200 N Duke St
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200 N Duke St
34,111 SF 62% Leased Office Building Lancaster, PA 17602 £3,663,722 (£107.41/SF) 5.14% Net Initial Yield
INVESTMENT HIGHLIGHTS
- Prominent location in Lancaster City
- 44 space private parking garage
- Investment or Partial Owner Occupant
EXECUTIVE SUMMARY
***CALL FOR OFFERS: All reasonable offers will be considered!*** Property is offered as an investment or Owner Occupant. 4 Tenant Spaces + a 44 car parking garage. Currently 2 of the spaces are leased to stable long term Tenants. Available space for owner occupant or new end user is about 13,000sf at 200 North Duke Street, plus 3,500sf Firehose retrofitted for retail use at 202 N Duke Street. Additionally there are a few large offices on the first floor of 39 East Chestnut Street that are available.
Projected cap rate at full occupancy is 10.58%. Current NOI from the 2 tenants is a 5.14% cap rate at the $4.75mm sale price. 34,111+/- sq. ft. Total (not including garage). This building is 100% sprinklered, has heavy IT/data wiring, high efficiency HVAC systems, is ADA compliant and situated on the corner of Chestnut/Duke Streets with 2 adjacent public parking garages. Building was previously home to the Lancaster City Police Station and Firehouse before being developed into the office, services and retail center it is today. The available office space can be subdivided and offers several offices/conference rooms which are wired for projectors, open space with existing work stations, private restrooms, furnished break room, direct glass door entrance from Duke Street and direct Elevator access from first floor lobby & secure garage. 3-4 Additional parking spaces are located behind the building and are well suited for the Firehouse future occupant. Tours of the vacant space can happen with little notice. Occupied areas of the building require advance notice for scheduling.
Projected cap rate at full occupancy is 10.58%. Current NOI from the 2 tenants is a 5.14% cap rate at the $4.75mm sale price. 34,111+/- sq. ft. Total (not including garage). This building is 100% sprinklered, has heavy IT/data wiring, high efficiency HVAC systems, is ADA compliant and situated on the corner of Chestnut/Duke Streets with 2 adjacent public parking garages. Building was previously home to the Lancaster City Police Station and Firehouse before being developed into the office, services and retail center it is today. The available office space can be subdivided and offers several offices/conference rooms which are wired for projectors, open space with existing work stations, private restrooms, furnished break room, direct glass door entrance from Duke Street and direct Elevator access from first floor lobby & secure garage. 3-4 Additional parking spaces are located behind the building and are well suited for the Firehouse future occupant. Tours of the vacant space can happen with little notice. Occupied areas of the building require advance notice for scheduling.
PROPERTY FACTS
Sale Type
Investment or Owner User
Property Type
Office
Building Size
34,111 SF
Building Class
C
Year Built
1954
Price
£3,663,722
Price Per SF
£107.41
Net Initial Yield
5.14%
NOI
£188,213
Percent Leased
62%
Tenancy
Multiple
Number of Floors
3
Typical Floor Size
11,370 SF
Building FAR
3.00
Lot Size
0.26 AC
Zoning
CBD - Central Business District
AMENITIES
- Bus Route
- Kitchen
- Natural Light
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Walk Score®
Walker's Paradise (98)
Bike Score®
Very Bikeable (74)
PROPERTY TAXES
| Parcel Number | 336-15756-0-0000 | Improvements Assessment | £94,710 |
| Land Assessment | £45,887 | Total Assessment | £140,597 |
PROPERTY TAXES
Parcel Number
336-15756-0-0000
Land Assessment
£45,887
Improvements Assessment
£94,710
Total Assessment
£140,597
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200 N Duke St
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