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    Property profile & analytics

    249 Mnr Ave Millersville, PA 17551

    • Strip malls
    • 6,000 SF
    • 1.77 lot acres
    OFF-MARKET
    Last Sale
    Mar 28, 2024
    $1,550,000
    Value Estimations
    $1,585,000
    Show details
    Cap Rate Potential
    7.1%
    Strip malls
    Location Intelligence
    Property ID
    US73-1565692
    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

    • Strip malls

    Property Details for 249 Mnr Ave

    Year built
    1959
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.77 lot acres
    Property size
    6,000 SF
    Zone code
    NC
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    440-39797-0-0000
    APU
    4403979700000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,550,000
      ML approach
      $1,550,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,825,000
      6.5%
      $1,685,000
      7%
      $1,565,000

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $990,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Millersville
    County
    Lancaster
    State
    Pennsylvania
    Longitude
    -76.3544
    Latitude
    40.0125
    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
    $29,984
    $110,800
    $1,014,400
    $1,125,200
    -
    $110,800
    $1,014,400
    $1,125,200

    Comparable in this City

    • Value Estimation
      $695,000
      15,040 SF

      341 Comet Dr

      SHOPPING CENTER, STRIP CENTER • 15,040 SF
      341 Comet Dr, Millersville, PA 17551-1558
      View Details
    • Value Estimation
      $410,000
      6,400 SF

      2 Prince St

      SHOPPING CENTER, STRIP CENTER • 6,400 SF
      2 Prince St, Millersville, PA 17551-1958
      View Details
    • Value Estimation
      $290,000
      264 SF

      Millersville Rd

      RESIDENTIAL PARKING GARAGE • 264 SF
      Millersville Rd, Millersville, PA 17551
      View Details
    • Value Estimation
      $320,000
      7,000 SF

      14 Cottage Ave

      PARKING LOT • 7,000 SF
      14 Cottage Ave, Millersville, PA 17551
      View Details
    • Value Estimation
      $295,000
      264 SF

      33 Oak Knl Cir

      RESIDENTIAL PARKING GARAGE • 264 SF
      33 Oak Knl Cir, Millersville, PA 17551
      View Details
    • Value Estimation
      $290,000
      264 SF

      180 Oak Knl Cir

      RESIDENTIAL PARKING GARAGE • 264 SF
      180 Oak Knl Cir, Millersville, PA 17551-2202
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Millersville Retail Space - Manor Ave

      Prime Retail/Office Space, High Visibility
      501 Leaman Ave, Millersville, PA 17551
      View Details
    • New
      $369,900
      2,786 SF

      Millersville Investment Property Near University

      Two-unit property near Millersville University, offering investment potential.
      31-33 Manor Ave, Millersville, PA 17551
      View Details
    • $79,900
      0.62 Acres

      Land in Millersville Borough

      Residential land for sale in Millersville, Pennsylvania.
      67 Slackwater Rd, Millersville, PA 17551
      View Details
    • $79,900
      0.63 Acres

      Land in Millersville Borough

      Residential land for sale in Millersville, PA.
      66 Slackwater Rd, Millersville, PA 17551
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    • $79,900
      0.61 Acres

      Land in Millersville Borough

      Residential land for sale in Millersville, Lancaster County, PA.
      65 Slackwater Rd, Millersville, PA 17551
      View Details
    • $5,500,000
      21,052 SF

      Turnkey Church Facility For Sale

      Modern, fully-equipped church with 350-seat sanctuary on 20+ acres.
      242 Bender Rd, Millersville, PA 17551
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      15,030 SF

      Retail Space in Millersville Center

      Retail spaces available in mixed-use shopping center near Millersville University.
      321 Manor Ave, Millersville, PA 17551
      View Details
    • $13 SF/Yr
      1,548 SF

      Corner Retail Space Available

      Corner retail space with open floor plan and parking.
      509-513 Leaman Ave, Millersville, PA 17551
      View Details
    • $11 SF/Yr
      2,400 SF

      Millersville Retail/Office Space Available

      Former bank space near Millersville University.
      515B Leaman Ave, Millersville, PA 17551
      View Details
    • New
      $875 /Mo

      Retail/Office Space Near Millersville Campus

      Two units available for retail or office use near Millersville.
      22 S Prince St, Millersville, PA 17551
      View Details
    • $13 SF/Yr
      14,400 SF

      Corner Retail/Office Space Available

      Corner retail or office space with ample parking and signage.
      505 Leaman Ave, Millersville, PA 17551
      View Details
    • $11 SF/Yr
      2,400 SF

      Retail Space Near University Campus

      Former bank with drive-thru near Millersville University.
      249 Manor Ave, Millersville, PA 17551
      View Details
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    249 Mnr Ave
    Millersville, PA 17551
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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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