800 Queen StLancaster, PA 17603

Property Details for 800 Queen St

Year built

1986

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

1.39 AC

Property size (Sq ft)

20,314 SF

Zone code

C2

Property type

Retail properties

Property subtype

Retail space

APN

334-30244-0-0000

APU

3343024400000

Description

This 6,800 square foot retail storefront in Lancaster, PA, is part of a vibrant mixed-use redevelopment project. Located at 800 S. Queen St., this single-tenant space sits on 1.39 acres of land within Lancaster County's Urban Commercial zoning district. The property benefits from its location in both an Opportunity Zone and a LERTA (Local Economic Revitalization Tax Assistance) tax district. A strong preference exists for a grocery or convenience store tenant. To incentivize this, the developer is offering $500,000 in tenant improvement allowance, amortized over the initial lease term. Construction has commenced, with demolition and site preparation underway since November 2023. Permits for a retaining wall have been secured, and a contractor is engaged. The project anticipates pre-leasing by late summer 2024, with tenant occupancy expected in late fall 2024. The asking lease rate is $18 per square foot, NNN, for the vanilla shell space. This presents a unique opportunity to establish a business in a rapidly developing area of Lancaster City.

• CAP approach

  CAP return

  Valuation

  6%

  $4,609,135

  6.5%

  $4,254,586

  7%

  $3,950,687

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,925,323

  Geo Method

  $3,220,444

• Alternative Use

  Use

  Valuation

  Residential

  $3,588,902

  Hospitality

  $3,287,416

  Educational

  $2,735,091

  Medical

  $2,829,155

  Retail

  $4,254,586

Location Insight

City

Lancaster

County

Lancaster

State

Pennsylvania

Latitude

40.0246

Longitude

-76.3045

CBSA code

29540

CBSA name

LANCASTER, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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