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    Property profile & analytics

    1302 Hanover Ave Allentown, PA 18109

    • Retail space
    • 12,560 SF
    • 6.66 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-2826004
    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

    • HNL Lab Medicine Allentown - Hanover Ave / Laboratory
    • Valley Fresh Laundromat / Laundromat
    • Allentown Commons / Shopping Mall
    • Citibank ATM / Atm
    • Popeyes Louisiana Kitchen / Cajun Restaurant / Fast Food Restaurant

    Property Details for 1302 Hanover Ave

    Year built
    2008
    Lot size
    6.66 lot acres
    Property size
    12,560 SF
    Zone code
    B-4
    Property type
    Retail space
    APN
    641716322619-1
    APU
    6417163226191

    Description

    Allentown Commons, located at 1302 Hanover Avenue in Allentown, Pennsylvania (zip code 18109), offers a unique opportunity for businesses seeking retail or office space. This neighborhood center comprises a total of 11,342 square feet, divided into four individual suites. The property is ideally suited for multiple tenants, with a minimum divisible space of 1,880 square feet, allowing for flexibility in tenant needs. Ample parking is provided with 342 spaces available for customers and employees. The property's classification as both retail and office space makes it versatile and attractive to a wide range of businesses. Its location in Allentown, PA offers excellent access to local amenities, transportation routes, and a strong consumer base. The property is owned and managed by Larken Associates, ensuring professional management and maintenance. This is an exceptional opportunity to secure prime commercial space in a thriving Allentown neighborhood. Interested parties are encouraged to inquire for further details and availability of individual suites. The property's address is easily accessible and well-suited for both foot and vehicular traffic. The building's size and layout provide a comfortable and efficient environment for businesses of various sizes.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,627,000
      Market price range: $710k - $1.63M
      AI Estimate
      $1,370,000
      Market price range: $490k - $1.37M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,295,000
      Current use
      RESTAURANT
      $2,435,000
      Change: +88% Conversion: Easy
      AUTO REPAIR, GARAGE
      $2,385,000
      Change: +84% Conversion: Difficult
      OFFICE BUILDING
      $2,195,000
      Change: +69% Conversion: Easy
      COMMERCIAL (GENERAL)
      $1,555,000
      Change: +20% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $1,370,000
      Change: +6% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Allentown
    County
    Lehigh
    State
    Pennsylvania
    Longitude
    -75.4342
    Latitude
    40.6176
    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
    $230,519
    $1,740,700
    $4,649,300
    $6,390,000
    -
    $1,740,700
    $4,649,300
    $6,390,000

    Comparable in this City

    • Value Estimation
      $1,715,000
      14,939 SF

      1015 Airport Rd

      RETAIL STORES (PERSONAL SERVICES) • 14,939 SF
      1015 Airport Rd, Allentown, PA 18109-3307
      View Details
    • Value Estimation
      $7,995,000
      88,747 SF

      1601 Un Blvd, Unit 1643

      RETAIL STORES (PERSONAL SERVICES) • 88,747 SF
      1601 Un Blvd, Allentown, PA 18109-1509
      View Details
    • Value Estimation by Request
      3,220 SF

      1424 Pennsylvania Ave, Unit 1438

      RETAIL STORES (PERSONAL SERVICES) • 3,220 SF
      1424 Pennsylvania Ave, Allentown, PA 18109-3505
      View Details
    • Value Estimation by Request
      3,184 SF

      632-636 Plymouth St

      RETAIL STORES (PERSONAL SERVICES) • 3,184 SF
      632-636 Plymouth St, Allentown, PA 18109
      View Details
    • Value Estimation
      $960,000
      8,280 SF

      701 Hanover Ave, Unit 721

      RETAIL STORES (PERSONAL SERVICES) • 8,280 SF
      701 Hanover Ave, Allentown, PA 18109-2006
      View Details
    • Value Estimation
      $690,000
      5,875 SF

      2020 Un Blvd, Unit 2028

      RETAIL STORES (PERSONAL SERVICES) • 5,875 SF
      2020 Un Blvd, Allentown, PA 18109-1632
      View Details

    Similar Nearby for Sale

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      Commercial Lot with High Visibility

      Commercial lot at busy intersection with great visibility.
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      Allentown Office Building For Sale

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      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      9,700 SF

      Allentown Retail Space For Lease

      Large retail space with high ceilings and strong co-tenancy.
      1856-1900 Catasauqua Rd, Allentown, PA 18109
      View Details
    • $4,000 /Mo

      Hanover Twp Flex Space Available

      Clear span flex space with finished suite in Hanover Twp.
      4140 Airport Rd, Allentown, PA 18109
      View Details
    • Contact for pricing
      3,759 SF

      Retail Space in Shopping Center

      Retail space available in Allentown shopping center with high visibility.
      1380-1386 Hanover Ave, Allentown, PA 18109
      View Details
    • Contact for pricing
      1,015 SF

      Retail Space with On-Site Parking

      Highly visible and easily accessible retail space for rent.
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      Allentown Retail Space For Lease

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    • Contact for pricing
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      Allentown Retail Space Available

      Retail space available for lease in Allentown, Pennsylvania.
      2101 Union Blvd, Allentown, PA 18109
      View Details
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    1302 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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