Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    308 Penn Ave Cleona, PA 17042-3277

    • Investment properties
    • 17,454 SF
    • 0.73 lot acres
    OFF-MARKET
    Value Estimations
    $430,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-3281835
    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

    • Investment properties

    Property Details for 308 Penn Ave

    Year built
    1950
    Lot size
    0.73 lot acres
    Property size
    17,454 SF
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    11-2322215-367777-0000
    APU
    1123222153677770000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $430,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleona
    County
    Lebanon
    State
    Pennsylvania
    Longitude
    -76.4812
    Latitude
    40.336
    CBSA code
    30140
    CBSA name
    LEBANON, 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
    2024
    $23,107
    $223,900
    $802,400
    $1,026,300
    -
    $229,876
    $823,819
    $1,053,695

    Comparable in this City

    • Value Estimation
      $210,000
      1,260 SF

      437 6th St

      OFFICE/RESIDENTIAL (MIXED USE) • 1,260 SF
      437 6th St, Lebanon, PA 17042-6230
      View Details
    • Value Estimation
      $670,000
      5,032 SF

      23 8th St

      OFFICE/RESIDENTIAL (MIXED USE) • 5,032 SF
      23 8th St, Lebanon, PA 17042-5210
      View Details
    • Value Estimation
      $610,000
      20,673 SF

      221 Penn Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 20,673 SF
      221 Penn Ave, Cleona, PA 17042-3230
      View Details
    • Value Estimation
      $295,000
      13,275 SF

      1451 Quentin Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 13,275 SF
      1451 Quentin Rd, Lebanon, PA 17042-7562
      View Details
    • Value Estimation
      $225,000
      5,238 SF

      441 Walnut St

      OFFICE/RESIDENTIAL (MIXED USE) • 5,238 SF
      441 Walnut St, Lebanon, PA 17042-6180
      View Details
    • Value Estimation
      $120,000
      12,363 SF

      724 Cumberland St

      OFFICE/RESIDENTIAL (MIXED USE) • 12,363 SF
      724 Cumberland St, Lebanon, PA 17042-5234
      View Details

    Similar Nearby for Sale

    • $899,000
      9,842 SF

      Lebanon Mixed-Use Investment

      Historic building, 6 units, high ROI potential
      1000 Cumberland St, Lebanon, PA 17042
      View Details
    • $3,999,000
      43,885 SF

      Lebanon Industrial Property: 43,885 SF

      Prime Industrial Space: Lease or Buy Now!
      440 Schaeffer Rd, Lebanon, PA 17042
      View Details
    • $449,000
      3,248 SF

      Mixed-Use Property in Lebanon, PA

      3,248 SF mixed-use property with commercial and residential units.
      429 E Cumberland St, Lebanon, PA 17042
      View Details
    • $675,000
      0.33 Acres

      Mixed-Use Investment Opportunity, Lebanon

      Fully leased mixed-use property with high visibility and steady income.
      2234 W Cumberland St, Lebanon, PA 17042
      View Details
    • $2,095,000
      17,547 SF

      Prime Lebanon Retail & Office Building

      High-traffic location, excellent income potential.
      701 Cumberland St, Lebanon, PA 17042
      View Details
    • $510,000
      5.34 Acres

      Town Center Village Retail Center

      New Retail Space - Fort Bend County
      0 15Th Ave, Lebanon, PA 17042
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,985 SF

      Quentin Rd Office Space, Lebanon PA

      Prime Office/Medical Space Available
      1402 Quentin Rd, Lebanon, PA 17042
      View Details
    • $9 SF/Yr
      4,920 SF

      Downtown Lebanon Restaurant Space

      Prime location, 4900+ sq ft, immediate lease.
      1000 Cumberland St, Lebanon, PA 17042
      View Details
    • Contact for pricing
      121,567 SF

      Lebanon Industrial Warehouse Space

      121,567 SF Warehouse, PA
      225 16Th St, Lebanon, PA 17042
      View Details
    • Contact for pricing
      4,635 SF

      Retail Space on High-Traffic Corridor

      Grocery-anchored retail space suitable for various businesses.
      435-465 W Penn Ave, Cleona, PA 17042
      View Details
    • Contact for pricing
      4,635 SF

      Retail Space in Anchored Center

      Neighborhood shopping center space, ideal for various business types.
      467-481 W Penn Ave, Cleona, PA 17042
      View Details
    • $17 SF/Yr
      2,504 SF

      Turn-Key Salon and Office Space

      Stylishly designed salon with office space available for lease.
      20 S 3Rd St, Lebanon, PA 17042
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    308 Penn Ave
    Cleona, PA 17042-3277
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.