215 Queen St Lancaster, PA 17603

This exceptional 0.17-acre development site in Lancaster, PA (APN 336-84744-0-0000), is zoned CB1 - Central Business Core and offers an approved plan for a 52-unit residential building. The project, priced at $995,000, boasts a pro-forma NOI of $694,104 and a 4.50% cap rate. The design incorporates 10 studio and 41 one-bedroom units, with a convenient ground-floor commercial space. Historical rents exceed $2.75 per square foot per month. Building features include a rooftop deck, high ceilings, large street-facing windows, and easy access to upper floors via a potential footbridge connection to a nearby parking garage. Located just two blocks from Lancaster Square, this property benefits from Lancaster's thriving downtown, offering residents immediate access to restaurants, nightlife, arts, markets, and parks. Lancaster City's reputation as one of the best small cities in the US, coupled with its strong employment base and pro-housing policies, makes this a highly attractive investment opportunity. The site's efficient design and high resident appeal ensure a strong return on investment. Lancaster County's rich history and diverse tourism base further enhance the property's value and appeal.