723 Prince StLancaster, PA 17603

Property Details for 723 Prince St

Year built

1940

Construction

BRICK

Lot size

0.82 AC

Property size (Sq ft)

86,338 SF

Zone code

MU

Property type

Office properties

APN

339-81159-0-0000

APU

3398115900000

Description

This exceptional 103,672 square foot mixed-use property presents a compelling redevelopment opportunity in the heart of Lancaster, Pennsylvania. Situated on a 1.12-acre lot, this three-story building boasts a prime location across from Clipper Magazine Stadium, enjoying high traffic visibility with approximately 13,000 vehicles passing daily. The property currently features an auto service and showroom, along with a former tobacco warehouse, offering significant potential for adaptive reuse. Its strategic location provides convenient access from North Prince Street, West Clay Street, and North Market Street. The property is zoned for mixed-use development, aligning perfectly with the city's vision for revitalization. Further enhancing its appeal are the available LERTA and CRIZ incentives, designed to stimulate economic growth and development. Concept sketches for a multifamily conversion are available for review. The asking price for this significant property is $4,700,000. This is a rare chance to acquire a substantial property in a thriving downtown area with considerable upside potential. The property's size and location make it ideal for a variety of development projects, capitalizing on the city's ongoing growth and the high volume of daily traffic.

• CAP approach

  CAP return

  Valuation

  6%

  $13,326,270

  6.5%

  $12,301,173

  7%

  $11,422,517

• Comparable approach

  Method

  Valuation

  Relative Method

  $6,620,358

  Geo Method

  $5,431,524

• Alternative Use

  Use

  Valuation

  Residential

  $15,253,454

  Hospitality

  $13,972,082

  Educational

  $11,624,608

  Medical

  $12,024,396

  Retail

  $18,082,724

Location Insight

City

Lancaster

County

Lancaster

State

Pennsylvania

Latitude

40.0494

Longitude

-76.3093

CBSA code

29540

CBSA name

LANCASTER, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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