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    31 Hanover St Spring Grove, PA 17362-1148
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    31 Hanover St Spring Grove, PA 17362-1148

    View on Map
    • Retail space
    • 5,952 SF
    • 0.89 lot acres
    Off-Market
    Property ID
    US73-0835259
    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.
    Value Estimations
    $615,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Subway / Take-out & Catering
    • Select Physical Therapy - Spring Grove / Medical Clinic
    • Spring Grove Animal Hospital / Veterinary Clinic
    • Jim & Nena's Pizzeria / Restaurant

    Property Details for 31 Hanover St

    Year built
    2002
    Lot size
    0.89 lot acres
    Property size
    5,952 SF
    Zone code
    CM
    Property type
    Retail space
    APN
    85-000-03-0001.D0-00000
    APU
    85000030001D000000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $722,000
      Market price range: $275k - $723k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $455,000
      Current use
      RESTAURANT
      $710,000
      Change: +56% Conversion: Easy
      MEDICAL BUILDING
      $655,000
      Change: +44% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $610,000
      Change: +34% Conversion: Difficult
      WAREHOUSE, STORAGE
      $530,000
      Change: +17% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $500,000
      Change: +10% Conversion: Easy
      OFFICE BUILDING
      $485,000
      Change: +7% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Spring Grove
    County
    York
    State
    Pennsylvania
    Longitude
    -76.8644
    Latitude
    39.8833
    CBSA code
    49620
    CBSA name
    YORK-HANOVER, 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
    $14,044
    $121,480
    $258,160
    $379,640
    -
    $121,480
    $258,160
    $379,640

    Comparable in this City

    • Value Estimation by Request
      8,869 SF

      2 Baltimore St

      RETAIL STORES (PERSONAL SERVICES) • 8,869 SF
      2 Baltimore St, Spring Grove, PA 17362-7996
      View Details
    • Value Estimation by Request
      8,736 SF

      213 Old Hanover Rd

      RETAIL STORES (PERSONAL SERVICES) • 8,736 SF
      213 Old Hanover Rd, Spring Grove, PA 17362-8800
      View Details
    • Value Estimation
      $1,135,000
      11,301 SF

      2067 Rte 116

      RETAIL STORES (PERSONAL SERVICES) • 11,301 SF
      2067 Rte 116, Spring Grove, PA 17362-8517
      View Details
    • Value Estimation by Request
      684 SF

      61 Main St

      RETAIL STORES (PERSONAL SERVICES) • 684 SF
      61 Main St, Spring Grove, PA 17362-1013
      View Details
    • Value Estimation by Request
      8,125 SF

      2100 Thistle Hl Dr

      RETAIL STORES (PERSONAL SERVICES) • 8,125 SF
      2100 Thistle Hl Dr, Spring Grove, PA 17362-1157
      View Details
    • Value Estimation by Request
      14,250 SF

      4848 Walters Hatchery Rd

      RETAIL STORES (PERSONAL SERVICES) • 14,250 SF
      4848 Walters Hatchery Rd, Spring Grove, PA 17362-7416
      View Details

    Similar Nearby for Sale

    • $495,000
      8,814 SF

      Restaurant with Brewer's License

      Restaurant with seating for 200+, includes owner's quarters.
      6147 York Rd, Spring Grove, PA 17362
      View Details
    • $75,000
      0.45 Acres

      Residential Lot in Spring Grove

      0.45-acre residential lot in Spring Grove School District.
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    • $990,000

      Spring Grove Mixed-Use Investment

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    • $2,500,000

      Prime Commercial Land Opportunity

      10 acres of commercial land in York County, PA.
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    • $138,500
      1.91 Acres

      Residential Land in Spring Grove

      1.91 acre lot with rural views and convenient access.
      Midhill Rd, Spring Grove, PA 17362
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    • $138,500
      2.56 Acres

      2.56 Acre Lot in Spring Grove

      2.56 acre lot with scenic rural views.
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    Similar Nearby for Lease

    • Contact for pricing

      Retail Shopping Center in Spring Grove

      63,400 SF retail center with national and regional tenants.
      570 N Main St, Spring Grove, PA 17362
      View Details
    • Contact for pricing

      Spring Grove Medical Office Space

      3,145 SF finished medical space in Thistle Hill Professional Center.
      2030 Thistle Hill Dr, Spring Grove, PA 17362
      View Details
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    Spring Grove, PA 17362-1148
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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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