Mixed-Use Office and Live-Work
For Sale
$342,000
118 S Hershey Road, Harrisburg, PA 17112
Two-story, well-maintained property with a partially finished basement and flexible space for live-work, retail, or professional office use.
Property Size1,708 SF
Price / SF$201.18
Days on Market149
Property Features for 118 S Hershey Road
General Information
Standard status
Active
Size
1,708 SF
Class
B
Property subtype
Single Tenant Office
Building Details
Building Size
1,708 SF
Year Built
1964
Stories
2
Listing Agency:
NAI | CIR
Listed By:
William Gladstone, CCIM, SIOR
(717) 761-5070
Source:
Thebrokerlist
Added: Apr 10
Changed: Aug 8
Last Checked: Sep 4 at 2:01AM
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 NAI | CIR
Investment Insights
Based on property information with market context.
This well-maintained two-story property offers flexible space suitable for residential living, retail, or professional office use. The layout includes a second floor along with a partially finished basement, creating additional functional areas for storage, work space, or future expansion.
Located in West Hanover Township, the property is positioned minutes from central Harrisburg amenities and benefits from visibility and accessibility that can support small business or office conversion.
With multiple levels and adaptable interior space, the building is designed to support a variety of mixed-use scenarios while retaining the character of a traditional home setting.
Located in West Hanover Township, the property is positioned minutes from central Harrisburg amenities and benefits from visibility and accessibility that can support small business or office conversion.
With multiple levels and adaptable interior space, the building is designed to support a variety of mixed-use scenarios while retaining the character of a traditional home setting.
Key Highlights
- Year built 1964 for a two‑story, well‑maintained property with flexible interior space
- Just over 1,700 sq ft of space suitable for residential living, retail, or professional office use
- Second floor plus partially finished basement adds extra functional room for storage, work areas, or expansion
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
$21,846
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
6.39%
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%
$436,920
$436.9K
Cap Rate 7%
$312,086
$312.1K
Cap Rate 9%
$242,733
$242.7K
Market Conditions
NOI Build-Up for 1,700 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
$34.1K $20.04/SF
− Vacancy
−$4.9K −$2.91/SF
EGI
$29.1K $17.13/SF
− OpEx
−$7.3K −$4.28/SF
NOI
$21.8K $12.85/SF
Area
Dauphin County, PA
Vacancy
14.50%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
25.00%
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%
$436,920
Cap Rate 7%
$312,086
Cap Rate 9%
$242,733
Alternative Uses
Best Use
Office B
$312.1K
$273.1K – $364.1K
NOI $21,846 @ 7.0% cap · market cap 6.39%
Second Best
Mixed Use
$295.1K
$258.2K – $344.3K
NOI $20,655 @ 7.0% cap · market cap 6.04%
Theoretical Best
Specialty Retail
$3.13M
$2.74M – $3.65M
NOI $219,173 @ 7.0% cap · market cap 64.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
110
Businesses Nearby
Explore this area
Business Placement
Demographics for 17112, PA
37,137
Population
16,026
Households
2.3
Avg Household Size
44
Median Age
44%
College-Educated
95%
High-School Grad
69.6 sq mi
ZIP Area
534
Density / Sq Mi
$101,784
Median Household Income
$55,056
Median Earnings
$1,400
Median Rent
$290,400
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Two-story, well-maintained property with a partially finished basement and flexible space for live-work, retail, or professional office use.
Where is this live-work space located?
The property is located at 118 S Hershey Road Harrisburg, PA.
What is the asking price?
The asking price for this property is $342,000.
What are key features of this property?
This property features: Year built 1964 for a two‑story, well‑maintained property with flexible interior space; Just over 1,700 sq ft of space suitable for residential living, retail, or professional office use; Second floor plus partially finished basement adds extra functional room for storage, work areas, or expansion
