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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    605 Richmond Dr Lancaster, PA 17601

    • Retail space
    • 38,720 SF
    • 2.14 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-0737848
    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

    • Pretty Gifts / Gift Shop
    • Novara Health / Medical Clinic
    • Tequila Mexican Grill & Bar / Mexican Restaurant
    • Ciro's Italian Bistro / Italian Restaurant / Restaurant
    • Edward Jones - Financial Advisor: Becky Boston, CFP® / Financial Consultant / Finance Broker

    Property Details for 605 Richmond Dr

    Year built
    2008
    Construction
    FRAME
    Lot size
    2.14 lot acres
    Property size
    38,720 SF
    Zone code
    R-3
    Property type
    Retail space
    APN
    390-73679-0-0000
    APU
    3907367900000

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $7,595,000
      6.5%
      $7,010,000
      7%
      $6,510,000

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $7,870,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Lancaster
    County
    Lancaster
    State
    Pennsylvania
    Longitude
    -76.3334
    Latitude
    40.1058
    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
    $86,725
    $241,200
    $3,766,900
    $4,008,100
    -
    $241,200
    $3,766,900
    $4,008,100

    Comparable in this City

    • Value Estimation
      $545,000
      2.62 Acres

      2149 State Rd

      RETAIL STORES (PERSONAL SERVICES) • 2.62 Acres
      2149 State Rd, Lancaster, PA 17601-1811
      View Details
    • Value Estimation
      $10,375,000
      115,230 SF

      1700 Fruitville Pike Ste D

      RETAIL STORES (PERSONAL SERVICES) • 115,230 SF
      1700 Fruitville Pike Ste D, Lancaster, PA 17601-4098
      View Details
    • Value Estimation
      $915,000
      5,281 SF

      1699 Oregon Pike

      RETAIL STORES (PERSONAL SERVICES) • 5,281 SF
      1699 Oregon Pike, Lancaster, PA 17601-4311
      View Details
    • Value Estimation
      $2,215,000
      13,968 SF

      1480 Harrisburg Pike

      RETAIL STORES (PERSONAL SERVICES) • 13,968 SF
      1480 Harrisburg Pike, Lancaster, PA 17601-2630
      View Details
    • Value Estimation
      $1,455,000
      8,870 SF

      555 Greenfield Rd

      RETAIL STORES (PERSONAL SERVICES) • 8,870 SF
      555 Greenfield Rd, Lancaster, PA 17601-5870
      View Details
    • Value Estimation
      $1,970,000
      15,000 SF

      820 Plz Blvd

      RETAIL STORES (PERSONAL SERVICES) • 15,000 SF
      820 Plz Blvd, Lancaster, PA 17601-2738
      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
    • $300,000

      Lancaster County Restaurant Liquor License

      Restaurant liquor license transferable within Lancaster County, Pennsylvania.
      102 103, Lancaster, PA 17601
      View Details
    • New
      $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
    • $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
    • Contact for pricing

      Lancaster Office Space - Harrisburg Pike

      High-visibility office, ample parking, great location.
      1368 Harrisburg Pike, Lancaster, PA 17601
      View Details

    Similar Nearby for Lease

    • $8,057 /Mo
      344,124 SF

      Bloomfield Village Retail Space Available

      Retail space for lease in a busy Lancaster shopping center.
      235-245 Bloomfield Dr, Lancaster, PA 17601
      View Details
    • $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
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    • 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
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    605 Richmond Dr
    Lancaster, PA 17601
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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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