Freestanding Auto Dealership
For Sale
$2,200,000
1171 Eichelberger St, Hanover, PA 17331
Former auto dealership with large open interior spans and ceiling heights over 16 feet.
Property Size11,300 SF
Lot Size2.04 Acres
Price / SF$194.69
Days on Market75
Property Features for 1171 Eichelberger St
General Information
Standard status
Active
Size
11,300 SF
Lot size
2.04 Acres
Property subtype
Freestanding
Additional Details
Highway Access
Yes
Building Details
Building Size
11,300 SF
Listing Agency:
Bennett Williams Commercial
Listed By:
Ryan Myers · License #RS217452L
(717) 683-0989
Source:
Bennettwilliams
Added: Jun 22
Changed: Sep 3
Last Checked: Sep 4 at 2:00AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Bennett Williams Commercial
Investment Insights
Based on property information with market context.
This freestanding, fully improved former auto dealership includes a large showroom and service-oriented interior with ceiling heights reaching over 16 feet. The offering is comprised of two parcels: the improved dealership building and an additional parcel that is predominantly impervious surface and fully developable, offering room for expanded parking, additional structures, or phased development. The second parcel also includes an existing billboard that generates monthly income.
Located along Eichelberger Street in Hanover, York County, the property is positioned for connectivity to Route 30 and Route 94 and provides convenient access to the South-Central Pennsylvania market. The site is also described as being just around the corner from Eisenhower Drive, Hanover’s primary retail corridor.
With dual-parcel flexibility and an automotive-optimized interior configuration, the property is described as well-suited for continued automotive use as well as adaptive reuse for a range of owner-user or service-oriented businesses.
Located along Eichelberger Street in Hanover, York County, the property is positioned for connectivity to Route 30 and Route 94 and provides convenient access to the South-Central Pennsylvania market. The site is also described as being just around the corner from Eisenhower Drive, Hanover’s primary retail corridor.
With dual-parcel flexibility and an automotive-optimized interior configuration, the property is described as well-suited for continued automotive use as well as adaptive reuse for a range of owner-user or service-oriented businesses.
Key Highlights
- 11,300 SF former auto dealership building with large open interior spans and ceiling heights over 16 ft
- Two‑parcel offering totaling 2.04 acres, including land described as predominantly impervious and fully developable
- Second parcel includes an existing billboard generating monthly income
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$134,834
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.13%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,696,680
$2.7M
Cap Rate 7%
$1,926,200
$1.9M
Cap Rate 9%
$1,498,156
$1.5M
Market Conditions
NOI Build-Up for 11,300 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$203.4K $18.00/SF
− Vacancy
−$10.8K −$0.95/SF
EGI
$192.6K $17.05/SF
− OpEx
−$57.8K −$5.11/SF
NOI
$134.8K $11.93/SF
Area
York County, PA
Vacancy
5.30%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,696,680
Cap Rate 7%
$1,926,200
Cap Rate 9%
$1,498,156
Alternative Uses
Best Use
Retail
$1.93M
$1.69M – $2.25M
NOI $134,834 @ 7.0% cap · market cap 6.13%
Second Best
Industrial
$941.9K
$824.2K – $1.10M
NOI $65,934 @ 7.0% cap · market cap 3.00%
Theoretical Best
Office A
$3.27M
$2.86M – $3.82M
NOI $229,022 @ 7.0% cap · market cap 10.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
727
Businesses Nearby
719k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 35%
Superstores 26%
Home Improvements & Furnishings 17%
Shops & Services 14%
Target
Superstores
93,357 visits/mo
0.4 miles
Sam's Club
Superstores
81,760 visits/mo
0.4 miles
Chick-fil-A
Dining
56,208 visits/mo
0.5 miles
Rural King
Home Improvements & Furnishings
50,808 visits/mo
0.2 miles
Lowe's
Home Improvements & Furnishings
49,238 visits/mo
0.4 miles
Demographics for 17331, PA
55,458
Population
23,528
Households
2.4
Avg Household Size
43
Median Age
22%
College-Educated
90%
High-School Grad
74.4 sq mi
ZIP Area
745
Density / Sq Mi
$76,661
Median Household Income
$45,168
Median Earnings
$1,127
Median Rent
$228,700
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Auto shop - Former auto dealership with large open interior spans and ceiling heights over 16 feet.
Where is this auto shop located?
The property is located at 1171 Eichelberger St Hanover, PA.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: 11,300 SF former auto dealership building with large open interior spans and ceiling heights over 16 ft; Two‑parcel offering totaling 2.04 acres, including land described as predominantly impervious and fully developable; Second parcel includes an existing billboard generating monthly income
