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    2389 Market St Elizabethtown, PA 17022-9793
    Property profile & analytics

    2389 Market St, Elizabethtown, PA 17022-9793

    View on Map
    • Retail space
    • 4,200 SF
    • 0.90 lot acres
    Off-Market
    Last Sale Aug 4, 2022
    $1,000,000
    Property ID
    US73-1369452
    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.
    Value Estimations
    $1,040,000
    Show details
    Cap Rate Potential
    3.8%
    Retail space
    Location Intelligence

    Current Use by Public Records

    • Retail space

    Property Details for 2389 Market St

    Year built
    1979
    Construction
    WOOD FRAME
    Lot size
    0.90 lot acres
    Zone code
    C-2
    Property type
    Retail space
    APN
    460-17927-0-0000
    APU
    4601792700000

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Aug 26, 2025 — 2018 Louie Family Trust Dorene E Louie Deed · related —
    Aug 4, 2022 — Garwin B Soe Garwin B Soe Intrafamily Transfer · related —
    Sep 14, 2020 $1,000,000 Garson C Soe Barbara A Reich Grant Deed —
    Feb 11, 2020 — Barbara A Reich Jay R Reich SR. Quit Claim Deed · related —

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,300,000
      ML approach
      $1,215,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $825,000
      6.5%
      $760,000
      7%
      $705,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $963,000
      Market price range: $339k - $964k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $670,000
      Current use
      MEDICAL BUILDING
      $845,000
      Change: +27% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $700,000
      Change: +5% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $670,000
      Change: +0% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Elizabethtown
    County
    Lancaster
    State
    Pennsylvania
    Longitude
    -76.5638
    Latitude
    40.1316
    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
    $10,689
    $180,000
    $242,200
    $422,200
    -
    $180,000
    $242,200
    $422,200

    Comparable in this City

    • Value Estimation
      $5,155,000
      32,482 SF

      910 Hanover St

      RETAIL STORES (PERSONAL SERVICES)
      910 Hanover St, Elizabethtown, PA 17022-1305
      View Details
    • Value Estimation
      $2,715,000
      15,000 SF

      1551 Market St

      RETAIL STORES (PERSONAL SERVICES)
      1551 Market St, Elizabethtown, PA 17022-2850
      View Details
    • Value Estimation
      $980,000
      11,056 SF

      51 Market St

      RETAIL STORES (PERSONAL SERVICES)
      51 Market St, Elizabethtown, PA 17022-2308
      View Details
    • Value Estimation by Request
      2,828 SF

      7 Market St

      RETAIL STORES (PERSONAL SERVICES)
      7 Market St, Elizabethtown, PA 17022-2066
      View Details
    • Value Estimation
      $630,000
      6,384 SF

      17 High St Ste, Unit 101

      RETAIL STORES (PERSONAL SERVICES)
      17 High St Ste, Elizabethtown, PA 17022-2076
      View Details
    • Value Estimation
      $645,000
      3,996 SF

      498 High St

      RETAIL STORES (PERSONAL SERVICES)
      498 High St, Elizabethtown, PA 17022-2142
      View Details

    Similar Nearby for Sale

    • $395,000
      2,683 SF

      Elizabethtown Freestanding Commercial Building For Sale

      Freestanding building with strong tenant in Elizabethtown, PA.
      250 S Cherry Aly, Elizabethtown, PA 17022
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    • Contact for pricing
      5,900 SF

      Automotive Garage with Rental Income

      Commercial property with automotive garage and leased salon space.
      905 South Market St, Elizabethtown, PA 17022
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    • Contact for pricing

      Retail Space in Elizabethtown Center

      Retail space available in a centrally located shopping center.
      1605 South Market St, Elizabethtown, PA 17022
      View Details
    • $395,000
      0.16 Acres

      Elizabethtown Retail Investment Opportunity

      High-Yield Retail Property, Excellent Lease
      250 Cherry Aly, Elizabethtown, PA 17022
      View Details
    • Contact for pricing
      0.14 Acres

      no pets\"" GM Property Solutions is a full service property management company focused on customer service and quality work for both our property owners and residents. We love helping others and take pride in caring for people and properties.""""}"""

      Downtown Elizabethtown Retail Space
      213 Market St, Elizabethtown, PA 17022
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      28,200 SF

      Elizabethtown Retail Spaces Available

      Retail spaces available for lease in Elizabethtown, Pennsylvania.
      W Main St & Cloverleaf Rd, Elizabethtown, PA 17022
      View Details
    • Contact for pricing
      8,320 SF

      Retail Spaces For Lease

      Retail spaces available, ranging from 3,990 to 28,200 SF.
      2267 S Market St, Elizabethtown, PA 17022
      View Details
    • Contact for pricing
      3,102 SF

      Retail Space with Pylon Sign

      Retail space with prominent visibility and ample parking.
      1605-1629 S Market St, Elizabethtown, PA 17022
      View Details
    • Contact for pricing
      23,000 SF

      Retail Spaces Available For Rent

      Retail spaces available for lease, ranging from 3,990 to 28,200 SF.
      2269 S Market St, Elizabethtown, PA 17022
      View Details
    • Contact for pricing
      4,800 SF

      Elizabethtown Retail Spaces Available

      Retail spaces available for lease in Elizabethtown, Pennsylvania.
      377 Cloverleaf Rd, Elizabethtown, PA 17022
      View Details
    • Contact for pricing
      16,000 SF

      Retail Spaces Available For Rent

      Retail spaces ranging from 3,990 to 28,200 SF available.
      137 E Harrisburg Ave, Elizabethtown, PA 17022
      View Details
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    2389 Market St
    Elizabethtown, PA 17022-9793
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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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    2389 Market St, Elizabethtown, PA, 17022
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