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

    2908 Hanover Pike Hanover, PA 17331-8843

    • Retail residential properties
    • 1,612 SF
    OFF-MARKET
    Value Estimations
    $245,000
    Show details
    Cap Rate Potential
    6.4%
    Retail residential properties
    Location Intelligence
    Property ID
    US73-3121694
    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

    • Retail residential properties

    Property Details for 2908 Hanover Pike

    Year built
    1900
    Property size
    1,612 SF
    Property type
    Retail residential properties
    APN
    08 K15-0029---000/01
    APU
    08K15002900001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $260,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $280,000
      6.5%
      $255,000
      7%
      $240,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $209,000
      Market price range: $59.5k - $322k
      AI Estimate
      $200,000
      Market price range: $71.2k - $268k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $180,000
      Current use
      AUTO REPAIR, GARAGE
      $210,000
      Change: +17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Hanover
    County
    Adams
    State
    Pennsylvania
    Longitude
    -77.0073
    Latitude
    39.7792
    CBSA code
    23900
    CBSA name
    GETTYSBURG, PA MICROPOLITAN 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
    $2,584
    $0.00
    $116,800
    $116,800
    -
    $0.00
    $116,800
    $116,800

    Comparable in this City

    • Value Estimation by Request

      883 Abbottstown Pike

      STORE/OFFICE (MIXED USE)
      883 Abbottstown Pike, Hanover, PA 17331-8206
      View Details
    • Value Estimation
      $580,000
      3,576 SF

      4345 Hanover Rd

      STORES & APARTMENTS • 3,576 SF
      4345 Hanover Rd, Hanover, PA 17331-8907
      View Details
    • Value Estimation
      $295,000
      5,841 SF

      48 Frederick St

      STORES & APARTMENTS • 5,841 SF
      48 Frederick St, Hanover, PA 17331-3501
      View Details
    • Value Estimation
      $85,000
      2,177 SF

      215 Linden Ave

      STORES & APARTMENTS • 2,177 SF
      215 Linden Ave, Hanover, PA 17331-4734
      View Details
    • Value Estimation
      $220,000
      3,640 SF

      129 Baltimore St

      STORES & APARTMENTS • 3,640 SF
      129 Baltimore St, Hanover, PA 17331-3111
      View Details
    • Value Estimation
      $425,000
      5,938 SF

      112 Baltimore St

      STORES & APARTMENTS • 5,938 SF
      112 Baltimore St, Hanover, PA 17331-3110
      View Details

    Similar Nearby for Sale

    • $7,450,000
      62,024 SF

      Hanover, PA Office Building For Sale

      62,024 SF Office, Mixed-Use, Vacant
      1401 York St, Hanover, PA 17331
      View Details
    • $1,300,000
      1,598 SF

      Hanover Mixed-Use Commercial Land

      Prime Baltimore Pike location, high traffic count.
      2217-2233 Baltimore Pike, Hanover, PA 17331
      View Details
    • $479,900
      0.33 Acres

      Business Services

      Medical\/Dental Clinic
      400 Carlisle St, Hanover, PA 17331
      View Details
    • Contact for pricing
      13,033 SF

      Hanover Auto Shop - 13,033 SF

      Prime Hanover, PA auto shop; 1.5 acres, high traffic.
      1155 Carlisle St, Hanover, PA 17331
      View Details
    • $349,900
      3,578 SF

      concrete floors

      electric and a 15' workbench. Both garages are accessed by blacktop driveways. Appliances included are: Refrigerator
      1494 Carlisle Pike, Hanover, PA 17331
      View Details
    • $175,000
      2,268 SF

      Hanover Executive Office Condo

      Prime Medical/Professional Office Space
      195 Stock St, Hanover, PA 17331
      View Details

    Similar Nearby for Lease

    • $2,295 /Mo
      6,534 SF

      Mixed-Use Commercial Property with Office

      Versatile mixed-use property with distinctive office space for lease.
      43 E Frederick St, Hanover, PA 17331
      View Details
    • $3 SF/Yr
      83,733 SF

      Prime Hanover Industrial Space

      83,733 SF Warehouse/Manufacturing Sublease
      262 Church St, Hanover, PA 17331
      View Details
    • $6 SF/Yr
      53,432 SF

      Hanover, PA Warehouse For Lease

      Large Industrial Space, Excellent Location
      475 Fame Ave, Hanover, PA 17331
      View Details
    • $18 SF/Yr
      1,460 SF

      Retail Space in Modern Strip

      In-line retail space suitable for various business types.
      1446e Baltimore St, Hanover, PA 17331
      View Details
    • Contact for pricing
      2,867 SF

      Regional Shopping Center Retail Space

      Retail space available in enclosed regional shopping center.
      1100-1155 Eichelberger St, Hanover, PA 17331
      View Details
    • Contact for pricing
      740,520 SF

      Hanover Commercial Land - 17 Acres

      Prime Hanover Commercial Land, Ready to Develop
      0 Carlisle Pike And Hanover St, Hanover, PA 17331
      View Details
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    2908 Hanover Pike
    Hanover, PA 17331-8843
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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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