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Property profile & analytics
OFF-MARKET
Estimated value
$910,000
Parking lots & garages
501 Hand Ave Lancaster, PA 17602
Individually Owned
4-yr Hold
Free & Clear
Property ID
US73-4002385
Property profile
Verified
Property type
Parking lots & garages
Use group
PARKING GARAGE, PARKING STRUCTURE
Year built
1925
Total area
1,500 SF
Lot
0.07 ac (3,049 SF)
Zoning code
R3
APN
336-88017-0-0000
UPID
US73-4002385
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$932k
Blend (final)
Blend
$910k
Owner & transaction history
Michael B Watterson · 4 yrs held
Michael B Watterson
since 2022
Last sale
$33,280
1 recorded transaction
Zoning & alternative use
R3 · Lancaster, PA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
ion materials and design. See also § 300-42I , which may require a larger sight triangle for a parking lot. Maximum Height of Fences, Walls and Hedges Height Limitations Measured from Grade Residential Districts R1, R2, R3, R4, RO, MU (feet) Nonresidential Districts C1, C2, C3, CB, CB1, CM, SM, DF, HC, PO (feet) Residential property Fences and walls Minimum…
Zone name
Residential Medium Density
General category
CIVIC_INSTITUTIONAL
Zone area
966.19 ac
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Lancaster submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Lancaster submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$910k
Range $819k – $1.00M · ±10% · vs last sale $33k (Feb 18 2022)
Last sale anchor
$33k
Feb 18 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$607 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$1,029
Tax year 2024
Assessed value
$26,000
Assessed 2024
Previous assessed
$26,000
+0.0% YoY
Effective rate
3.96%
On assessed value
Assessed land
$20,200
Assessed improvement
$5,800
Land market value
$20,200
Improvement market value
$5,800
Total market value
$26,000
Applied tax rate
336.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Parking lots & garages
Use group
PARKING GARAGE, PARKING STRUCTURE
Status
Off-Market
Year built
1925
Heating
NONE
Total area
1,500 SF
Lot
0.07 ac (3,049 SF)
Zoning code
R3
APN
336-88017-0-0000
UPID
US73-4002385
Jurisdiction
LANCASTER
Zoning & alternative use
R3 · Lancaster, PAZoning R3 · permitted uses
R3 · Lancaster, PA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
ion materials and design. See also § 300-42I , which may require a larger sight triangle for a parking lot. Maximum Height of Fences, Walls and Hedges Height Limitations Measured from Grade Residential Districts R1, R2, R3, R4, RO, MU (feet) Nonresidential Districts C1, C2, C3, CB, CB1, CM, SM, DF, HC, PO (feet) Residential property Fences and walls Minimum front yard 4*** 4*** Secondary front yard* 6 6 Side and rear yard 6 6 Permitted bu
Zone name
Residential Medium Density
General category
CIVIC_INSTITUTIONAL
Zone area
966.19 ac
Building & site characteristics
From public records
Year built
1925
Heating
NONE
Lot
0.07 ac
Current owner
From public records · entity-resolved
Michael B Watterson
Individual
Free & Clear · 4 yrs held
Mailing address
246 W LIBERTY ST, LANCASTER, PA 17603-2714
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 18, 2022
$33,280
Michael B Watterson
Pauline E Hartz
Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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