723 Prince StLancaster, PA 17603

  • Office properties
  • 86,338 SF
For Sale
$4,700,000 View listing

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
Property subtype
Other 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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • 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
723 Prince St, Lancaster, Pennsylvania

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

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
$35,415
$169,200
$725,800
$895,000
-
$169,200
$725,800
$895,000

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