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

    2977 Hempland Rd Lancaster, PA 17601-1324

    • Retail space
    • 12,000 SF
    • 1.00 lot acres
    OFF-MARKET
    Last Sale
    Jul 21, 2020
    Value Estimations
    $1,155,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-2670011
    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

    • Retail space

    Property Details for 2977 Hempland Rd

    Year built
    1985
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.00 lot acres
    Property size
    12,000 SF
    Zone code
    CC
    Property type
    Retail space
    APN
    290-33811-0-0000
    APU
    2903381100000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,470,000
      Market price range: $1.47M - $3.78M

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

    Location Insight

    • Map
    • Local Demand
    City
    Lancaster
    County
    Lancaster
    State
    Pennsylvania
    Longitude
    -76.3932
    Latitude
    40.0509
    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
    $13,308
    $250,000
    $365,800
    $615,800
    -
    $250,000
    $365,800
    $615,800

    Comparable in this City

    • Value Estimation
      $3,340,000
      30,017 SF

      1700 Fruitville Pike Ste B

      RETAIL STORES (PERSONAL SERVICES) • 30,017 SF
      1700 Fruitville Pike Ste B, Lancaster, PA 17601-4098
      View Details
    • Value Estimation
      $18,375,000
      119,744 SF

      2002 Fruitville Pike

      RETAIL STORES (PERSONAL SERVICES) • 119,744 SF
      2002 Fruitville Pike, Lancaster, PA 17601-7200
      View Details
    • Value Estimation
      $3,175,000
      26,751 SF

      1700 Fruitville Pike Ste H

      RETAIL STORES (PERSONAL SERVICES) • 26,751 SF
      1700 Fruitville Pike Ste H, Lancaster, PA 17601-4098
      View Details
    • Value Estimation
      $1,720,000
      11,492 SF

      1950 Fruitville Pike

      RETAIL STORES (PERSONAL SERVICES) • 11,492 SF
      1950 Fruitville Pike, Lancaster, PA 17601-3916
      View Details
    • Value Estimation
      $1,395,000
      8,556 SF

      518 Greenfield Rd

      RETAIL STORES (PERSONAL SERVICES) • 8,556 SF
      518 Greenfield Rd, Lancaster, PA 17601-5828
      View Details
    • Value Estimation
      $600,000
      5,889 SF

      799 Flory Ml Rd

      RETAIL STORES (PERSONAL SERVICES) • 5,889 SF
      799 Flory Ml Rd, Lancaster, PA 17601-2733
      View Details

    Similar Nearby for Sale

    • $300,000

      Lancaster County Liquor License

      Liquor license for sale in Lancaster County, Pennsylvania.
      Pa Liquor License, Lancaster, PA 17601
      View Details
    • Contact for pricing

      Retail Space on Fruitville Pike

      Retail space with dedicated entrance and shared parking.
      1700 Fruitville Pike, Lancaster, PA 17601
      View Details
    • $999,000

      Lancaster Car Wash Business Opportunity

      Turnkey car wash business with high visibility in Lancaster, PA.
      320 Granite Run Dr, Lancaster, PA 17601
      View Details
    • $300,000

      Lancaster County Restaurant Liquor License

      Restaurant liquor license transferable within Lancaster County, Pennsylvania.
      102 103, Lancaster, PA 17601
      View Details
    • $400,000
      3,863 SF

      Lancaster Restaurant Business For Sale

      Turn-key pub-style restaurant with indoor and outdoor seating in high-traffic area.
      2347 103, Lancaster, PA 17601
      View Details
    • $1,775,000
      2.12 Acres

      Lancaster Industrial Land - $1.775M

      Prime Lancaster County industrial lots
      0 Corporate Blvd And Marietta Ave, Lancaster, PA 17601
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      11,000 SF

      Retail Space on Manheim Pike

      Highly visible retail space available for lease off Route 30.
      1320 Manheim Pike, Lancaster, PA 17601
      View Details
    • Contact for pricing
      2,387 SF

      Lancaster Retail Space For Rent

      Retail space available within Lancaster Shopping Center.
      1625 Lititz Pike, Lancaster, PA 17601
      View Details
    • Contact for pricing
      2,527 SF

      Retail Space in Manheim Township

      Retail space available in a centrally located shopping center.
      1668 Oregon Pike, Lancaster, PA 17601
      View Details
    • $115,000
      6,500 SF

      Retail Pad Sites For Rent

      Retail pad sites with high visibility and frontage on U.S. Route 30.
      1942 Hospitality Dr, Lancaster, PA 17601
      View Details
    • Contact for pricing
      9,340 SF

      Retail Space Available For Rent

      Retail property with 9,340 square feet available for lease.
      1430 Harrisburg Pike, Lancaster, PA 17601
      View Details
    • $22 SF/Yr
      3,300 SF

      Retail Center on Oregon Pike

      22,117 SF retail center with high traffic and demographics.
      109-113 Butler Ave, Lancaster, PA 17601
      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.
    2977 Hempland Rd
    Lancaster, PA 17601-1324
    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.