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    The Largest CRE Database in the US with Over 1 Million Listings

    241 N Franklin St, Unit 4 Hanover, PA 17331

    Sponsored
    For Lease
    $3,895 /Mo ($11 SF/Yr)

    CommercialLease - HANOVER, PA

    Type:Office
    Property size:
    4,674 SF
    Lot size:
    0.09 Acres
    Days on Market:
    3
    Last Refresh:
    Feb 17 at 9:06 am

    Property Features for 241 N Franklin St

    General Information

    Property type
    Other
    Property subtype
    Office
    Standard status
    Active
    Parking
    100
    Parking features
    Parking Lot
    Size
    4,674 SF
    Lot size
    0.09 Acres

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1910
    Building materials
    Brick

    We can help!

    Listing Contact
    Anthony J J Lardarello Jr.

    Keller Williams Keystone Realty (717) 755-5599

    Listing agent Anthony J J Lardarello Jr. (717) 870-0216 License #RS371483

    Listing date Feb 15, 2026

    MLS# PAYK2097784

    Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Historic Brick Building in Hanover

    Located in the heart of Hanover Borough, this multi-story historic brick building presents a unique redevelopment opportunity. The property offers architectural character, scale, and flexibility suitable for a wide range of commercial and mixed-use tenants. Previously a manufacturing facility, the property is suited for creative office, boutique retail, restaurant, fitness, studio, brewery, or specialty commercial concepts. The building features exposed brick walls, high ceilings ranging from approximately 18 to 30 feet, varying by area, and large windows providing abundant natural light. Flexible floor plates support a variety of adaptive-reuse layouts. The space, approximately 4,674 square feet, is delivered in shell condition, allowing tenant-driven buildout. On-site parking is available, with additional parking potential subject to use and layout. Situated in a dense residential and mixed-use area surrounded by local commerce, retail, and neighborhood services, the property is approximately 15 minutes from Route 15. Hanover is known for its strong manufacturing base, stable workforce, and growing small-business community. Nearby national retailers, regional operators, and established local brands provide consistent daytime and neighborhood traffic. Ideal uses include creative or professional office, boutique retail or showroom, restaurant, cafe or brewery, fitness, yoga, or studio use.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Creative space

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Hanover
    County
    York
    State
    Pennsylvania
    Longitude
    -76.98761222
    Latitude
    39.80217333

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    FAQs

    What type of property is this?
    Mixed-use property - Multi-story building suitable for various commercial and mixed-use concepts.
    Where is this mixed-use property located?
    The property is located at 241 N Franklin St, Unit 4 Hanover, PA.
    What is the lease rate?
    The lease rate is $11 SF/Yr.
    What are key features of this property?
    This property features: - Unique redevelopment opportunity in the heart of Hanover Borough.; - Flexible floor plates support a variety of adaptive-reuse layouts.; - High ceilings (ranging from approximately 18-30') and large windows providing abundant natural light.
    (717) 870-0216
    Request Owner's contact information
    241 N Franklin St, Unit 4 Hanover, PA 17331
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    Hanover, PA 17331
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    241 N Franklin St, Unit 4 Hanover, PA 17331
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    We can help!
    Listing Contact
    Anthony J J Lardarello Jr.
    Real Estate License ID: RS371483
    (717) 870-0216
    Learn more
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