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    Property profile & analytics

    2405 Covered Bridge Dr Lancaster, PA 17602

    • Retail space
    • 39,670 SF
    • 5.23 lot acres
    For Sale
    View listing
    Last Sale
    Jun 08, 2022
    $9,437,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-1537302
    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

    • GameStop / Video Game Store / Game Store
    • Cicis Pizza / Pizza Restaurant
    • LibertyX Bitcoin ATM / Atm
    • TagWorks / Pet Supply Store
    • Apothecarium / Tobacco Shop

    Property Details for 2405 Covered Bridge Dr

    Year built
    2005
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    5.23 lot acres
    Property size
    39,670 SF
    Zone code
    C-2
    Property type
    Retail space
    APN
    310-74222-1-0004
    APU
    3107422210004

    Description

    Covered Bridge Marketplace offers a prime retail investment opportunity in Lancaster County, Pennsylvania. This 38,830 square foot, Target shadow-anchored shopping center is strategically located along Lincoln Highway East (Route 30), Lancaster's main thoroughfare and a key artery for the city's thriving tourism district. The property boasts excellent visibility with signalized access and pylon signage, ensuring high traffic volume. With over 29,000 vehicles passing daily, this location benefits from its proximity to major attractions including Rockvale Outlets, Tanger Outlets, Dutch Wonderland, and the American Music Theatre, collectively drawing over 2,100,000 tourists annually. Currently, there are multiple spaces available, with a minimum divisible space of 2,800 square feet and a maximum contiguous space of 3,999 square feet

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $12,265,000
      ML approach
      $11,910,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $7,780,000
      6.5%
      $7,180,000
      7%
      $6,670,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $10,827,000
      Market price range: $4.08M - $13.1M
      AI Estimate
      $6,864,000
      Market price range: $2.59M - $7.16M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $7,325,000
      Current use
      COMMERCIAL (GENERAL)
      $11,605,000
      Change: +58% Conversion: Easy
      RESTAURANT
      $9,240,000
      Change: +26% Conversion: Easy
      MEDICAL BUILDING
      $9,030,000
      Change: +23% Conversion: Difficult
      WAREHOUSE, STORAGE
      $6,955,000
      Change: -5% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $6,085,000
      Change: -17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Lancaster
    County
    Lancaster
    State
    Pennsylvania
    Longitude
    -76.202
    Latitude
    40.0254
    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
    $88,710
    $1,027,300
    $3,354,400
    $4,381,700
    -
    $1,027,300
    $3,354,400
    $4,381,700

    Comparable in this City

    • Value Estimation by Request
      1,632 SF

      432 Duke St

      RETAIL STORES (PERSONAL SERVICES) • 1,632 SF
      432 Duke St, Lancaster, PA 17602-4246
      View Details
    • Value Estimation
      $2,015,000
      10,752 SF

      1643 Lincoln E Hwy

      RETAIL STORES (PERSONAL SERVICES) • 10,752 SF
      1643 Lincoln E Hwy, Lancaster, PA 17602-2679
      View Details
    • Value Estimation by Request
      1,728 SF

      106 Sherman St

      RETAIL STORES (PERSONAL SERVICES) • 1,728 SF
      106 Sherman St, Lancaster, PA 17602-3036
      View Details
    • Value Estimation
      $1,545,000
      9,000 SF

      2488 Willow St Pike

      RETAIL STORES (PERSONAL SERVICES) • 9,000 SF
      2488 Willow St Pike, Lancaster, PA 17602-4849
      View Details
    • Value Estimation
      $830,000
      5,040 SF

      10 Witmer Rd

      RETAIL STORES (PERSONAL SERVICES) • 5,040 SF
      10 Witmer Rd, Lancaster, PA 17602-1122
      View Details
    • Value Estimation by Request
      1,232 SF

      701 Chestnut St

      RETAIL STORES (PERSONAL SERVICES) • 1,232 SF
      701 Chestnut St, Lancaster, PA 17602-3125
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      33,000 SF

      Retail Property on Route 30

      33,000 SF retail building on 5.6 acres for sale.
      2080 Lincoln Hwy E, Lancaster, PA 17602
      View Details
    • $1,500,000
      2,240 SF

      Lancaster Bank Building for Sale

      Prime Lancaster Retail Space, High Traffic
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    • Contact for pricing
      38,807 SF

      Retail Space Near Tourist Attractions

      Retail spaces available in high-traffic shopping center near tourist spots.
      2405 Covered Bridge Dr, Lancaster, PA 17602
      View Details
    • $795,000
      3,968 SF

      Auto Shop with Repair Bays

      3,968 SF auto shop with six repair bays.
      326 Beaver Valley Pike, Lancaster, PA 17602
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    • $870,000
      3,542 SF

      Lancaster City Restaurant and Bar

      Free-standing restaurant/bar with rental rooms and liquor license.
      1002 N Duke St, Lancaster, PA 17602
      View Details
    • $485,000
      0.85 Acres

      Lincoln Highway Commercial Land

      High-traffic Lancaster commercial lot.
      2031 Lincoln Hwy, Lancaster, PA 17602
      View Details

    Similar Nearby for Lease

    • $19 SF/Yr
      1,492 SF

      Retail Space Near HACC Campus

      Retail space available in mixed-use building near Weis and HACC.
      1635 Old Philadelphia Pike, Lancaster, PA 17602
      View Details
    • $1,500,000
      2,000 SF

      Lancaster Retail with Drive-Thru

      Prime retail property with high visibility and drive-through.
      1950 Old Philadelphia Pike, Lancaster, PA 17602
      View Details
    • Contact for pricing
      2,400 SF

      Retail Pad Site with Drive-Thru

      Prime retail location with drive-thru in East Lancaster.
      2347 Lincoln Hwy E, Lancaster, PA 17602
      View Details
    • $21 SF/Yr
      2,018 SF

      Prime Retail Space on Lincoln Highway

      Retail space for lease with high visibility and accessibility.
      1646 Lincoln Hwy E, Lancaster, PA 17602
      View Details
    • $48,000
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      Prime Retail Space Available

      Excellent location for retail or restaurant in downtown Lancaster.
      480 S Duke St, Lancaster, PA 17602
      View Details
    • $14 SF/Yr
      3,400 SF

      Lancaster Retail/Office Space Available

      Prime location near major routes and educational institutions.
      1661 Old Philadelphia Pike, Lancaster, PA 17602
      View Details
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    2405 Covered Bridge Dr
    Lancaster, PA 17602
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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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