Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1204 Millersville Pike Lancaster, PA 17603-6677

    • Grocery and convenience stores
    • 84,787 SF
    • 20.40 lot acres
    OFF-MARKET
    Value Estimations
    $14,990,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-5017461
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Weis Markets / Grocery Store
    • Weis Markets Pharmacy / Pharmacy
    • Metro by T-Mobile / Cell Phone Store / Cell Phone Accessory Store
    • Coinstar / Money Transfer Service
    • Coinhub Bitcoin ATM Teller / Atm

    Property Details for 1204 Millersville Pike

    Year built
    1970
    Construction
    FRAME
    Lot size
    20.40 lot acres
    Property size
    84,787 SF
    Property type
    Grocery and convenience stores
    APN
    340-75988-0-0000
    APU
    3407598800000

    Description

    Manor Shopping Center presents a prime retail investment opportunity in Lancaster, Pennsylvania. This established, 246,047 square foot shopping center boasts a strong tenant mix, anchored by a Weis Markets and a Regal Cinema. The center enjoys a highly visible location on Millersville Pike, a major thoroughfare with a daily traffic count of 17,000 vehicles. This ensures high visibility and accessibility for potential tenants. The available spaces range from 1,000 to 4,750 square feet, offering flexibility for various retail concepts. Current tenants include a diverse selection of national, regional, and local businesses, such as Big Lots, Guitar Center, Fine Wine & Good Spirits, Advance Auto Parts, and T-Mobile, creating a synergistic and attractive shopping environment. The center sits on a substantial 20.4-acre lot, providing ample parking and potential for future expansion. This property offers a unique chance to join a thriving retail community in a high-traffic location, making it an ideal investment for businesses seeking strong visibility and a proven track record of success. The center's established tenant base and prime location provide a stable foundation for future growth and profitability. Five spaces are currently available, providing immediate opportunities for expansion or new business ventures.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $16,630,000
      6.5%
      $15,350,000
      7%
      $14,255,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $15,965,000
      Market price range: $5.78M - $16.0M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $18,465,000
      Current use
      COMMERCIAL (GENERAL)
      $21,970,000
      Change: +19% Conversion: Easy
      MEDICAL BUILDING
      $19,300,000
      Change: +5% Conversion: Difficult
      RESTAURANT
      $17,320,000
      Change: -6% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Lancaster
    County
    Lancaster
    State
    Pennsylvania
    Longitude
    -76.3249
    Latitude
    40.0269
    CBSA code
    29540
    CBSA name
    LANCASTER, PA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $309,824
    $2,930,000
    $7,813,000
    $10,743,000
    -
    $2,930,000
    $7,813,000
    $10,743,000

    Comparable in this City

    • Value Estimation
      $13,430,000
      75,718 SF

      301 Rohrerstown Rd

      GROCERY, SUPERMARKET • 75,718 SF
      301 Rohrerstown Rd, Lancaster, PA 17603-2232
      View Details
    • Value Estimation
      $15,205,000
      78,256 SF

      1374 Columbia Ave

      GROCERY, SUPERMARKET • 78,256 SF
      1374 Columbia Ave, Lancaster, PA 17603-4743
      View Details
    • Value Estimation
      $585,000
      2,624 SF

      5 Clay St

      CONVENIENCE STORE • 2,624 SF
      5 Clay St, Lancaster, PA 17603-2703
      View Details
    • Value Estimation by Request
      1,769 SF

      1000 Columbia Ave

      CONVENIENCE STORE • 1,769 SF
      1000 Columbia Ave, Lancaster, PA 17603-3162
      View Details
    • Value Estimation by Request
      1,588 SF

      27 Andrew St

      CONVENIENCE STORE • 1,588 SF
      27 Andrew St, Lancaster, PA 17603-5352
      View Details
    • Value Estimation
      $580,000
      2,604 SF

      520 Hershey Ave

      CONVENIENCE STORE • 2,604 SF
      520 Hershey Ave, Lancaster, PA 17603-5702
      View Details

    Similar Nearby for Sale

    • $319,900

      Liquor License Business Opportunity

      Liquor license transferable with PALCB and township approval.
      Restaurant Liquor License Lancaster, Lancaster, PA 17603
      View Details
    • $320,000

      Established Turn-Key Business Opportunity

      Profitable gourmet food business in busy Lancaster market.
      23 Market St, Lancaster, PA 17603
      View Details
    • $320,000

      Lancaster Farmers Market Business Opportunity

      Farmers market business for sale in historic Lancaster building.
      23 Market St, Lancaster, PA 17603
      View Details
    • $300,000
      2,368 SF

      Lancaster City Mixed-Use Building

      Fully Leased, Renovated 2-Unit Investment
      602 St Joseph St, Lancaster, PA 17603
      View Details
    • $1,750,000
      8,000 SF

      New Construction Mixed-Use Investment Property

      8-unit mixed-use property with restaurant and liquor license for sale.
      2309 Columbia Ave, Lancaster, PA 17603
      View Details
    • $8,950,000

      Downtown Lancaster Landmark Building

      Iconic 3-story building with retail potential in downtown Lancaster.
      100 N Queen St, Lancaster, PA 17603
      View Details

    Similar Nearby for Lease

    • $122,400
      60,548 SF

      Mixed-Use Complex with Commercial Space

      Mixed-use complex with apartments and 6,800 SF commercial space.
      800 S Queen St, Lancaster, PA 17603
      View Details
    • $122,400

      Mixed-Use Complex with Commercial Space

      Mixed-use complex with apartments and commercial space for lease.
      800 S Queen St, Lancaster, PA 17603
      View Details
    • Contact for pricing
      2,600 SF

      Lancaster Retail Space For Rent

      Retail space available in Wheatland Shopping Center, Lancaster, PA.
      1801-1835 Columbia Ave, Lancaster, PA 17603
      View Details
    • $15 SF/Yr
      2,600 SF

      Retail Space in Woods Edge

      Highly visible retail space in established shopping center for lease.
      100 S Centerville Rd, Lancaster, PA 17603
      View Details
    • Contact for pricing
      3,132 SF

      Office/Flex/Retail Space Near Stadium

      Office, flex, and retail space available for lease.
      617 N Prince St, Lancaster, PA 17603
      View Details
    • $16 SF/Yr
      99,252 SF

      Wheatland Shopping Center: Retail Spaces

      Lancaster County retail center; high traffic, two spaces available.
      1841 Columbia Ave, Lancaster, PA 17603
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1204 Millersville Pike
    Lancaster, PA 17603-6677
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.