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This site consists of a mixed use property with a 3 story building which is currently a mix of office and industrial uses on the east end of the parcel, and a collection of industrial buildings on the west end of the parcel. Most Industrial uses have drive ins, and a few have dock doors. Current income from existing use is $300,000 NOI approximately, which provides great income during plans for redevelopment. Most leases are on 1-2 year terms, allowing flexibility for redevelopment. Great opportunity for a redevelopment into self storage or apartments, with land consisting of 2.3 acres in Lancaster City with improved buildings. The zoning was successfully changed to Mixed Use recently which will allow for a potential density of 148 apartment units. Architectural renderings show a 104 unit apartment building on the west end which would call for the removal of industrial buildings. There are also plans for the renovation of existing buildings on the east end to accommodate an additional 44 units. The existing parking plan provides 126 parking spaces on site. A parking variance would be required to provide relief from the parking requirement of 1 space per unit. Self Storage is also a permitted use limited to 20,000 SF per parcel. Owner will consider seller financing for qualified buyers with a 30% down payment. Contact listing agent for pro forma operating income and expenses.
Property Type(s):
Commercial
| Last Updated | 9/18/2024 | Year Built | 1922 |
|---|---|---|---|
| Community | Lancaster City (10533) | County | LANCASTER |
Price History
| Prior to Aug 19, '24 | $5,300,000 |
|---|---|
| Aug 19, '24 - Sep 18, '24 | $4,800,000 |
| Sep 18, '24 - Today | $4,500,000 |
Additional Details
| AREA | Lancaster City (10533) |
|---|---|
| CONSTRUCTION | Brick |
| LOT | 2.3 acre(s) |
| LOT DIMENSIONS | 0.00 x 0.00 |
| SEWER | Public Sewer |
| TAXES | 43628 |
| WATER | Public |
| ZONING | The zoning was successfully changed to Mixed Use which allows for a potential density of 148 apartme |
Location
Listing provided by Capstone Commercial
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Data last updated: 1/10/25 3:54 AM PST
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