Multi-Tenant Office-Warehouse
For Sale
$4,900,000
3910 Adler Place, Hanover Twp, PA 18018
SINGLE_FAMILY - Hanover Twp, PA
Property Size71,720 SF
Price / SF$68.32
Days on Market95
Property Features for 3910 Adler Place
General Information
Property type
Residential
Property subtype
Office
Standard status
Active
Size
71,720 SF
Building Details
Year built
1985
Listing Agency:
BHHS Fox & Roach Macungie · Berkshire Hathaway HomeServices
(484) 519-4444
Listed By:
Peter Adams
(484) 357-6924
Added: May 11
Changed: Jul 23
Last Checked: Aug 13 at 3:06AM
MLS# 776861
Copyright © 2026 Berkshire Hathaway HomeServices Fox & Roach, Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
3910 Adler Place is a two-story, multi-tenant office-warehouse building with fiber networking. The layout includes a mix of open-plan and private office spaces, along with warehouse area of approximately 10,945 SF. Tenant-occupied space totals about 40,948 SF, and more than 30,000 SF is available for owner-use or future tenants.
The property sits in a cul-de-sac setting off Highland Avenue, with access to the greater Lehigh Valley just off PA Route 22. It is located within a professional office park and warehouse locale.
For investors, the building currently generates $320,632 in annual tenant rental income.
The property sits in a cul-de-sac setting off Highland Avenue, with access to the greater Lehigh Valley just off PA Route 22. It is located within a professional office park and warehouse locale.
For investors, the building currently generates $320,632 in annual tenant rental income.
Key Highlights
- Multi‑tenant, 2‑story office/warehouse building built in 1985 with fiber networking
- Warehouse area of approximately 10,945 SF
- 40,948 SF currently tenant‑occupied plus over 30,000 SF available for owner‑use or future 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
$395,808
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
8.08%
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%
$7,916,160
$7.9M
Cap Rate 7%
$5,654,400
$5.7M
Cap Rate 9%
$4,397,867
$4.4M
Market Conditions
NOI Build-Up for 71,720 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
$628.3K $8.76/SF
− Vacancy
−$62.8K −$0.88/SF
EGI
$565.4K $7.88/SF
− OpEx
−$169.6K −$2.37/SF
NOI
$395.8K $5.52/SF
Area
Luzerne County, PA
Vacancy
10.00%
Lease Rate
$8.76 /SF/Yr
Expense Ratio
30.00%
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%
$7,916,160
Cap Rate 7%
$5,654,400
Cap Rate 9%
$4,397,867
Alternative Uses
Best Use
Office B
$18.08M
$15.82M – $21.09M
NOI $1,265,270 @ 7.0% cap · market cap 25.82%
Second Best
Warehouse
$7.30M
$6.39M – $8.52M
NOI $511,027 @ 7.0% cap · market cap 10.43%
Theoretical Best
Office A
$22.72M
$19.88M – $26.51M
NOI $1,590,463 @ 7.0% cap · market cap 32.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
888
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 18018, PA
32,388
Population
14,669
Households
2.2
Avg Household Size
39
Median Age
37%
College-Educated
92%
High-School Grad
5.2 sq mi
ZIP Area
6,228
Density / Sq Mi
$71,968
Median Household Income
$43,471
Median Earnings
$1,261
Median Rent
$224,000
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Two-story office-and-warehouse building with fiber networking, combining tenant-occupied space with significant owner or future tenant availability.
Where is this flex space located?
The property is located at 3910 Adler Place Hanover Twp, PA.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: Multi‑tenant, 2‑story office/warehouse building built in 1985 with fiber networking; Warehouse area of approximately 10,945 SF; 40,948 SF currently tenant‑occupied plus over 30,000 SF available for owner‑use or future tenants
