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Property profile & analytics
OFF-MARKET
Estimated value
$1,775,000
Residential income homes
491 Hershey Ave Lancaster, PA 17603
Entity Owned
12-yr Hold
Property ID
US73-2123809
Property profile
Verified
Property type
Residential income homes
Use group
APARTMENT HOUSE (UNDER 5 UNITS)
Year built
2008
Construction
FRAME
Total area
14,932 SF
Lot
4.08 ac (177,725 SF)
Zoning code
RH
APN
410-77019-0-0000
UPID
US73-2123809
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.09M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.67M
Blend (final)
Blend
$1.78M
Owner & transaction history
Mill Partners LP Hershey · 12 yrs held
Mill Partners LP Hershey
since 2013
7 recorded transactions
Zoning & alternative use
RH · Lancaster, PA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$1.9M
+54.9%
Restaurant
$1.9M
+52.1%
Retail stores
$1.8M
+46.9%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Lancaster submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Lancaster submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
$1,085,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$1,250,000
Current use
AUTO REPAIR, GARAGE
$1,940,000
Change: +55% · Conversion: Difficult
RESTAURANT
$1,905,000
Change: +52% · Conversion: Difficult
RETAIL STORES
$1,840,000
Change: +47% · Conversion: Difficult
MEDICAL BUILDING
$1,765,000
Change: +41% · Conversion: Moderate
WAREHOUSE, STORAGE
$1,535,000
Change: +23% · Conversion: Difficult
Blend value · Realmo final
$1.78M
Range $1.60M – $1.95M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$119 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$62,891
Tax year 2024
Assessed value
$2,880,000
Assessed 2024
Previous assessed
$2,880,000
+0.0% YoY
Effective rate
2.18%
On assessed value
Assessed land
$598,300
Assessed improvement
$2,281,700
Land market value
$598,300
Improvement market value
$2,281,700
Total market value
$2,880,000
Applied tax rate
410.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Residential income homes
Use group
APARTMENT HOUSE (UNDER 5 UNITS)
Status
Off-Market
Year built
2008
Construction
FRAME
Heating
YES
Cooling
YES
Buildings
6
Stories
2
Units
3
Rooms
12
Bathrooms
3
Total area
14,932 SF
Lot
4.08 ac (177,725 SF)
Zoning code
RH
APN
410-77019-0-0000
UPID
US73-2123809
Jurisdiction
LANCASTER
Zoning & alternative use
RH · Lancaster, PA
Zoning RH · permitted uses
RH · Lancaster, PA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Lancaster. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$1.3M
AUTO REPAIR, GARAGE
Est. value
$1.9M
RESTAURANT
Est. value
$1.9M
RETAIL STORES
Est. value
$1.8M
MEDICAL BUILDING
Est. value
$1.8M
WAREHOUSE, STORAGE
Est. value
$1.5M
APARTMENT HOUSE (5+ UNITS) Current
AUTO REPAIR, GARAGE
RESTAURANT
RETAIL STORES
MEDICAL BUILDING
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2008
Construction
FRAME
Heating
YES
Cooling
Yes
Stories
2
Buildings
6
Units
3
Rooms
12
Bathrooms
3
Lot
4.08 ac
Current owner
From public records · entity-resolved
Mill Partners LP Hershey
Entity
Mailing address
215 S CENTERVILLE RD, LANCASTER, PA 17603-8831
Ownership since
2013
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 31, 2013
$4,425,000
Mill Partners LP Hershey
Hess,randall L & Stephanie L
Grant Deed
$3,540,000 · Fulton Bank
Oct 12, 2005
$8,660
Oak Hill Partners
Hess,randall L & Stephanie L
Warranty Deed
—
Aug 8, 2005
$33,120
Randall L Hess
Hess,susan B
Warranty Deed
$3,500,000 · Fulton Bank
Apr 15, 2003
$475,500
Randall L Hess
Wolgemuth,philip A & Carol M
Grant Deed
—
—
—
Philip A Wolgemuth
—
Deed Of Trust
related
$100,000 · Pnc Bank
—
—
Randall L Hess
—
Deed Of Trust
related
$123,000 · Fulton Bank
—
—
Randall L Hess
—
Deed Of Trust
related
$150,000 · Fulton Bank
—
—
Randall L Hess
—
Deed Of Trust
related
$500,000 · Fulton Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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