Turn-Key Automotive
For Sale
$360,000
719 FREDERICK STREET, Hanover, PA 17331
Turn-key commercial garage with two large service bays, office space, and customer waiting area.
Property Size2,505 SF
Price / SF$143.71
Days on Market38
Property Features for 719 FREDERICK STREET
General Information
Standard status
Active
Size
2,505 SF
Property subtype
Commercial
Additional Details
Furnished
Yes
Road Access
Yes
Service Bays
2
Amenities
customer waiting room
office
Building Details
Year Built
1996
Listing Agency:
Keller Williams Keystone Realty
(717) 319-3408
Listed By:
David E Monsour · License #AB068634
(717) 319-3408
Source:
Cummingsrealtors
Added: Jul 18
Changed: Aug 23
Last Checked: Aug 24 at 5:35AM
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 Keller Williams Keystone Realty
Investment Insights
Based on property information with market context.
Turn-key commercial garage offering two large service bays designed for repairs, inspections, or specialty automotive work. The interior layout includes a welcoming receptionist and customer waiting room, plus a separate office. Ample on-site parking supports both employee and customer access.
Located in the heart of Hanover, PA, the property benefits from downtown road frontage. Recent improvements include a new furnace and A/C unit installed in 2021, a new hot water heater in 2024, and a new roof installed in 2025.
Numerous items convey with the garage, including two lifts, a hydraulic press, a spring compressor, a transmission jack, a welder, floor jacks, work benches, furniture, electronics, appliances, and a security system, among other equipment.
Located in the heart of Hanover, PA, the property benefits from downtown road frontage. Recent improvements include a new furnace and A/C unit installed in 2021, a new hot water heater in 2024, and a new roof installed in 2025.
Numerous items convey with the garage, including two lifts, a hydraulic press, a spring compressor, a transmission jack, a welder, floor jacks, work benches, furniture, electronics, appliances, and a security system, among other equipment.
Key Highlights
- 2,505 sq. ft. commercial garage in Hanover, PA with two large service bays
- Includes receptionist and customer waiting room plus a separate office
- Ample parking for employees and customers and prime road frontage in downtown Hanover
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
$29,890
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
8.30%
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%
$597,800
$597.8K
Cap Rate 7%
$427,000
$427.0K
Cap Rate 9%
$332,111
$332.1K
Market Conditions
NOI Build-Up for 2,505 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
$45.1K $18.00/SF
− Vacancy
−$2.4K −$0.95/SF
EGI
$42.7K $17.05/SF
− OpEx
−$12.8K −$5.11/SF
NOI
$29.9K $11.93/SF
Area
York County, PA
Vacancy
5.30%
Lease Rate
$18.00 /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%
$597,800
Cap Rate 7%
$427,000
Cap Rate 9%
$332,111
Alternative Uses
Best Use
Retail
$427.0K
$373.6K – $498.2K
NOI $29,890 @ 7.0% cap · market cap 8.30%
Second Best
Industrial
$208.8K
$182.7K – $243.6K
NOI $14,616 @ 7.0% cap · market cap 4.06%
Theoretical Best
Office A
$725.3K
$634.6K – $846.2K
NOI $50,770 @ 7.0% cap · market cap 14.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Service bays
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
300
Businesses Nearby
13k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Turkey Hill Minit Market
Shops & Services
10,258 visits/mo
0.5 miles
PeoplesBank, A Codorus Valley Company
Shops & Services
1,716 visits/mo
0.4 miles
Napa Auto Parts
Shops & Services
705 visits/mo
0.5 miles
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 Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Auto shop - Turn-key commercial garage with two large service bays, office space, and customer waiting area.
Where is this auto shop located?
The property is located at 719 FREDERICK STREET Hanover, PA.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: 2,505 sq. ft. commercial garage in Hanover, PA with two large service bays; Includes receptionist and customer waiting room plus a separate office; Ample parking for employees and customers and prime road frontage in downtown Hanover
