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    Property profile & analytics

    1223 Chocolate Ave Hershey, PA 17033

    • Investment properties
    • 2,169 SF
    • 0.24 lot acres
    For Sale
    View listing
    $515,000
    Last Sale
    Jan 15, 2021
    $372,000
    Value Estimations
    Cap Rate Potential
    9.3%
    Investment properties
    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 / Skin Care Clinic / Medical Spa

    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 Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $285,000
      ML approach
      $335,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $440,000
      6.5%
      $405,000
      7%
      $375,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $414,000
      Market price range: $261k - $414k
      AI Estimate
      $297,000
      Market price range: $123k - $328k

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

    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
      $1,840,000
      18,526 SF

      203 Caracas Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 18,526 SF
      203 Caracas Ave, Hershey, PA 17033-1567
      View Details
    • Value Estimation
      $335,000
      2,016 SF

      840 Chocolate Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 2,016 SF
      840 Chocolate Ave, Hershey, PA 17033-1213
      View Details
    • Value Estimation
      $245,000
      1,696 SF

      26 Granada Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 1,696 SF
      26 Granada Ave, Hershey, PA 17033-1440
      View Details
    • Value Estimation
      $240,000
      1,748 SF

      233 Caracas Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 1,748 SF
      233 Caracas Ave, Hershey, PA 17033-1513
      View Details
    • Value Estimation
      $240,000
      5,826 SF

      513 Chocolate Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 5,826 SF
      513 Chocolate Ave, Hershey, PA 17033-1632
      View Details
    • Value Estimation
      $280,000
      8,366 SF

      1305 Chocolate Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 8,366 SF
      1305 Chocolate Ave, Hershey, PA 17033-1115
      View Details

    Similar Nearby for Sale

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      Hershey Mixed-Use Investment

      Prime Hershey location, 2 units, 100% occupied.
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      View Details
    • $1,050,000

      Park Avenue Commercial Land Parcels

      Three contiguous parcels on Park Avenue, ideal for commercial use.
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    • $1,380,000
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      Hershey Office Building - Prime Location

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    • Contact for pricing
      3,661 SF

      Freestanding Former Bank For Sale

      Freestanding former bank with drive-thru and ample parking.
      1245 Cocoa Ave, Hershey, PA 17033
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    • $3,000,000

      Hershey Retail Bank Building For Sale

      Prime Hershey location, ±3,661 SF bank building.
      1245 Cocoa Ave, Hershey, PA 17033
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    • $1,500,000
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      Hershey Commercial Land - 7.87 Acres

      Prime Hershey location, commercial zoning, high visibility.
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      View Details

    Similar Nearby for Lease

    • Contact for pricing
      19,100 SF

      Hershey Office Building for Lease

      Modern medical & executive suites available
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      View Details
    • $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 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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