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    Property profile & analytics

    1515 Lititz Pike Lancaster, PA 17601

    • Retail properties
    • 54,592 SF
    • 5.70 lot acres
    For Lease
    View listing
    Last Sale
    Mar 18, 2022
    $5,671,195
    Value Estimations
    $6,865,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-1929172
    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

    • Chimneys Cleaning & Inspection Service_Lancaster ERT / General Contractor / Renovation Specialist
    • Planet Fitness / Gym & Fitness Center
    • Fun Time Tours / Travel Agency / Tour Operator

    Property Details for 1515 Lititz Pike

    Year built
    1957
    Construction
    BRICK
    Lot size
    5.70 lot acres
    Property size
    54,592 SF
    Zone code
    B-4
    Property type
    Retail properties
    APN
    390-61826-0-0000
    APU
    3906182600000

    Description

    The Shoppes @ the Pointe is a brand-new, 70,135-square-foot retail strip center located in Lancaster County, Pennsylvania, at 1515 Lititz Pike, zip code 17601. This single-building development, completed in 2023, offers multiple tenancy options with spaces ranging from a minimum of 2,925 square feet to a maximum contiguous space of 26,700 square feet. The property boasts a highly desirable location in Manheim Township, situated at a signalized intersection of Oregon Pike (Route 222) and Lititz Pike, providing excellent visibility and accessibility. Its strategic placement within a thriving retail corridor, surrounded by established shopping centers such as The Shoppes at Belmont, Lancaster Shopping Center, Golden Triangle, and Hawthorne Centre, ensures high foot traffic and strong consumer presence. The surrounding area features a robust mix of national retailers including Whole Foods, Target, Walmart, and Dick's Sporting Goods, creating a synergistic environment for potential tenants. This prime location presents a unique opportunity for businesses seeking high-traffic exposure and a strong retail presence in a rapidly growing market. The property is ideal for retail, medical, or office uses.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $6,915,000
      ML approach
      $7,750,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $8,320,000
      Market price range: $6.69M - $17.2M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $11,095,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Lancaster
    County
    Lancaster
    State
    Pennsylvania
    Longitude
    -76.3061
    Latitude
    40.0658
    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
    $80,061
    $1,425,000
    $2,275,100
    $3,700,100
    -
    $1,425,000
    $2,275,100
    $3,700,100

    Comparable in this City

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      222,456 SF

      800 Park City Ctr

      DEPARTMENT STORE • 222,456 SF
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      1643 Manheim Pike

      Retail properties • 96,885 SF
      1643 Manheim Pike, Lancaster, PA 17601
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      1.90 Acres

      903 Nissley Rd Unit

      Retail properties • 1.90 Acres
      903 Nissley Rd Unit, Lancaster, PA 17601
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      36,360 SF

      1923 Fruitville Pike

      Neighborhood centers • 36,360 SF
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      Fruitville Pike & Granite Run Dr

      Neighborhood centers • 33,116 SF
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      Lancaster County Restaurant Liquor License

      Restaurant liquor license transferable within Lancaster County, Pennsylvania.
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    • $500,000
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      Versatile Property with Heated Shop

      Two-story residence with heated shop and showroom on 1.8 acres.
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    Similar Nearby for Lease

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      202,790 SF

      Lancaster Retail Center: Prime Location

      High-traffic retail spaces available in Lancaster, PA.
      1274 Lititz Pike, Lancaster, PA 17601
      View Details
    • Contact for pricing
      25,887 SF

      Fruitville Pike Center: Lancaster Office Space

      High-visibility Lancaster office & retail suites.
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      Lancaster Office Space Available

      Prime Lancaster location, multiple suites, renovated in 2020.
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      Lancaster Retail Space - Hempland Rd

      Prime Lancaster retail space, 6,063 sq ft.
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      Manheim Pike Retail Opportunity

      Free-standing restaurant with drive-thru.
      1403 Manheim Pike, Lancaster, PA 17601
      View Details
    Request Owner's contact information
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    Lancaster, PA 17601
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    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
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