Mixed-Use Warehouse with
For Sale
$395,000
513 Highland Ave, Hanover, PA 17331
Flexible 5,290 SF warehouse includes 1,432 SF office and three drive-ins, plus 12 dedicated parking spaces.
Property Size5,298 SF
Days on Market118
Property Features for 513 Highland Ave
General Information
Standard status
Active
Size
5,298 SF
Total Parking Spaces
12
Property subtype
Industrial
Warehouse & Industrial
Clear Height
20 ft
Drive-In Doors
3
Building Details
Building Size
5,298 SF
Year Built
1950
Listing Agency:
NAI CIR | Lemoyne
Listed By:
Tony Plakas · License #PA #RS370125
(717) 479-2031
Source:
Naiglobal
Added: May 14
Changed: Sep 7
Last Checked: Sep 7 at 5:19AM
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 | Lemoyne
Investment Insights
Based on property information with market context.
This versatile mixed-use property offers 5,290 SF total, including 3,087 SF of warehouse space and 1,432 SF of office space. Ceiling heights range from 8 to 20 feet, supporting a range of storage and light operational needs while keeping the warehouse and office functions well separated.
The building is equipped with three drive-in doors: two sized at 14' x 10' and one sized at 20' x 16'. On-site parking includes 12 dedicated spaces for employees and customers.
The office portion is designed for administration and client interaction, complementing the warehouse area’s workflow-friendly layout for day-to-day business operations.
The building is equipped with three drive-in doors: two sized at 14' x 10' and one sized at 20' x 16'. On-site parking includes 12 dedicated spaces for employees and customers.
The office portion is designed for administration and client interaction, complementing the warehouse area’s workflow-friendly layout for day-to-day business operations.
Key Highlights
- 5,290 SF mixed‑use warehouse with 1,432 SF office and 3,867 SF warehouse space
- Ceiling heights range from 8 to 20 feet for flexible storage, light manufacturing, or distribution use
- Three drive‑in doors: two at 14' x 10' and one at 20' x 16'
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
$30,913
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
7.83%
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%
$618,260
$618.3K
Cap Rate 7%
$441,614
$441.6K
Cap Rate 9%
$343,478
$343.5K
Market Conditions
NOI Build-Up for 5,298 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
$46.8K $8.83/SF
− Vacancy
−$2.6K −$0.49/SF
EGI
$44.2K $8.34/SF
− OpEx
−$13.2K −$2.50/SF
NOI
$30.9K $5.83/SF
Area
York County, PA
Vacancy
5.60%
Lease Rate
$8.83 /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%
$618,260
Cap Rate 7%
$441,614
Cap Rate 9%
$343,478
Alternative Uses
Best Use
Warehouse
$536.2K
$469.2K – $625.6K
NOI $37,537 @ 7.0% cap · market cap 9.50%
Second Best
Industrial
$441.6K
$386.4K – $515.2K
NOI $30,913 @ 7.0% cap · market cap 7.83%
Theoretical Best
Office A
$1.53M
$1.34M – $1.79M
NOI $107,377 @ 7.0% cap · market cap 27.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
3
Drive-in doors
Location Intelligence
Trade Area within ½ mile
1,250
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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 Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flexible 5,290 SF warehouse includes 1,432 SF office and three drive-ins, plus 12 dedicated parking spaces.
Where is this flex space located?
The property is located at 513 Highland Ave Hanover, PA.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: 5,290 SF mixed‑use warehouse with 1,432 SF office and 3,867 SF warehouse space; Ceiling heights range from 8 to 20 feet for flexible storage, light manufacturing, or distribution use; Three drive‑in doors: two at 14' x 10' and one at 20' x 16'
