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    Property profile & analytics
    OFF-MARKET Estimated value $655,000
    Commercial land

    648 Forrest Ave, New Freedom, PA 17349-8422

    5,934 SF 3.91 ac lot Built 1996
    Entity Owned 3-yr Hold Free & Clear
    Property ID
    US73-1205474
    Property summary
    AI-generated overview

    This exceptional retail development opportunity is situated at the southeast quadrant of I-83 and Forrest Avenue in Shrewsbury, York County. Benefitting from the 2021 I-83 interchange rebuild, this project encompasses eight acres, with four acres dedicated to retail development and an adjacent four acres slated for a Royal Farms. The site offers convenient access via a cross-easement providing a right-in turn and signalized access on Forrest Avenue. Developers can choose between one to two pad sites or a single, proposed 16,628 square foot retail building. The proposed building offers flexible suite sizes ranging from 2,000 to 16,000 square feet, with endcaps potentially accommodating drive-through facilities. The development plan includes approximately 100 parking spaces. The lease rate for the proposed retail building is $25 per square foot, NNN. Completion is anticipated for the fourth quarter of 2022 or the first quarter of 2023. This high-visibility location offers unparalleled access and exposure for businesses seeking a thriving retail environment. The strategic location and modern infrastructure make this an exceptional investment opportunity. Don't miss this chance to secure a prime retail space in a rapidly growing area.

    Property profile
    Verified
    Property type Commercial land
    Use group VACANT COMMERCIAL LAND
    Year built 1996
    Total area 5,934 SF
    Lot 3.91 ac (170,320 SF)
    Zoning code AG
    APN 45-000-CJ-0037.B0-00000
    UPID US73-1205474
    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
    $633k
    Blend (final) Blend
    $655k
    Owner & transaction history
    Commonwealth Of Pa Dept Of Trans · 3 yrs held
    Commonwealth Of Pa Dept Of Trans
    since 2023
    4 recorded transactions
    2023
    2022
    2012
    1995
    Zoning & alternative use
    AG · New Freedom, PA
    Permitted uses
    Permitted uses
    Allowed · conditional · prohibited
    Top alternative use upside
    Restaurant $705,000 +41.9%
    Medical building $655,000 +31.1%
    Auto repair, garage $610,000 +22.1%
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