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    Chocolate Ave & Rdg Rd Hershey, PA 17033

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    Chocolate Ave & Rdg Rd Hershey, PA 17033

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    • Neighborhood centers
    • 32,000 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Neighborhood centers

    Property Details for 0 Chocolate Ave & Rdg Rd

    Property size
    32,000 SF
    Property type
    Neighborhood centers
    Property subtype
    Retail properties & Spaces

    Description

    Hershey Towne Square offers a unique opportunity to establish a presence in a thriving retail environment. This new construction, mixed-use development boasts 32,000 square feet of retail space within a vibrant complex. Currently, one 1,148 square foot retail space is available. Strategically located along West Chocolate Avenue (Route 422) and Ridge Road, considered Hershey, PA's main thoroughfare, the property benefits from exceptional visibility and accessibility. The development's prime location places it less than a mile from major attractions including Hersheypark, Hershey's Chocolate World, and ZooAmerica, drawing over 3,276,000 visitors annually. Furthermore, its proximity to the 484-bed Penn State Hershey Medical Center, serving over 900,000 patients yearly, and the Hershey Corporation headquarters (14,800 employees) ensures a consistent flow of potential customers. This mixed-use development also includes a 60,000 square foot multi-story office building, further enhancing the area's vibrancy and foot traffic. The high volume of tourism and the presence of significant employers create a robust and growing market, making Hershey Towne Square an exceptional investment opportunity. Don't miss this chance to secure a space in this dynamic and highly sought-after location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Hershey
    County
    Dauphin
    State
    Pennsylvania
    Longitude
    -76.6543
    Latitude
    40.2841

    Comparable in this City

    • Value Estimation
      $595,000
      8,268 SF

      905 Governor Rd

      SHOPPING CENTER, STRIP CENTER • 8,268 SF
      905 Governor Rd, Hershey, PA 17033-2307
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    • Value Estimation
      $31,245,000
      79,302 SF

      1154 Mae St

      SHOPPING CENTER, STRIP CENTER • 79,302 SF
      1154 Mae St, Hershey, PA 17033
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    • Value Estimation
      $31,215,000
      105,650 SF

      1158 Mae St

      SHOPPING CENTER, STRIP CENTER • 105,650 SF
      1158 Mae St, Hershey, PA 17033
      View Details
    • Value Estimation
      $1,290,000
      50,628 SF

      Cocoa Ave

      SHOPPING CENTER, STRIP CENTER • 50,628 SF
      Cocoa Ave, Hershey, PA 17033
      View Details
    • Value Estimation
      $1,130,000
      59,378 SF

      731 Cherry Dr

      SHOPPING CENTER, STRIP CENTER • 59,378 SF
      731 Cherry Dr, Hershey, PA 17033-2099
      View Details
    • Value Estimation
      $1,040,000
      22,500 SF

      51 Nene Dr

      SHOPPING CENTER, STRIP CENTER • 22,500 SF
      51 Nene Dr, Hershey, PA 17033
      View Details

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      Hershey Medical Office For Lease

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      Hershey Medical/Professional Office Space

      Modern medical/professional office building near Penn State Hershey Medical Center.
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      Hershey Medical Office Space Available

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    • Contact for pricing

      Hershey Office Suites for Rent

      Office suites available in Hershey with flexible lease terms.
      1135 E Chocolate Ave, Hershey, PA 17033
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    Hershey, PA 17033
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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.

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    Chocolate Ave & Rdg Rd, Hershey, PA, 17033

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