Medical Office Condo For
For Sale
Contact for pricing
250 Fame Ave, Hanover, PA 17331
Turn-key medical office suite in Hillside Medical Center.
Property Size10,000 SF
Price / SF$125
Days on Market772
Property Features for 250 Fame Ave
General Information
Standard status
Active
Size
10,000 SF
Class
A
Total Parking Spaces
590
Property subtype
Office
Investment Type
Owner/User
Building Details
Year Built
2003
Year Renovated
2014
Buildings
1
Stories
2
Tenancy
Single
Listing Agency:
Landmark Commercial Realty
Listed By:
Michael Curran, SIOR · License #PA RS300532
Source:
Crexi
Added: Jul 22, 2024
Changed: Aug 23
Last Checked: Sep 1 at 7:17AM
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 Landmark Commercial Realty
Investment Insights
Based on property information with market context.
This is a 10,000 SF class-A medical office condo available for purchase or lease within Hillside Medical Center. The turn-key space features ample exam rooms, procedure/operating rooms, restrooms, recovery lounges, locker rooms & showers, a conference room, private offices, a reception & waiting room, ample storage, and private exterior access. The property benefits from a high-profile location at the intersection of West Eisenhower Drive and Broadway (PA-194). Current tenants include UPMC Hanover Hospital Services, Lebo Skin Care Centers, The Retina Care Center, and Maryland Vascular Specialists. This property is located at 250 Fame Ave, Hanover, PA 17331.
Key Highlights
- Turn‑key, Class‑A medical office space spanning 10,000 SF
- Excellent location at the intersection of West Eisenhower Drive and Broadway (PA‑194)
- Situated in Hillside Medical Center alongside high‑profile tenants
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
$49,617
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
3.97%
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%
$992,340
$992.3K
Cap Rate 7%
$708,814
$708.8K
Cap Rate 9%
$551,300
$551.3K
Market Conditions
NOI Build-Up for 10,000 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
$87.6K $8.76/SF
− Vacancy
−$4.9K −$0.49/SF
EGI
$82.7K $8.27/SF
− OpEx
−$33.1K −$3.31/SF
NOI
$49.6K $4.96/SF
Area
York County, PA
Vacancy
5.60%
Lease Rate
$8.76 /SF/Yr
Expense Ratio
40.00%
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%
$992,340
Cap Rate 7%
$708,814
Cap Rate 9%
$551,300
Alternative Uses
Best Use
Office B
$2.28M
$1.99M – $2.66M
NOI $159,430 @ 7.0% cap · market cap 12.75%
Second Best
Healthcare Medical
$708.8K
$620.2K – $827.0K
NOI $49,617 @ 7.0% cap · market cap 3.97%
Theoretical Best
Office A
$2.90M
$2.53M – $3.38M
NOI $202,675 @ 7.0% cap · market cap 16.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
509
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 Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Petco Vaccination Clinic — 416 Eisenhower Dr Hanover Cmns, Hanover Commons, Hanover, PA 17331
Frequently Asked Questions
What type of property is this?
Medical Office Space - Turn-key medical office suite in Hillside Medical Center.
Where is this medical office space located?
The property is located at 250 Fame Ave Hanover, PA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Turn‑key, Class‑A medical office space spanning 10,000 SF; Excellent location at the intersection of West Eisenhower Drive and Broadway (PA‑194); Situated in Hillside Medical Center alongside high‑profile tenants
