Freestanding Flex Space with Exposed
For Sale
Contact for pricing
241 North Franklin Street, Hanover, PA 17331
Distinctive standalone commercial building with adaptable interior features, substantial electrical service, and shared parking in downtown Hanover.
Property Size4,674 SF
Price / SF$0.64
Days on Market47
Property Features for 241 North Franklin Street
General Information
Standard status
Active
Size
4,674 SF
Property subtype
Unanchored Center
Warehouse & Industrial
Clear Height
30 ft
Heavy Power
Yes
Additional Details
Utilities to Site
Yes
Amenities
exposed brick walls
high ceilings (18-30 ft)
many windows
concrete floors
heat/AC
heavy power
restrooms
Building Details
Building Size
4,674 SF
Buildings
1
Tenancy
Single
Construction
brick
Listing Agency:
Bennett Williams Commercial
Listed By:
Ryan Myers · License #RS217452L
(717) 683-0989
Source:
Bennettwilliams
Added: Sep 2
Changed: Oct 7
Last Checked: Oct 16 at 5:39AM
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 Bennett Williams Commercial
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Investment Insights
Based on property information with market context.
This 4,674-square-foot freestanding flex building offers a distinctive commercial layout within a downtown Hanover redevelopment project. Originally constructed as a boiler room for the Hanover Shoe facility, the property retains exposed brick walls, concrete floors, abundant windows on all sides, and ceiling heights ranging from 18 to 30 feet. Heat and air conditioning, heavy power, and restrooms are already in place.
The building shares parking with occupants of the surrounding multifamily buildings. Its configuration may support retail, office, or restaurant use, subject to parking limitations for restaurant operations. The combination of open volume, natural light, durable finishes, and existing building systems provides a range of potential commercial applications.
The building shares parking with occupants of the surrounding multifamily buildings. Its configuration may support retail, office, or restaurant use, subject to parking limitations for restaurant operations. The combination of open volume, natural light, durable finishes, and existing building systems provides a range of potential commercial applications.
Key Highlights
- 4,674 SF freestanding flex building
- 18'-30' ceiling heights with exposed brick walls
- Many windows on all sides provide abundant natural light
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,123
Suggested Prices Based on Cap Rates
Cap Rate 5%
$502,460
$502.5K
Cap Rate 7%
$358,900
$358.9K
Cap Rate 9%
$279,144
$279.1K
Market Conditions
NOI Build-Up for 4,674 SF
Gross rent
$40.9K $8.76/SF
− Vacancy
−$2.3K −$0.49/SF
EGI
$38.7K $8.27/SF
− OpEx
−$13.5K −$2.89/SF
NOI
$25.1K $5.38/SF
Area
York County, PA
Vacancy
5.60%
Lease Rate
$8.76 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$502,460
Cap Rate 7%
$358,900
Cap Rate 9%
$279,144
Alternative Uses
Best Use
Industrial
$389.6K
$340.9K – $454.5K
NOI $27,272 @ 7.0% cap · market cap 909.07%
Second Best
Flex RnD
$358.9K
$314.0K – $418.7K
NOI $25,123 @ 7.0% cap · market cap 837.43%
Theoretical Best
Office A
$1.35M
$1.18M – $1.58M
NOI $94,730 @ 7.0% cap · market cap 3,157.67%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
30 ft
Clear height
Yes
Heavy power
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,638
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Northeast region
Similar Off Market Nearby
- Boneyard Barbeque — 451 Carlisle St, Hanover, PA 17331
Frequently Asked Questions
What type of property is this?
Flex space - Distinctive standalone commercial building with adaptable interior features, substantial electrical service, and shared parking in downtown Hanover.
Where is this flex space located?
The property is located at 241 North Franklin Street Hanover, PA.
What are key features of this property?
This property features: 4,674 SF freestanding flex building; 18'-30' ceiling heights with exposed brick walls; Many windows on all sides provide abundant natural light
