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    43 W Areba Ave Hershey, PA 17033
    Property profile & analytics

    43 W Areba Ave, Hershey, PA 17033

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    • Hotels
    • 1,195 SF
    • 0.64 lot acres
    For Sale
    $2,300,000
    View Listing →
    Rodeway Inn & Suites Hershey For Sale
    $2,300,000
    27,878 SF

    Rodeway Inn & Suites Hershey

    Hospitality property near Hersheypark and Chocolate World.

    43 W Areba Ave, Hershey, PA 17033
    View Listing
    Property ID
    US73-5935012
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Rodeway Inn & Suites / Hotel & Motel

    Property Details for 43 W Areba Ave

    Year built
    1950
    Lot size
    0.64 lot acres
    Property type
    Hotels
    Property subtype
    Motels
    APN
    24-016-108
    APU
    24016108

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Aug 12, 2024 $1,750,000 Santram Motel LLC Devkripa Managements Corporation Deed $1.1M · Farmers & Merchants Trust Co
    Aug 10, 2022 $1,600,000 Devkripa Managements Corporation Vora INC Deed $1.3M · Berkshire Bank
    Aug 3, 2015 $2,060,000 Vora INC Mahashachasai INC Grant Deed $1.8M · Parke Bk
    Aug 1, 2007 $2,150,000 Mahashachasai INC Rathod,shaktisinh & Chandramohini Grant Deed $1.7M · Graystone Bank
    — — Shaktisinh Rathod — Deed Of Trust · related $30k · Waypoint Bank
    — — Shaktisinh Rathod — Deed Of Trust · related $1.4M · Graystone Bank
    — — Chandramohini S Rathod — Deed Of Trust · related $125k · Waypoint Bank
    — — Rathod,shaktisinh & Chandramohini — Deed Of Trust · related $50k · Waypoint Bk
    — — Shaktisinh Rathod — Deed Of Trust · related $50k · Graystone Bank
    — — Shaktisinh Rathod — Deed Of Trust · related $250k · Sovereign Bank
    — — Shaktisinh Rathod — Deed Of Trust · related $267k · Sovereign Bank

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,565,000
      ML approach
      $1,490,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Hershey
    County
    Dauphin
    State
    Pennsylvania
    Longitude
    -76.6497
    Latitude
    40.2827
    CBSA code
    25420
    CBSA name
    HARRISBURG-CARLISLE, 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
    2023
    $21,042
    $225,600
    $503,800
    $729,400
    -
    $225,600
    $503,800
    $729,400

    Comparable in this City

    • Value Estimation
      $6,700,000
      66,128 SF

      749 Chocolate Ave

      HOTEL/MOTEL
      749 Chocolate Ave, Hershey, PA 17033-1212
      View Details
    • Value Estimation
      $580,000
      2,582 SF

      60 Washington Ave

      HOTEL/MOTEL
      60 Washington Ave, Hershey, PA 17033-1208
      View Details
    • Value Estimation by Request
      3,300 SF

      1060 Chocolate Ave

      HOTEL/MOTEL
      1060 Chocolate Ave, Hershey, PA 17033-1217
      View Details
    • Value Estimation
      $540,000
      4,442 SF

      1043 Chocolate Ave

      HOTEL/MOTEL
      1043 Chocolate Ave, Hershey, PA 17033-1218
      View Details
    • Value Estimation by Request
      0.17 Acres

      408 Chocolate Ave

      HOTEL/MOTEL
      408 Chocolate Ave, Hershey, PA 17033-1637
      View Details
    • Value Estimation by Request
      1,648 SF

      1428 Chocolate Ave

      HOTEL/MOTEL
      1428 Chocolate Ave, Hershey, PA 17033-1102
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      27,878 SF

      Rodeway Inn & Suites Hershey

      Hospitality property near Hersheypark and Chocolate World.
      43 W Areba Ave, Hershey, PA 17033
      View Details
    • Contact for pricing
      3,661 SF

      Freestanding Former Bank For Sale

      Freestanding former bank with drive-thru and ample parking.
      1245 Cocoa Ave, Hershey, PA 17033
      View Details
    • Contact for pricing

      Commercial Tract Near Hersheypark

      7.87 acre commercial tract with high visibility on Rt. 39.
      Hershey Rd, Hershey, PA 17033
      View Details
    • Contact for pricing
      3,661 SF

      Retail Space on Cocoa Avenue

      Retail property available for sale or lease in Hershey, PA.
      1245 Cocoa Ave, Hershey, PA 17033
      View Details
    • Contact for pricing
      3,750 SF

      Hershey Mixed-Use Commercial Building

      0.60 acre lot suitable for commercial, medical, or retail use.
      867 Fishburn Rd, Hershey, PA 17033
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Hershey Medical/Professional Office Space

      Modern medical/professional office building near Penn State Hershey Medical Center.
      32 Northeast Dr, Hershey, PA 17033
      View Details
    • Contact for pricing

      Hershey Medical Office Space Available

      Modern medical/professional space for lease near Penn State Hershey.
      32 Northeast Dr, Hershey, PA 17033
      View Details
    • Contact for pricing

      Hershey Office Suites for Rent

      Office suites available in Hershey with flexible lease terms.
      1135 E Chocolate Ave, Hershey, PA 17033
      View Details
    View Listing
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    Hershey, PA 17033
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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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