Office Building with
For Sale
$305,000
Pending
209 Broadway, Hanover, PA 17331
Multiple private spaces, open work areas, and dedicated storage support varied professional configurations.
Property Size4,000 SF
Days on Market53
Property Features for 209 Broadway
General Information
Standard status
Pending
Size
4,000 SF
Building Details
Year Built
1920
Building Size
4,000 SF
Listing Agency:
Inch & Co. Real Estate, LLC
(717) 870-4995
Listed By:
Tate J Kibler, Jennifer H Kibler
Source:
Premierehomegroup
Added: Jul 9
Changed: Aug 30
Last Checked: Aug 30 at 2:43AM
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 Inch & Co. Real Estate, LLC
Investment Insights
Based on property information with market context.
This office property at 209 Broadway includes multiple private flex and office areas alongside an open workspace or conference-room setting. A dedicated garage provides storage space, while off-street parking supports day-to-day operations. The building dates to 1920 and is positioned within the downtown Hanover business district.
The property information identifies professional office, medical, dental, laboratory, retail, convenience store, funeral home, group home, duplex, and single-family detached uses as principal uses, subject to confirmation with Hanover Borough. Its downtown setting provides direct business-district access, with visibility and accessibility noted in the property information.
The property information identifies professional office, medical, dental, laboratory, retail, convenience store, funeral home, group home, duplex, and single-family detached uses as principal uses, subject to confirmation with Hanover Borough. Its downtown setting provides direct business-district access, with visibility and accessibility noted in the property information.
Key Highlights
- Multiple private flex and office spaces
- Open workspace or conference‑room configuration
- Dedicated garage for storage
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
$28,007
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
9.18%
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%
$560,140
$560.1K
Cap Rate 7%
$400,100
$400.1K
Cap Rate 9%
$311,189
$311.2K
Market Conditions
NOI Build-Up for 4,800 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
$42.4K $8.83/SF
− Vacancy
−$2.4K −$0.49/SF
EGI
$40.0K $8.34/SF
− OpEx
−$12.0K −$2.50/SF
NOI
$28.0K $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%
$560,140
Cap Rate 7%
$400,100
Cap Rate 9%
$311,189
Alternative Uses
Best Use
Office B
$1.09M
$956.6K – $1.28M
NOI $76,526 @ 7.0% cap · market cap 25.09%
Second Best
Industrial
$400.1K
$350.1K – $466.8K
NOI $28,007 @ 7.0% cap · market cap 9.18%
Theoretical Best
Office A
$1.39M
$1.22M – $1.62M
NOI $97,284 @ 7.0% cap · market cap 31.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,587
Businesses Nearby
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Multiple private spaces, open work areas, and dedicated storage support varied professional configurations.
Where is this office building located?
The property is located at 209 Broadway Hanover, PA.
What is the asking price?
The asking price for this property is $305,000.
What are key features of this property?
This property features: Multiple private flex and office spaces; Open workspace or conference‑room configuration; Dedicated garage for storage
