200 Duke St Lancaster, PA 17602
- Office Properties & Spaces
- 34,111 SF
Current Use by Public Records
- Office Properties & Spaces
Property Details for 200 Duke St
- Year built
- 1954
- Property size
- 34,111 SF
- Property type
- Office Properties & Spaces
Description
This exceptional Lancaster, PA office building presents a compelling investment opportunity. Located at 200 N Duke St, this three-story, 34,111 square foot building boasts a prime location in the Central Business District (CBD), zoned accordingly. Constructed in 1954, the property features one building with multiple tenants, currently two, offering a stable income stream. The asking price is $5,800,000, translating to $170.03 per square foot. Approximately 13,000 square feet of office space is available for owner-occupancy or a new end-user, along with an additional 3,500 square feet of adaptable retail space in a retrofitted firehouse at 202 N Duke St. The building includes a 44-car parking garage, plus 3-4 additional spaces behind the building. The property is fully sprinklered, equipped with robust IT/data wiring, high-efficiency HVAC systems, and is ADA compliant. The available office space is highly adaptable, featuring several offices, conference rooms wired for projectors, open workspaces, private restrooms, and a furnished break room. Direct access is available from Duke Street and via elevator from the first-floor lobby and secure garage. The building's history includes service as the Lancaster City Police Station and Firehouse. A projected cap rate of 8.78% at full occupancy is anticipated, with the current NOI from two tenants yielding a 4.2% cap rate at the listed sale price. Occupancy is projected for May 1, 2024. Showings of vacant space are readily available
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Lancaster
- County
- Lancaster
- State
- Pennsylvania
- Longitude
- -76.3043
- Latitude
- 40.0413
