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    467-481 W Penn Ave Cleona, PA

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    Neighborhood shopping center space, ideal for various business types.

    Type:RETAIL
    Property size:
    4,635 SF
    Lot size:
    12.25 Acres
    Added:
    Apr 18, 2024
    Days on Market:
    743
    Last Refresh:
    Apr 5 at 10:08 pm

    Property Features for 467-481 W Penn Ave

    General Information

    Standard status
    Active
    Size
    4,635 SF
    Lot size
    12.25 Acres
    Property subtype
    RETAIL

    Spaces For Lease

    at 467-481 W Penn Ave Contact us

    We can help!

    Listing Contact
    Marisa Benjamin
    Marisa Benjamin

    Listing agent Marisa Benjamin

    Listing office TRUE Commercial Real Estate

    Listing date Apr 18, 2024

    Source Moodyscre

    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 TRUE Commercial Real Estate

    Overview

    Retail Space in Anchored Center

    This neighborhood shopping center is anchored by a 38,382 square foot Giant food store. Located along Route 422, the primary east/west corridor between Hershey and Lebanon, the center benefits from proximity to residential areas, other retail and service businesses, and Lebanon Valley College. The Hershey Company invested over $178 million in a new 810,000 square foot fulfillment center in Lebanon County, which opened in October 2021 and employs 270 people. The center features a mix of national and regional retailers, including Big Lots, Rite Aid, McDonald’s, Subway, Fine Wine & Good Spirits, and Fulton Bank. The available space of 4,635 square feet presents an opportunity for food users, medical, health/wellness, and service-oriented businesses. The property is professionally managed.
    Location Intelligence

    Current Use by Public Records

    Shopping centers

    Suggested Use

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

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

    Similar Places Nearby

    • Cleona Square — 443 W Penn Ave, Cleona, PA 17042
    • Coinstar Kiosk | Bitcoin ATM — Giant Carlisle, 481 W Penn Ave, Lebanon, PA 17042

    Location Insight

    • Map
    • Local Demand
    City
    Cleona
    County
    Lebanon
    State
    Pennsylvania
    Longitude
    -76.4859
    Latitude
    40.3372

    FAQs

    What type of property is this?
    Shopping center - Neighborhood shopping center space, ideal for various business types.
    Where is this shopping center located?
    The property is located at 467-481 W Penn Ave Cleona, PA.
    What are key features of this property?
    This property features: Anchored by a successful and well‑established 38,382 SF Giant Food store.; Located on Route 422, a primary east/west corridor between Hershey and Lebanon.; Strong mix of national and regional retailers including Big Lots, Rite Aid, McDonald’s, Subway, Fine Wine & Good Spirits, and Fulton Bank.
    (717) 615-1665 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Marisa Benjamin
    Marisa Benjamin
    Learn More
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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
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