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    37 Broadway Hanover, PA 17331
    Property profile & analytics

    37 Broadway Hanover, PA 17331

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    • Investment properties
    • 11,960 SF
    • 0.15 lot acres
    For Lease
    $12 SF/Yr
    View Listing →
    Downtown Hanover Office Space For Lease
    $12 SF/Yr
    5,044 SF

    Downtown Hanover Office Space

    Recently renovated office space in historic downtown Hanover building.

    37 Broadway, Hanover, PA
    View Listing
    Property ID
    US73-3909267
    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
    $530,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Media One PA / Marketing & Advertising / Advertising Agency
    • CoCo's Bridal Boutique / Clothing & Fashion Store
    • The Evening Sun / Publishing House / Newspaper & Magazine

    Property Details for 37 Broadway

    Year built
    1892
    Lot size
    0.15 lot acres
    Property size
    11,960 SF
    Zone code
    CM
    Property type
    Investment properties
    Property subtype
    Retail residential properties
    APN
    67-000-05-0001.00-00000
    APU
    670000500010000000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $385,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $615,000
      Market price range: $441k - $2.39M
      AI Estimate
      $588,000
      Market price range: $528k - $1.99M

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

    Location Insight

    • Map
    • Local Demand
    City
    Hanover
    County
    York
    State
    Pennsylvania
    Longitude
    -76.9823
    Latitude
    39.8006
    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
    $12,477
    $89,230
    $254,210
    $343,440
    -
    $89,230
    $254,210
    $343,440

    Comparable in this City

    • Value Estimation by Request

      230 Old Hanover Rd

      STORE/OFFICE (MIXED USE)
      230 Old Hanover Rd, Hanover, PA 17331
      View Details
    • Value Estimation by Request
      9,562 SF

      1 Walnut St

      STORE/OFFICE (MIXED USE) • 9,562 SF
      1 Walnut St, Hanover, PA 17331-3160
      View Details
    • Value Estimation
      $600,000
      0.87 Acres

      701 3rd St

      STORE/OFFICE (MIXED USE) • 0.87 Acres
      701 3rd St, Hanover, PA 17331-4820
      View Details
    • Value Estimation by Request
      6,090 SF

      104 Broadway

      STORE/OFFICE (MIXED USE) • 6,090 SF
      104 Broadway, Hanover, PA 17331-2513
      View Details
    • Value Estimation by Request
      5,449 SF

      213 Carlisle St

      STORE/OFFICE (MIXED USE) • 5,449 SF
      213 Carlisle St, Hanover, PA 17331-2476
      View Details
    • Value Estimation by Request
      7.00 Acres

      875 Abbottstown Pike

      STORE/OFFICE (MIXED USE) • 7.00 Acres
      875 Abbottstown Pike, Hanover, PA 17331-8206
      View Details

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      Hanover Mixed-Use Commercial Land

      Prime Baltimore Pike location, high traffic count.
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      Multi-Purpose Building For Sale

      Three-story, approximately 29,100 SF multi-purpose building requiring total rehabilitation.
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      7.78 Acres

      Hanover Retail Center - Prime Location

      Thriving Hanover retail space, high traffic.
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      30,112 SF

      Landmark Bank Building in Hanover

      Historic bank building with office space and parking.
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      Hanover Warehouse and Office Building

      4,851 SF warehouse and office building in Hanover, PA.
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    Similar Nearby for Lease

    • $3,895 /Mo
      4,138 SF

      Historic Brick Building in Hanover

      Multi-story building suitable for various commercial and mixed-uses.
      241 N Franklin St, Hanover, PA 17331
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      North Hanover Mall: Retail Spaces Available

      Hanover, PA retail mall; 11 spaces, 620-50,484 sq ft.
      1155 Carlisle St, Hanover, PA 17331
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    • $10 SF/Yr
      4,674 SF

      Downtown Hanover Retail Gem

      Unique freestanding retail space, 4,674 sq ft.
      241 Franklin St, Hanover, PA 17331
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      North Hanover Mall Retail Opportunity

      411,092 SF shopping mall for mixed-use development.
      1155 Carlisle St, Hanover, PA 17331
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      Established Retail Building For Rent

      87,000 SF retail building in Hanover, Pennsylvania.
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      4.43 Acre Commercial Land Parcel

      Located in rapidly growing area with high traffic count.
      2157 Baltimore Pike, Hanover, PA 17331
      View Details
    View Listing
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    Hanover, PA 17331
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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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    37 Broadway, Hanover, PA, 17331
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