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Listed by Corinn Kirchner • PPM Real Estate, Inc.
$ 5,500,000
Est. payment | /mo
$ 5,500,000
Est. payment | /mo
Key Details
Property Type Commercial
Sub Type Office
Listing Status Active
Purchase Type For Sale
MLS Listing ID PALA2086866
Year Built 1954
Annual Tax Amount $1
Tax Year 2026
Lot Dimensions 0.00 x 0.00
Property Sub-Type Office
Source BRIGHT
Property Description
This prominent two-story commercial property spans a full city block from Duke Street to Christian Street and totals ±34,111 gross square feet, with ±14,952 square feet currently available for owner occupancy or lease. The Building is occupied by 3 well-qualified tenants, while the available space includes much of the second floor plus portions of the first floor and features its own entrance on Duke Street with the separate address of 200 N Duke Street, allowing for distinct identity and signage. The property includes a 44-space private parking garage with 20 spaces available for the vacant areas, elevator access to all levels, separately controlled HVAC, robust data/IT infrastructure, and a fully sprinklered building with monitored fire alarm system. Positioned at a signalized intersection in Lancaster's Central Business District, the property offers strong visibility with exposure to 8,000+ VPD on Chestnut Street and 9,000+ VPD on Duke Street. Just 2.5 blocks from Penn Square and within walking distance to Central Market, the courthouse, restaurants, entertainment, and other downtown amenities, this is a rare opportunity to acquire a substantial mixed-occupancy asset with immediate income and future upside. Projected CAP rate of 9.28% at full occupancy. Current CAP rate with vacancy is 5.48% at asking price. Property was converted into a condominium but is not operated as such since there is one owner/landlord. Total RE taxes for all condos as of April 2026 are $125,799.69.
Location
State PA
County Lancaster
Area Lancaster City (10533)
Zoning CBD
Interior
Hot Water Natural Gas
Heating Central
Cooling Central A/C
Heat Source Natural Gas
Exterior
Garage Spaces 44.0
Water Access N
View City, Street
Accessibility 2+ Access Exits, Elevator, Level Entry - Main
Total Parking Spaces 44
Garage N
Building
Lot Description Corner
Sewer Public Sewer
Water Public
New Construction N
Schools
School District School District Of Lancaster
Others
Tax ID 336-09389-1-0001
Ownership Condominium
Special Listing Condition Standard
Schools and Properties Nearby
Learn More About LPT Realty
Patrick Smith
Realtor | License ID: 658929