parking Spaces
16
Property subtype
Retail
Lease Type
NNN
Building Details
Year Built
1966
Year Renovated
2012
Tenancy
Single
Listing Agency:
Landmark Commercial Realty
(717) 731-1990
Listed By:
Sean Fitzsimmons · License #PA-RS327513
Source:
Crexi
Added: Apr 30, 2024
Changed: Aug 8
Last Checked: Aug 22 at 1:41PM
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 Landmark Commercial Realty
Investment Insights
Based on property information with market context.
Located on Old Philadelphia Pike in Lancaster, Pennsylvania, this property benefits from high traffic, with an average of 19,165 vehicles per day. The property is situated directly off US Highway Route 30, providing convenient access and exposure. The building encompasses approximately 2,000 square feet and includes a drive-through. The property is zoned neighborhood commercial, allowing for various uses such as a financial institution, restaurant, daycare, medical or dental office, retail sales, or general office use. This property offers a versatile opportunity in a commercial area.
Key Highlights
- High traffic location with 19,165+\/- VPD and direct access to US Highway Rt 30
- 2,000+\/- square foot building with a drive‑through
- Flexible Neighborhood Commercial Zoning allows for multiple uses
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
$53,537
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
4.12%
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%
$1,070,740
$1.1M
Cap Rate 7%
$764,814
$764.8K
Cap Rate 9%
$594,856
$594.9K
Market Conditions
NOI Build-Up for 2,935 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
$76.4K $26.04/SF
− Vacancy
−$5.0K −$1.72/SF
EGI
$71.4K $24.32/SF
− OpEx
−$17.8K −$6.08/SF
NOI
$53.5K $18.24/SF
Area
Lancaster County, PA
Vacancy
6.60%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
25.00%
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%
$1,070,740
Cap Rate 7%
$764,814
Cap Rate 9%
$594,856
Alternative Uses
Best Use
Specialty Retail
$764.8K
$669.2K – $892.3K
NOI $53,537 @ 7.0% cap · market cap 4.12%
Second Best
Office B
$694.2K
$607.4K – $809.9K
NOI $48,592 @ 7.0% cap · market cap 3.74%
Theoretical Best
Office A
$983.5K
$860.6K – $1.15M
NOI $68,847 @ 7.0% cap · market cap 5.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
331
Businesses Nearby
Explore this area
Business Placement
Demographics for 17602, PA
52,665
Population
19,472
Households
2.7
Avg Household Size
37
Median Age
28%
College-Educated
83%
High-School Grad
24.6 sq mi
ZIP Area
2,141
Density / Sq Mi
$71,752
Median Household Income
$38,469
Median Earnings
$1,272
Median Rent
$250,600
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - High-visibility commercial property with drive-through and flexible zoning.
Where is this retail space located?
The property is located at 1950 Old Philadelphia Pike Lancaster, PA.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: High traffic location with 19,165+\/- VPD and direct access to US Highway Rt 30; 2,000+\/- square foot building with a drive‑through; Flexible Neighborhood Commercial Zoning allows for multiple uses
