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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    721 3rd St Hanover, PA 17331-4820

    • Turn key restaurants
    • 0.19 lot acres
    OFF-MARKET
    Last Sale
    Nov 08, 2021
    Value Estimations
    $265,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-3313098
    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

    • Turn key restaurants

    Property Details for 721 3rd St

    Lot size
    0.19 lot acres
    Property type
    Turn key restaurants
    APN
    08 008-0062---000
    APU
    80080062000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $265,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Hanover
    County
    Adams
    State
    Pennsylvania
    Longitude
    -77.0099
    Latitude
    39.807
    CBSA code
    23900
    CBSA name
    GETTYSBURG, PA MICROPOLITAN 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
    $5,351
    $42,100
    $199,800
    $241,900
    -
    $42,100
    $199,800
    $241,900

    Comparable in this City

    • Value Estimation
      $1,095,000
      6,709 SF

      375 Eisenhower Dr

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      375 Eisenhower Dr, Hanover, PA 17331-5219
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    • Value Estimation
      $455,000
      9,448 SF

      1180 Carlisle St

      RESTAURANT • 9,448 SF
      1180 Carlisle St, Hanover, PA 17331-1141
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    • Value Estimation
      $330,000
      4,733 SF

      241 Railroad St

      RESTAURANT • 4,733 SF
      241 Railroad St, Hanover, PA 17331-2257
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    • Value Estimation
      $430,000
      7,641 SF

      10 Wilson Ave

      RESTAURANT • 7,641 SF
      10 Wilson Ave, Hanover, PA 17331-5249
      View Details
    • Value Estimation
      $440,000
      5,410 SF

      81 Wilson Ave

      RESTAURANT • 5,410 SF
      81 Wilson Ave, Hanover, PA 17331-5207
      View Details
    • Value Estimation
      $245,000
      4,700 SF

      38 Carlisle St

      RESTAURANT • 4,700 SF
      38 Carlisle St, Hanover, PA 17331-2403
      View Details

    Similar Nearby for Sale

    • $425,000
      1,300 SF

      Turnkey Bar and Restaurant Opportunity

      Established bar and restaurant for sale with liquor license.
      907 W Elm Ave, Hanover, PA 17331
      View Details
    • $795,000
      4,733 SF

      Hanover Diner: Turnkey Restaurant

      Established Restaurant, 4,733 SF, $795,000
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    • $750,000
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      Hanover Restaurant - $750K

      Prime Restaurant Space, Vacant, High Traffic
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    • Contact for pricing
      2.27 Acres

      Hanover Parcels: QSR Land Opportunity

      Prime Hanover, PA QSR land for sale.
      0 Eisenhower Dr & Wilson Ave, Hanover, PA 17331
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    • Contact for pricing
      7.78 Acres

      Hanover Retail Center - Prime Location

      Thriving Hanover retail space, high traffic.
      1000 Carlisle St, Hanover, PA 17331
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    • $399,000
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      Hanover Retail Building - $399K

      Prime Hanover location, vacant retail space.
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    Similar Nearby for Lease

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      20,308 SF

      Clearview Shopping Center Space Available

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    • $14 SF/Yr
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      Grandview Plaza: Retail & Office Space

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      167,392 SF

      Clearview Shopping Center: Hanover, PA

      Hanover retail space, multiple suites available.
      1000 Carlisle St, Hanover, PA 17331
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      Retail Space in Modern Strip

      In-line retail space suitable for various business types.
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    • Contact for pricing
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      Regional Shopping Center Retail Space

      Retail space available in enclosed regional shopping center.
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      Downtown Hanover Retail Gem

      Unique freestanding retail space, 4,674 sq ft.
      241 Franklin St, Hanover, PA 17331
      View Details
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    721 3rd St
    Hanover, PA 17331-4820
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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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