Medical Office Building with Shell
For Sale
Contact for pricing
864 Broadway, Hanover, PA 17331
Finished medical office space plus two shell units share a common waiting area within a larger mixed-use property.
Property Size12,491 SF
Price / SF$75.97
Days on Market72
Property Features for 864 Broadway
General Information
Standard status
Active
Size
12,491 SF
Property subtype
OFFICE
Listing Agency:
Rock Commercial Real Estate
(717) 854-5357
Listed By:
David L. Bode · License #RM423009
(717) 854-8367
Source:
Moodyscre
Added: Jul 27
Changed: Sep 13
Last Checked: Oct 5 at 4:43PM
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 Rock Commercial Real Estate
Investment Insights
Based on property information with market context.
864 Broadway in Hanover, PA offers a medical office configuration with multiple components for flexible leasing. The property includes 4,491 SF of finished medical offices described as the premier feature, supported by additional space for future build-outs.
There are also two shell units consisting of 1,975 SF and 2,543 SF. These shell units share a common waiting area, which can simplify patient flow and tenant coordination while preserving the ability to complete interior work to each space.
In addition, the property contains a 3,772 SF attached, vacant apartment that is in need of a remodel prior to tenant occupancy. With a total property size of 12,491 SF, the building presents multiple tenancy options for users seeking an on-site medical component alongside an adaptable attached residential unit.
There are also two shell units consisting of 1,975 SF and 2,543 SF. These shell units share a common waiting area, which can simplify patient flow and tenant coordination while preserving the ability to complete interior work to each space.
In addition, the property contains a 3,772 SF attached, vacant apartment that is in need of a remodel prior to tenant occupancy. With a total property size of 12,491 SF, the building presents multiple tenancy options for users seeking an on-site medical component alongside an adaptable attached residential unit.
Key Highlights
- 4,491 SF finished medical offices
- Two shell units: 1,975 SF and 2,543 SF
- Shell units share a common waiting area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$61,976
Cap Rate
6.53%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,239,520
$1.2M
Cap Rate 7%
$885,371
$885.4K
Cap Rate 9%
$688,622
$688.6K
Market Conditions
NOI Build-Up for 12,491 SF
Gross rent
$109.4K $8.76/SF
− Vacancy
−$6.1K −$0.49/SF
EGI
$103.3K $8.27/SF
− OpEx
−$41.3K −$3.31/SF
NOI
$62.0K $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 Rate 5%
$1,239,520
Cap Rate 7%
$885,371
Cap Rate 9%
$688,622
Alternative Uses
Best Use
Office B
$2.84M
$2.49M – $3.32M
NOI $199,144 @ 7.0% cap · market cap 20.98%
Second Best
Mixed Use
$1.85M
$1.62M – $2.15M
NOI $129,282 @ 7.0% cap · market cap 13.62%
Theoretical Best
Office A
$3.62M
$3.16M – $4.22M
NOI $253,161 @ 7.0% cap · market cap 26.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
563
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
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Market
Vacancy Rate% for Office in Northeast region
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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 - Finished medical office space plus two shell units share a common waiting area within a larger mixed-use property.
Where is this medical office space located?
The property is located at 864 Broadway Hanover, PA.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: 4,491 SF finished medical offices; Two shell units: 1,975 SF and 2,543 SF; Shell units share a common waiting area
