Add Listing
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

    245 Centerville Rd Ste 9b Lancaster, PA 17603-4000

    • Office Properties & Spaces
    • 2,265 SF
    OFF-MARKET
    Value Estimations
    $670,000
    Show details
    Cap Rate Potential
    5.3%
    Office Properties & Spaces
    Location Intelligence
    Property ID
    US73-2265065
    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

    • Isaac's Restaurant - Centerville / Take-out & Catering
    • Tileology / Hardware & Home Improvement / Carpet & Flooring Store
    • Raylon / (Bike/Boat/Book/etc) Store / Cosmetic Store
    • Chartwell Staffing Solutions / Employment Agency
    • EmployStream / Employment Agency

    Property Details for 245 Centerville Rd Ste 9b

    Year built
    1989
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Property size
    2,265 SF
    Zone code
    CC
    Property type
    Office Properties & Spaces
    APN
    290-58850-1-0008
    APU
    2905885010008

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $530,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $470,000
      6.5%
      $435,000
      7%
      $400,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $881,000
      Market price range: $380k - $884k
      AI Estimate
      $840,000
      Market price range: $267k - $908k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $585,000
      Current use
      MEDICAL BUILDING
      $515,000
      Change: -12% Conversion: Easy
      RETAIL STORES
      $495,000
      Change: -16% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Lancaster
    County
    Lancaster
    State
    Pennsylvania
    Longitude
    -76.392
    Latitude
    40.0485
    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
    $5,424
    $0.00
    $251,000
    $251,000
    -
    $0.00
    $251,000
    $251,000

    Comparable in this City

    • Value Estimation by Request

      50 3Rd St

      Office space
      50 3Rd St, Lancaster, PA 17603
      View Details
    • Value Estimation by Request
      689 SF

      313 Liberty St, Unit 122

      OFFICE (GENERAL) • 689 SF
      313 Liberty St, Lancaster, PA 17603-2798
      View Details
    • Value Estimation
      $8,485,000
      32,146 SF

      410 Prince St

      OFFICE (GENERAL) • 32,146 SF
      410 Prince St, Lancaster, PA 17603-3010
      View Details
    • Value Estimation
      $47,385,000
      256,905 SF

      150 Queen St

      OFFICE (GENERAL) • 256,905 SF
      150 Queen St, Lancaster, PA 17603-3562
      View Details
    • Value Estimation by Request
      1,856 SF

      313 Liberty St Ste, Unit 10

      OFFICE (GENERAL) • 1,856 SF
      313 Liberty St Ste, Lancaster, PA 17603-2748
      View Details
    • Value Estimation by Request
      269 SF

      313 Liberty St Ste, Unit 111

      OFFICE (GENERAL) • 269 SF
      313 Liberty St Ste, Lancaster, PA 17603-2766
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2.70 Acres

      Prime Lancaster Office Space

      8 Offices, 10 Parking, Train Station Access
      1009 Prince St Unit, Lancaster, PA 17603
      View Details
    • $5,940,000
      39,610 SF

      Lancaster Office Building - Prime Location

      39,610 SF Class A Office Building for Sale
      3020 Columbia Ave, Lancaster, PA 17603
      View Details
    • Contact for pricing
      2.50 Acres

      Lancaster Office Space - Prime Location

      Modern Office Suite, High Visibility, Ample Parking
      2301 Columbia Ave, Lancaster, PA 17603
      View Details
    • Contact for pricing
      2.50 Acres

      Lancaster Office Building with Lab Space

      Prime Lancaster location, lab space, ample parking.
      2301 Columbia Ave, Lancaster, PA 17603
      View Details
    • Contact for pricing
      2.50 Acres

      Lancaster Office Building - Prime Location

      High-traffic office space, ample parking.
      2301 Columbia Ave Unit, Lancaster, PA 17603
      View Details
    • $10,995,000
      77,294 SF

      Lancaster City Center Office Building

      Prime Lancaster location, 77,294 SF, multi-tenant
      100 Queen St, Lancaster, PA 17603
      View Details

    Similar Nearby for Lease

    • $49,500
      48,787 SF

      Lancaster Commercial Space For Lease

      Prime leasing opportunity in Lancaster's energetic redevelopment corridor.
      717-723 N Prince St, Lancaster, PA 17603
      View Details
    • $14 SF/Yr
      2,400 SF

      Lancaster Office Suite for Lease

      Prime Lancaster location, 2400 sq ft office
      226 Arch St, Lancaster, PA 17603
      View Details
    • $49,500
      48,787 SF

      Lancaster Commercial Space For Lease

      Prime leasing opportunity in Lancaster's energetic redevelopment corridor.
      717-723 N Prince St, Lancaster, PA 17603
      View Details
    • $495,000
      48,787 SF

      Lancaster Mixed-Use Leasing Opportunity

      Prime location near Clipper Magazine Stadium with customizable suites.
      717-723 N Prince St, Lancaster, PA 17603
      View Details
    • $371,250
      48,787 SF

      Lancaster Commercial Space For Lease

      Prime leasing opportunity in Lancaster's energetic redevelopment corridor.
      717-723 N Prince St, Lancaster, PA 17603
      View Details
    • $5 SF/Yr
      4,817 SF

      Prime Lancaster Executive Office Space

      4,817 SF Executive Office, Lancaster, PA
      53 James St, 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.
    245 Centerville Rd Ste 9b
    Lancaster, PA 17603-4000
    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.
    Sign Up Successful!
    You now have access to more from Realmo!