215 Queen StLancaster, PA 17603

Property Details for 215 Queen St

Year built

1910

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.17 AC

Property size (Sq ft)

5,250 SF

Zone code

CB

Property type

Commercial land

APN

336-83140-0-0000

APU

3368314000000

Description

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.

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $1,639,880

  Retail / Commercial

  $846,624

  Mixed-Use / Specialty

  $848,098

  Hospitality / Lodging

  $628,070

  Office

  $847,738

  Institutional / Educational

  $883,285

  Residential Income

  $1,033,440

  Multifamily

  $1,214,550

  Automotive / Energy

  $757,101

  Parking / Income-Based Land

  $256,829

  Restaurant / Food Service

  $450,689

  Healthcare / Senior Housing

  $865,102

Location Insight

City

Lancaster

County

Lancaster

State

Pennsylvania

Latitude

40.0417

Longitude

-76.3059

CBSA code

29540

CBSA name

LANCASTER, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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