Versatile Commercial Property on Hanover
For Sale
Contact for pricing
4028 Hanover Pike, Manchester, MD 21102
10.48-acre commercial property with high visibility and redevelopment potential.
Property Size16,450 SF
Lot Size10.48 Acres
Price / SF$243.16
Days on Market193
Property Features for 4028 Hanover Pike
General Information
Standard status
Active
Size
16,450 SF
Class
A
Lot size
10.48 Acres
Property subtype
Business for Sale, Hospitality, Land, Retail, Senior Living
Occupancy
100%
Investment Type
Value Add
Building Details
Units
5
Listing Agency:
Northrop Realty Commercial Division
Listed By:
Samrat Behl · License #MD 5001646
Source:
Crexi
Added: Feb 9
Changed: Aug 8
Last Checked: Aug 8 at 6:37AM
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 Northrop Realty Commercial Division
Investment Insights
Based on property information with market context.
This 10.4816-acre commercial property, located along Hanover Pike, offers a flexible opportunity for an owner-user, particularly for a used car dealership with auto service and body shop. Zoned C-3, the site supports a wide range of retail, automotive, service, and specialty commercial uses. The property benefits from high traffic counts of approximately 22,000 to 27,000 vehicles per day, providing visibility for businesses seeking corridor presence and growth potential in the Carroll County and Hanover markets. The property includes five buildings totaling roughly 16,000 square feet, currently operating as a used-car dealership, tire and alignment center, inspection point, repair facility, and body shop. Improvements feature a two-level sales and showroom building with offices, a seven-bay service and tire building with alignment machinery, a customer waiting area, office space, and upper-level storage. There is also a separate office/support building with bathroom facilities, a four-bay body shop designed for oversized vehicles with installed heating, and a three-bay structure suitable for car wash or light-service operations. The site accommodates parking for more than 200 vehicles. The C-3 zoning allows for redevelopment concepts including a strip retail center, fuel/convenience concepts, auto dealerships, or senior and assisted living facilities.
Key Highlights
- High‑Exposure Location: Prime frontage on Hanover Pike with 22,000‑27,000 vehicles per day.
- Expansive C‑3 Zoning: Supports a wide range of retail, automotive, service, and specialty commercial uses.
- Existing Infrastructure: Five functional buildings totaling approximately 16,000 sq ft.
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
$232,831
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
5.82%
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%
$4,656,620
$4.7M
Cap Rate 7%
$3,326,157
$3.3M
Cap Rate 9%
$2,587,011
$2.6M
Market Conditions
NOI Build-Up for 16,450 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
$355.3K $21.60/SF
− Vacancy
−$22.7K −$1.38/SF
EGI
$332.6K $20.22/SF
− OpEx
−$99.8K −$6.07/SF
NOI
$232.8K $14.15/SF
Area
Carroll County, MD
Vacancy
6.39%
Lease Rate
$21.60 /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%
$4,656,620
Cap Rate 7%
$3,326,157
Cap Rate 9%
$2,587,011
Alternative Uses
Best Use
Retail
$3.33M
$2.91M – $3.88M
NOI $232,831 @ 7.0% cap · market cap 5.82%
Second Best
Industrial
$1.35M
$1.18M – $1.57M
NOI $94,486 @ 7.0% cap · market cap 2.36%
Theoretical Best
Office A
$6.10M
$5.34M – $7.12M
NOI $427,036 @ 7.0% cap · market cap 10.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
42
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 21102, MD
12,100
Population
4,513
Households
2.7
Avg Household Size
43
Median Age
32%
College-Educated
98%
High-School Grad
40.6 sq mi
ZIP Area
298
Density / Sq Mi
$119,535
Median Household Income
$58,900
Median Earnings
$1,498
Median Rent
$374,600
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Expedited Towing — 4229 Hanover Pike, Manchester, MD 21102
- A & N Glass Inc — 2438 Ebbvale Rd, Manchester, MD 21102
- Maryland Wrap House — 4175 Hanover Pike Unit B1, Manchester, MD 21102
- Ron's Automotive Service Center — 4028 Hanover Pike, Manchester, MD 21102
- Manchester Body Shop — 4028 Hanover Pike, Manchester, MD 21102
Frequently Asked Questions
What type of property is this?
Auto shop - 10.48-acre commercial property with high visibility and redevelopment potential.
Where is this auto shop located?
The property is located at 4028 Hanover Pike Manchester, MD.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: High‑Exposure Location: Prime frontage on Hanover Pike with 22,000‑27,000 vehicles per day.; Expansive C‑3 Zoning: Supports a wide range of retail, automotive, service, and specialty commercial uses.; Existing Infrastructure: Five functional buildings totaling approximately 16,000 sq ft.
