Flex Space with Dock
For Sale
$699,000
2145 Baltimore Pike, Hanover, PA 17331
Office space, loading facilities, and a large lot support varied commercial configurations in Hanover.
Property Size5,600 SF
Days on Market68
Property Features for 2145 Baltimore Pike
General Information
Standard status
Active
Size
5,600 SF
Property subtype
Industrial
Site & Location
Highway Access
Yes
Road Access
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Dock-High Doors
1
Drive-In Doors
1
Building Details
Building Size
5,600 SF
Year Built
1990
Listing Agency:
Capstone Commercial
(717) 443-5500
Listed By:
Ida McMurray, CCIM, SIOR · License #RS296347
(717) 443-5500
Source:
Capstonecre
Added: Jun 25
Changed: Aug 30
Last Checked: Aug 30 at 1:31PM
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 Capstone Commercial
Investment Insights
Based on property information with market context.
This flex property in Hanover, Pennsylvania, was built in 1990 and combines office space with practical loading infrastructure. The improvements include 1 full-height dock and 1 overhead drive-in door, supporting a range of commercial and industrial operations.
The property occupies a signalized intersection along Rt. 94 with approximately 13,000 vehicles per day, providing direct exposure and access. A large lot offers room for building expansion, outdoor storage, or additional parking, giving the site added operational flexibility.
The property occupies a signalized intersection along Rt. 94 with approximately 13,000 vehicles per day, providing direct exposure and access. A large lot offers room for building expansion, outdoor storage, or additional parking, giving the site added operational flexibility.
Key Highlights
- Flex property with existing office space
- 1 full‑height dock and 1 overhead drive‑in door
- Large lot for expansion, outdoor storage, or additional parking
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
$39,677
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
5.68%
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%
$793,540
$793.5K
Cap Rate 7%
$566,814
$566.8K
Cap Rate 9%
$440,856
$440.9K
Market Conditions
NOI Build-Up for 5,600 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
$49.4K $8.83/SF
− Vacancy
−$2.8K −$0.49/SF
EGI
$46.7K $8.34/SF
− OpEx
−$7.0K −$1.25/SF
NOI
$39.7K $7.09/SF
Area
York County, PA
Vacancy
5.60%
Lease Rate
$8.83 /SF/Yr
Expense Ratio
15.00%
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%
$793,540
Cap Rate 7%
$566,814
Cap Rate 9%
$440,856
Alternative Uses
Best Use
Warehouse
$566.8K
$496.0K – $661.3K
NOI $39,677 @ 7.0% cap · market cap 5.68%
Second Best
Industrial
$466.8K
$408.4K – $544.6K
NOI $32,675 @ 7.0% cap · market cap 4.67%
Theoretical Best
Office A
$1.62M
$1.42M – $1.89M
NOI $113,498 @ 7.0% cap · market cap 16.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Dock-high doors
1
Drive-in doors
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
174
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 - Office space, loading facilities, and a large lot support varied commercial configurations in Hanover.
Where is this flex space located?
The property is located at 2145 Baltimore Pike Hanover, PA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Flex property with existing office space; 1 full‑height dock and 1 overhead drive‑in door; Large lot for expansion, outdoor storage, or additional parking
