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

    227 Prince St Lancaster, PA 17603-3527

    • Turn key restaurants
    • 19,169 SF
    • 0.26 lot acres
    OFF-MARKET
    Value Estimations
    $1,405,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-0289434
    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

    • Downtown Books / Book Store

    Property Details for 227 Prince St

    Year built
    1890
    Construction
    BRICK
    Lot size
    0.26 lot acres
    Property size
    19,169 SF
    Zone code
    CB
    Property type
    Turn key restaurants
    APN
    331-20292-0-0000
    APU
    3312029200000

    Description

    The newly renovated Prince Street Lofts (22,000 total square feet) in Lancaster, PA, offers exceptional commercial space. Located at 227 N Prince St, 17603, this multi-tenant property boasts flexible layouts ranging from 85 square feet to 2,300 square feet, perfect for a variety of businesses. The building underwent a complete renovation in 2024, presenting a fresh, modern aesthetic ideal for businesses seeking a contemporary workspace. Suitable uses include retail, office (traditional, creative, executive, and medical), and restaurant concepts. The adaptable spaces allow for customization, with opportunities for tenant involvement in build-out decisions for long-term leases. Situated in Lancaster County, this property provides convenient access to the city's amenities and vibrant business community. This is a unique chance to be among the first commercial tenants in this completely revitalized building. The property's central location and modern design make it an attractive option for businesses seeking a high-quality, versatile space. Contact us today to learn more about leasing opportunities and explore the possibilities for your business at Prince Street Lofts.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $1,085,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,725,000
      Market price range: $1.73M - $3.47M

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

    Location Insight

    • Map
    • Local Demand
    City
    Lancaster
    County
    Lancaster
    State
    Pennsylvania
    Longitude
    -76.3081
    Latitude
    40.0418
    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
    $24,327
    $130,000
    $484,800
    $614,800
    -
    $130,000
    $484,800
    $614,800

    Comparable in this City

    • Value Estimation
      $305,000
      3,160 SF

      463 Prince St

      RESTAURANT • 3,160 SF
      463 Prince St, Lancaster, PA 17603-5601
      View Details
    • Value Estimation
      $680,000
      3,448 SF

      126 Prince St

      RESTAURANT • 3,448 SF
      126 Prince St, Lancaster, PA 17603-3537
      View Details
    • Value Estimation
      $380,000
      2,524 SF

      302 Prince St

      RESTAURANT • 2,524 SF
      302 Prince St, Lancaster, PA 17603-5316
      View Details
    • Value Estimation
      $630,000
      4,304 SF

      337 Queen St, Unit 3

      RESTAURANT • 4,304 SF
      337 Queen St, Lancaster, PA 17603-5880
      View Details
    • Value Estimation
      $350,000
      2,048 SF

      51 Frederick St

      RESTAURANT • 2,048 SF
      51 Frederick St, Lancaster, PA 17603-3060
      View Details
    • Value Estimation
      $1,110,000
      3,390 SF

      1942 Columbia Ave

      RESTAURANT • 3,390 SF
      1942 Columbia Ave, Lancaster, PA 17603-4338
      View Details

    Similar Nearby for Sale

    • $85,000

      Turn-Key Pizzeria in Lancaster City

      Established pizzeria business for sale in Lancaster, PA.
      701 N Queen 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
    • $320,000

      Lancaster Farmers Market Business Opportunity

      Farmers market business for sale in historic Lancaster building.
      23 Market St, 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
    • $625,000
      3,800 SF

      Lancaster Restaurant - Turnkey Opportunity

      Established Asian Cuisine, Liquor License Included
      0 2Nd 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

    Similar Nearby for Lease

    • $30 SF/Yr
      2,562 SF

      Turn-Key Restaurant at College Row

      Fully-equipped restaurant in upscale mixed-use development near Franklin & Marshall.
      645 Harrisburg Ave, Lancaster, PA 17603
      View Details
    • $35 SF/Yr
      5,632 SF

      Turnkey Restaurant Suite Available

      Restaurant/retail space in growing community, furniture, fixtures, and equipment.
      398 Harrisburg Ave, Lancaster, PA 17603
      View Details
    • $12 SF/Yr
      14,015 SF

      King Street Creative Office Space

      Lancaster CBD: 14,015 SF Available
      8 King St, Lancaster, PA 17603
      View Details
    • $11 SF/Yr
      3,764 SF

      King Street Retail Space

      Prime Downtown Retail Opportunity
      110 King St, Lancaster, PA 17603
      View Details
    • $64,170

      Prime Retail Space in CBD

      New construction retail space in a high-visibility, walkable location.
      1 W Chestnut St, Lancaster, PA 17603
      View Details
    • $57,030

      Harrisburg Avenue Retail Space with Kitchen

      Retail space with commercial kitchen, high visibility, and flexible layout.
      240 Harrisburg 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.
    227 Prince St
    Lancaster, PA 17603-3527
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.