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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1002 Hanover Ave Allentown, PA 18109

    • Residential income homes
    • 2,304 SF
    • 0.10 lot acres
    OFF-MARKET
    Value Estimations
    $315,000
    Show details
    Cap Rate Potential
    8.3%
    Residential income homes
    Location Intelligence
    Property ID
    US73-5436991
    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

    • Residential income homes

    Property Details for 1002 Hanover Ave

    Year built
    1920
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.10 lot acres
    Property size
    2,304 SF
    Zone code
    B-1/
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    640796815359-1
    APU
    6407968153591

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $290,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $405,000
      6.5%
      $370,000
      7%
      $345,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $299,000
      Market price range: $177k - $300k
      AI Estimate
      $371,000
      Market price range: $245k - $372k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $250,000
      Current use
      AUTO REPAIR, GARAGE
      $440,000
      Change: +74% Conversion: Difficult
      OFFICE BUILDING
      $405,000
      Change: +60% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $285,000
      Change: +13% Conversion: Moderate
      RETAIL STORES
      $240,000
      Change: -5% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Allentown
    County
    Lehigh
    State
    Pennsylvania
    Longitude
    -75.4395
    Latitude
    40.6173
    CBSA code
    10900
    CBSA name
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ 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
    2024
    $6,160
    $13,900
    $177,000
    $190,900
    -
    $13,900
    $177,000
    $190,900

    Comparable in this City

    • Value Estimation
      $250,000
      4,208 SF

      1222-1226 Livingston St

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,208 SF
      1222-1226 Livingston St, Allentown, PA 18109
      View Details
    • Value Estimation
      $255,000
      1,600 SF

      1325 Livingston St

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,600 SF
      1325 Livingston St, Allentown, PA 18109-1531
      View Details
    • Value Estimation
      $55,000
      2,700 SF

      1017 Hanover Ave, Unit 1023

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,700 SF
      1017 Hanover Ave, Allentown, PA 18109-2082
      View Details
    • Value Estimation
      $410,000
      3,010 SF

      202 Irving St, Unit 210

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,010 SF
      202 Irving St, Allentown, PA 18109-2615
      View Details
    • Value Estimation
      $500,000
      4,123 SF

      1991 Catasauqua Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,123 SF
      1991 Catasauqua Rd, Allentown, PA 18109-3504
      View Details
    • Value Estimation
      $250,000
      1,619 SF

      1011 Cedar St, Unit 1017

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,619 SF
      1011 Cedar St, Allentown, PA 18109-1942
      View Details

    Similar Nearby for Sale

    • $2,800,000
      1.00 Acre

      Hanover Ave Mixed-Use Investment

      Landmark Restaurant, Apartments, & Parking
      1824-1826 Hanover Ave, Allentown, PA 18109
      View Details
    • $649,000
      8,300 SF

      Allentown Mixed-Use Redevelopment Opportunity

      Mixed-use property with warehouse, office, and apartment rentals.
      212 S Dauphin St S, Allentown, PA 18109
      View Details
    • $1,495,000
      0.60 Acres

      Allentown Commercial Land - $1.495M

      High-visibility commercial land, 0.6 acres.
      0 Irving St, Allentown, PA 18109
      View Details
    • $2,690,000
      24,000 SF

      Allentown Industrial Facility with Amenities

      Well-maintained industrial facility in Allentown, PA, ready for operations.
      475-485 Business Park Ln, Allentown, PA 18109
      View Details
    • $2,690,000
      24,000 SF

      Warehouse with Executive Office Suites

      Warehouse featuring executive offices, drive-in doors, and storage.
      475 Business Park Ln, Allentown, PA 18109
      View Details
    • $849,000
      30,000 SF

      Allentown Industrial Warehouse with Vacant Lot

      30,000 SF industrial warehouse with vacant lot included.
      206 E Hamilton St, Allentown, PA 18109
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,200 SF

      Allentown Warehouse - 3200 SF

      Prime Allentown warehouse space available.
      872 Gilmore St, Allentown, PA 18109
      View Details
    • Contact for pricing
      20,000 SF

      Airport Road Retail Opportunity

      Allentown Retail Space & Pad Site Available
      1231-1319 Airport Rd, Allentown, PA 18109
      View Details
    • Contact for pricing
      3,400 SF

      Union Blvd Retail Showroom Space

      Retail showroom with office, bathroom, and private parking.
      1802 Union Blvd, Allentown, PA 18109
      View Details
    • $15 SF/Yr
      18,208 SF

      Renovated Office Space in Allentown

      Completely renovated 4,600 SF office space with modern amenities.
      622 Union Blvd, Allentown, PA 18109
      View Details
    • $5 SF/Yr
      184,172 SF

      Allentown Warehouse with Loading Dock

      Warehouse space with easy access, high ceilings, and ample parking.
      1727 Union Blvd, Allentown, PA 18109
      View Details
    • Contact for pricing
      1,320 SF

      Allentown Retail Space Available

      Retail space available for lease in Allentown, Pennsylvania.
      2101 Union Blvd, Allentown, PA 18109
      View Details
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    1002 Hanover Ave
    Allentown, PA 18109
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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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