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    Property profile & analytics

    515 Chocolate Ave Hershey, PA 17033-1325

    • Hotels
    • 71,317 SF
    • 1.81 lot acres
    OFF-MARKET
    Value Estimations
    $7,280,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-4310873
    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

    • Nick Semuta Golf Lessons & Coach / Golf Instructor
    • AIONX Antimicrobial Technologies, Inc. / Corporate Office
    • Courtyard Hershey Chocolate Avenue / Hotel / Meeting Planning Service
    • Woods & Irons / Golf Instructor / Indoor Golf Course
    • Stumpy's Hatchet House of Hershey / Event Venue / Adventure Sports

    Property Details for 515 Chocolate Ave

    Year built
    2017
    Lot size
    1.81 lot acres
    Property size
    71,317 SF
    Property type
    Hotels
    Property subtype
    Motels
    APN
    24-020-033
    APU
    24020033

    Description

    This exceptional Hershey, Pennsylvania commercial property, located at 515 W Chocolate Ave, offers a unique blend of retail, office, and industrial spaces. The 6.41-acre lot encompasses seven buildings, totaling 31,758 square feet, spread across two stories. Built in 1940, the property is zoned C25 - Commercial/Industrial: Hershey Mixed Use with Downtown Core 9.1 Overlay District, providing flexibility for a variety of businesses. The property features multiple tenancy options, including flex suites ideal for adaptable businesses, self-storage units catering to individual and commercial needs, and traditional office suites for professional organizations. This prime location offers excellent visibility and accessibility, situated near popular local establishments. The property's diverse space options and central Hershey location make it an attractive opportunity for businesses seeking a versatile and convenient space. The Dauphin County address (APN: 24-009-046, 24-009-053) and zip code 17033 provide easy identification and logistical planning. This mixed-use property presents a rare opportunity to establish a presence in a thriving Hershey community.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $8,945,000
      6.5%
      $8,255,000
      7%
      $7,665,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $7,055,000
      Market price range: $1.86M - $12.2M

    • Alternative Use

      Use
      Estimation
      HOTEL/MOTEL
      $11,630,000
      Current use
      MEDICAL BUILDING
      $11,805,000
      Change: +2% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $11,800,000
      Change: +1% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $11,590,000
      Change: -0% Conversion: Difficult
      RETAIL STORES
      $10,350,000
      Change: -11% Conversion: Difficult
      RESTAURANT
      $10,060,000
      Change: -14% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Hershey
    County
    Dauphin
    State
    Pennsylvania
    Longitude
    -76.6389
    Latitude
    40.2903
    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
    $178,018
    $800,500
    $5,370,200
    $6,170,700
    -
    $800,500
    $5,370,200
    $6,170,700

    Comparable in this City

    • Value Estimation by Request
      0.17 Acres

      408 Chocolate Ave

      HOTEL/MOTEL • 0.17 Acres
      408 Chocolate Ave, Hershey, PA 17033-1637
      View Details
    • Value Estimation by Request
      1,648 SF

      1428 Chocolate Ave

      HOTEL/MOTEL • 1,648 SF
      1428 Chocolate Ave, Hershey, PA 17033-1102
      View Details
    • Value Estimation
      $565,000
      6,077 SF

      355 Chocolate Ave

      HOTEL/MOTEL • 6,077 SF
      355 Chocolate Ave, Hershey, PA 17033-1636
      View Details
    • Value Estimation
      $24,680,000
      137,886 SF

      210 Hotel Rd

      HOTEL/MOTEL • 137,886 SF
      210 Hotel Rd, Hershey, PA 17033
      View Details
    • Value Estimation by Request
      51,130 SF

      204 Hillcrest Rd

      HOTEL/MOTEL • 51,130 SF
      204 Hillcrest Rd, Hershey, PA 17033-1659
      View Details
    • Value Estimation by Request
      1,928 SF

      405 Chocolate Ave

      HOTEL/MOTEL • 1,928 SF
      405 Chocolate Ave, Hershey, PA 17033
      View Details

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    Similar Nearby for Lease

    • $19 SF/Yr
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      Hershey Medical Office Suites

      Prime Hershey location, flexible suites.
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    515 Chocolate Ave
    Hershey, PA 17033-1325
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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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