Updated Short-Term Rental
For Sale
$730,000
Pending
47 MILLARD RD, Hershey, PA 17033
Operating Airbnb with a renovated kitchen, stainless appliances, durable flooring, and contemporary interior finishes.
Property Size3,150 SF
Days on Market13
Property Features for 47 MILLARD RD
General Information
Standard status
Pending
Size
3,150 SF
Property subtype
Multi-family
Listing Agency:
Berkshire Hathaway HomeServices Homesale Realty
(717) 226-2875
Listed By:
HEATHER ANN NEIDLINGER · License #AB066821
(717) 226-2875
Source:
Davidyungmann.myrealestateplatform
Added: Aug 17
Changed: Aug 28
Last Checked: Aug 28 at 1:01PM
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 Berkshire Hathaway HomeServices Homesale Realty
Investment Insights
Based on property information with market context.
This short-term rental property is currently operating as an Airbnb and features a refreshed interior designed for guest use. Improvements include a modern kitchen with updated cabinetry, stainless steel appliances, and durable flooring. Contemporary finishes are balanced by retained character, creating a comfortable residential setting.
The property is located at 47 Millard Road in Hershey, Pennsylvania, and may be acquired on its own or together with the adjoining home. That purchase flexibility supports either a standalone short-term rental arrangement or a combined residential property configuration, subject to the buyer’s intended use.
The property is located at 47 Millard Road in Hershey, Pennsylvania, and may be acquired on its own or together with the adjoining home. That purchase flexibility supports either a standalone short-term rental arrangement or a combined residential property configuration, subject to the buyer’s intended use.
Key Highlights
- Currently operating as an Airbnb
- Updated kitchen with modern cabinetry
- Stainless steel kitchen appliances
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
$25,056
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
3.43%
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%
$501,120
$501.1K
Cap Rate 7%
$357,943
$357.9K
Cap Rate 9%
$278,400
$278.4K
Market Conditions
NOI Build-Up for 3,150 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
$49.5K $15.72/SF
− Vacancy
−$4.0K −$1.26/SF
EGI
$45.6K $14.46/SF
− OpEx
−$20.5K −$6.51/SF
NOI
$25.1K $7.95/SF
Area
Dauphin County, PA
Vacancy
8.00%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
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%
$501,120
Cap Rate 7%
$357,943
Cap Rate 9%
$278,400
Alternative Uses
Best Use
Apartment 5plus
$357.9K
$313.2K – $417.6K
NOI $25,056 @ 7.0% cap · market cap 3.43%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.80M
$5.08M – $6.77M
NOI $406,114 @ 7.0% cap · market cap 55.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
534
Businesses Nearby
Explore this area
Business Placement
Demographics for 17033, PA
16,414
Population
6,733
Households
2.4
Avg Household Size
40
Median Age
46%
College-Educated
90%
High-School Grad
27.4 sq mi
ZIP Area
599
Density / Sq Mi
$75,093
Median Household Income
$49,389
Median Earnings
$1,311
Median Rent
$340,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Short term rental property - Operating Airbnb with a renovated kitchen, stainless appliances, durable flooring, and contemporary interior finishes.
Where is this short term rental property located?
The property is located at 47 MILLARD RD Hershey, PA.
What is the asking price?
The asking price for this property is $730,000.
What are key features of this property?
This property features: Currently operating as an Airbnb; Updated kitchen with modern cabinetry; Stainless steel kitchen appliances
