Renovated Medical Office
For Sale
Contact for pricing
1529 E Chocolate Ave, Hershey, PA 17033
Two-level layout combines treatment rooms, private offices, reception, staff amenities, and dedicated rear parking.
Property Size2,273 SF
Price / SF$257.37
Days on Market9
Property Features for 1529 E Chocolate Ave
General Information
Standard status
Active
Size
2,273 SF
Total Parking Spaces
10
Property subtype
OFFICE
Amenities
Boutique Reception & Waiting Area
Employee Break Room
Medical-Grade Finishes
Building Details
Stories
2
Listing Agency:
John Kallimanis
(717) 512-6117
Listed By:
John Kallimanis
(717) 512-6117
Source:
Moodyscre
Added: Aug 13
Changed: Aug 21
Last Checked: Aug 20 at 8:16AM
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 John Kallimanis
Investment Insights
Based on property information with market context.
Located at 1529 E Chocolate Ave in Hershey, Pennsylvania, this renovated medical office contains 2,273 square feet arranged across two floors. The interior includes six exam and treatment rooms, four private offices, and two restrooms, with one restroom serving each floor.
A boutique reception and waiting area provides the public-facing entry, while an employee break room supports staff operations. Medical-grade finishes are installed throughout the space. The property also includes a rear parking lot with capacity for 10 cars, adding dedicated on-site parking to the office configuration.
A boutique reception and waiting area provides the public-facing entry, while an employee break room supports staff operations. Medical-grade finishes are installed throughout the space. The property also includes a rear parking lot with capacity for 10 cars, adding dedicated on-site parking to the office configuration.
Key Highlights
- Renovated 2,273 SF medical office
- Six exam and treatment rooms
- Four private offices
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
$29,210
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
4.99%
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%
$584,200
$584.2K
Cap Rate 7%
$417,286
$417.3K
Cap Rate 9%
$324,556
$324.6K
Market Conditions
NOI Build-Up for 2,273 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
$45.6K $20.04/SF
− Vacancy
−$6.6K −$2.91/SF
EGI
$38.9K $17.13/SF
− OpEx
−$9.7K −$4.28/SF
NOI
$29.2K $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%
$584,200
Cap Rate 7%
$417,286
Cap Rate 9%
$324,556
Alternative Uses
Best Use
Healthcare Medical
$3.98M
$3.48M – $4.64M
NOI $278,543 @ 7.0% cap · market cap 47.61%
Second Best
Office B
$417.3K
$365.1K – $486.8K
NOI $29,210 @ 7.0% cap · market cap 4.99%
Theoretical Best
Specialty Retail
$4.19M
$3.66M – $4.88M
NOI $293,047 @ 7.0% cap · market cap 50.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
287
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 17033, PA
16,414
Population
6,733
Households
2.4
Avg Household Size
40
Median Age
46%
College-Educated
90%
High-School Grad
27.4 sq mi
ZIP Area
599
Density / Sq Mi
$75,093
Median Household Income
$49,389
Median Earnings
$1,311
Median Rent
$340,900
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Animal Health Care Center — 948 E Chocolate Ave, Hershey, PA 17033
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- Hershey Animal Emergency Center — 1251 E Chocolate Ave, Hershey, PA 17033
Frequently Asked Questions
What type of property is this?
Medical Office Space - Two-level layout combines treatment rooms, private offices, reception, staff amenities, and dedicated rear parking.
Where is this medical office space located?
The property is located at 1529 E Chocolate Ave Hershey, PA.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: Renovated 2,273 SF medical office; Six exam and treatment rooms; Four private offices
