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    York Street Retail/Office Space Title is generated by Realmo AI

    979 York St, Hanover, PA 17331

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    For Lease
    Contact for pricing

    Retail or office spaces available on York Street.

    Type:Retail, Office
    Property size:
    4,850 SF
    Added:
    Sep 20, 2024
    Days on Market:
    618
    Last Refresh:
    May 13 at 8:08 pm

    Property Features for 979 York St

    General Information

    Standard status
    Active
    Size
    4,850 SF
    Property subtype
    Retail, Office

    Building Details

    Year Built
    1945

    Spaces For Lease

    at 979 York St Contact us

    Unit 2 $8/Mo

    Size
    4,850 SF
    Type
    Retail, Office
    Open floor plan and pending renovations create several possibilities and flexibility...
    show more
    Contact us

    Unit 4 $7/Mo

    Size
    2,280 SF
    Type
    Retail, Office
    2,280 SF - $1,475/month modified grossnOffice Area with Storage / Work AreasnGreat...
    show more
    Contact us

    We can help!

    Listing Contact
    John Birkeland

    Listing agent John Birkeland License #PA AB067026

    Listing office ROCK Commercial Real Estate

    Listing date Sep 20, 2024

    Source Crexi

    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

    HighLights

    • High visibility location on York Street (PA 116), a main corridor in/out of Hanover, PA.
    • Flexible floor plan suitable for retail or office use; easily opened up.
    • Zoning allows several permitted uses by right.
    • Recent and pending renovations offering options and flexibility.
    • Two availabilities: Unit #2 (4,850 SF) and Unit #4 (2,280 SF).
    • Unit #4 is offered as modified gross lease.

    Overview

    Located on York Street (PA 116), this property offers high-visibility retail or office space. The property, formerly a Chiropractic Office, features a flexible floor plan that can be easily modified. The zoning permits several uses by right. Situated along York Street, a main corridor in and out of Hanover, PA, the property benefits from its location. Recent and pending renovations provide options and flexibility. There are two available units: Unit #2 offers 4,850 square feet at $3,500 per month plus operating expenses of $2.50 per square foot, and Unit #4 provides 2,280 square feet at $1,475 per month on a modified gross lease.
    Property Profile Location Intelligence

    Current Use by Public Records

    Sign of the Horse Brewery Production Facility Homefield Advantage Production Facility Earling Chiropractic Alternative Medicine Practice Richard D. Earling, ... Alternative Medicine Practice Booth Brothers Electricians Electrical Service

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center Big Box & Wholesale Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Hanover
    County
    York
    State
    Pennsylvania
    Longitude
    -76.95684
    Latitude
    39.800519

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    FAQs

    What type of property is this?
    Retail space - Retail or office spaces available on York Street.
    Where is this retail space located?
    The property is located at 979 York St Hanover, PA.
    What is the lease rate?
    The lease rate is $7 SF/Yr.
    What are key features of this property?
    This property features: High visibility location on York Street (PA 116), a main corridor in/out of Hanover, PA.; Flexible floor plan suitable for retail or office use; easily opened up.; Zoning allows several permitted uses by right.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    John Birkeland
    Real Estate License ID: PA AB067026
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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