Industrial Flex Building with
For Sale
Contact for pricing
Pending
1649 Broadway, Hanover, PA 17331
Industrial flex building with limited office area and a 702 kW solar panel system producing additional income.
Property Size118,172 SF
Days on Market198
Property Features for 1649 Broadway
General Information
Standard status
Pending
Size
118,172 SF
Class
B
Property subtype
Industrial
Zoning
CM
Occupancy
100%
Investment Type
Stabilized
Building Details
Year Built
1974
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Marcus & Millichap - Cleveland
Listed By:
Ken Hobson · License #RS229321
Source:
Crexi
Added: Apr 9
Changed: Oct 8
Last Checked: Oct 20 at 5:50PM
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 Marcus & Millichap - Cleveland
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Investment Insights
Based on property information with market context.
1649 Broadway is an industrial flex building totaling 118,172 square feet, with office space limited to approximately 8.5% of the overall area. The ceiling height and available power are positioned to support manufacturing as well as distribution uses. The design and layout also allow the property to be reconfigured for a multi-tenant setup if needed.
The property is located in Hanover, Pennsylvania, near the Maryland state line, with proximity to the York, Harrisburg, and Upper Chesapeake Bay markets.
In addition to rental income, the building includes a 702 kW solar panel system generating approximately $25,000 to $50,000 depending on weather and demand.
The property is located in Hanover, Pennsylvania, near the Maryland state line, with proximity to the York, Harrisburg, and Upper Chesapeake Bay markets.
In addition to rental income, the building includes a 702 kW solar panel system generating approximately $25,000 to $50,000 depending on weather and demand.
Key Highlights
- 118,172 SF industrial flex building built in 1974
- Office area is limited to approximately 8.5% of total building area
- Design allows reconfiguration for a multi‑tenant asset if required
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$689,518
Cap Rate
8.57%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$13,790,360
$13.8M
Cap Rate 7%
$9,850,257
$9.9M
Cap Rate 9%
$7,661,311
$7.7M
Market Conditions
NOI Build-Up for 118,172 SF
Gross rent
$1.04M $8.83/SF
− Vacancy
−$58.4K −$0.49/SF
EGI
$985.0K $8.34/SF
− OpEx
−$295.5K −$2.50/SF
NOI
$689.5K $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 Rate 5%
$13,790,360
Cap Rate 7%
$9,850,257
Cap Rate 9%
$7,661,311
Alternative Uses
Best Use
Warehouse
$11.96M
$10.47M – $13.95M
NOI $837,271 @ 7.0% cap · market cap 10.40%
Second Best
Industrial
$9.85M
$8.62M – $11.49M
NOI $689,518 @ 7.0% cap · market cap 8.57%
Theoretical Best
Office A
$34.21M
$29.94M – $39.92M
NOI $2,395,045 @ 7.0% cap · market cap 29.75%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
363
Businesses Nearby
Balanced
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Northeast region
Frequently Asked Questions
What type of property is this?
Flex space - Industrial flex building with limited office area and a 702 kW solar panel system producing additional income.
Where is this flex space located?
The property is located at 1649 Broadway Hanover, PA.
What is the asking price?
The asking price for this property is $8,050,000.
What are key features of this property?
This property features: 118,172 SF industrial flex building built in 1974; Office area is limited to approximately 8.5% of total building area; Design allows reconfiguration for a multi‑tenant asset if required
