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    1223 Chocolate Ave Hershey, PA 17033

    • Investment properties
    • 2,169 SF
    • 0.24 lot acres
    For Sale
    View listing
    $515,000
    Value Estimation
    Last Sale
    Jan 15, 2021
    $372,000
    Location Intelligence
    Property ID
    US73-2843381
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • VeVe Medspa of Hershey / Medical Spa / Skin Care Clinic

    Property Details for 1223 Chocolate Ave

    Year built
    1930
    Construction
    FRAME
    Lot size
    0.24 lot acres
    Property size
    2,169 SF
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    24-006-135
    APU
    24006135

    Description

    This exceptional mixed-use property in Hershey, Pennsylvania, presents a compelling investment opportunity. Located at 1223 E Chocolate Ave, this stabilized investment boasts 2,850 square feet across two stories, situated on a 0.84-acre lot (APN 62-17-217). The property is currently 100% occupied with a diverse tenant mix, including a personal services business in a three-year lease with two five-year options, and long-term tenants in the upper-level apartment and garage/workshop. The first floor comprises 1,400 square feet of retail space. The asking price is $515,000, representing a price per square foot of $180.70. The property is zoned Palmdale MU and offers off-street parking. Currently operating at a 6.1% cap rate, this property offers significant value-add potential through lease structure adjustments, such as transitioning tenants to a net-net-net (NNN) lease, and implementing rent escalations. This makes it an ideal addition to an existing portfolio or a strong starting point for new investors seeking a stable, income-producing asset in a highly desirable Hershey location, just minutes from the downtown area. The property includes a one-bedroom apartment and a garage/workshop, adding to its versatility and income streams.

    Value Estimation

    by Realmo proprietary methodology Last update: July 3, 2025

    • AI approach

      CAP return
      Estimation
      Estimation
      $285,000

    • CAP approach

      CAP return
      Estimation
      6%
      $325,000
      6.5%
      $280,000
      7%
      $285,000

    • Comparable approach

      Method
      Estimation
      Relative Method
      $280,000
      Geo Method
      $290,000

    • Alternative Use

      Use
      Estimation
      Distribution
      $405,000
      Retail
      $315,000
      Mixed-Use
      $365,000
      Hospitality
      $355,000
      Educational
      $405,000
      Residential Income
      $295,000
      Energy
      $355,000
      Income-Based Land
      $390,000
      Food Service
      $315,000

    Location Insight

    • Map
    • Local Demand
    City
    Hershey
    County
    Dauphin
    State
    Pennsylvania
    Longitude
    -76.6222
    Latitude
    40.2966
    CBSA code
    25420
    CBSA name
    HARRISBURG-CARLISLE, PA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $5,911
    $70,900
    $134,000
    $204,900
    -
    $70,900
    $134,000
    $204,900

    Comparable in this City

    • Value Estimation
      $360,000
      2,147 SF

      226 Chocolate Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 2,147 SF
      226 Chocolate Ave, Hershey, PA 17033-1570
      View Details
    • Value Estimation
      $360,000
      4,480 SF

      1132 Chocolate Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 4,480 SF
      1132 Chocolate Ave, Hershey, PA 17033-1243
      View Details
    • Value Estimation
      $410,000
      10,540 SF

      102 Chocolate Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 10,540 SF
      102 Chocolate Ave, Hershey, PA 17033-1524
      View Details
    • Value Estimation
      $280,000
      1,620 SF

      425 Chocolate Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 1,620 SF
      425 Chocolate Ave, Hershey, PA 17033-1638
      View Details
    • Value Estimation
      $235,000
      1,685 SF

      1669 Derry Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 1,685 SF
      1669 Derry Rd, Hershey, PA 17033-1132
      View Details
    • Value Estimation
      $280,000
      5,737 SF

      359 Gates Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 5,737 SF
      359 Gates Rd, Hershey, PA 17033-9328
      View Details

    Similar Nearby for Sale

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      Hershey Mixed-Use Investment

      Prime Hershey location, 2 units, 100% occupied.
      1223 Chocolate Ave, Hershey, PA 17033
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    • Contact for pricing
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      Prime Hershey location, commercial zoning, high visibility.
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      Hershey Retail Bank Building For Sale

      Prime Hershey location, ±3,661 SF bank building.
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    Similar Nearby for Lease

    • Contact for pricing
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    • $19 SF/Yr
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      Hershey Medical Office Suites

      Prime Hershey location, flexible suites.
      1135 Chocolate Ave, Hershey, PA 17033
      View Details
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    Hershey, PA 17033
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    Realmo Value Estimation

    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.

    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.

    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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