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

    940 E Park Dr Harrisburg, PA 17111

    • Office Properties & Spaces
    • 14,700 SF
    • 0.93 lot acres
    For Lease
    View listing
    $17 SF/Yr
    Last Sale
    Jun 07, 2023
    $1,700,000
    Value Estimations
    $1,695,000
    Cap Rate Potential
    9.4%
    Office Properties & Spaces
    Location Intelligence
    Property ID
    US73-5525278
    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

    • Bhutanese Community In Harrisburg / Association / Organization
    • PPO&S / Advertising Agency / Design Agency
    • Strand Insurance and Financial Strategies / Insurance Agency
    • Latino Connection / Marketing Consultant / Public Relations Firm
    • Unique Hearts Home Care / Home Health Care Service

    Property Details for 940 E Park Dr

    Year built
    1984
    Lot size
    0.93 lot acres
    Property size
    14,700 SF
    Property type
    Office Properties & Spaces
    APN
    35-074-050
    APU
    35074050

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,900,000
      ML approach
      $1,970,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,577,000
      Market price range: $752k - $2.03M
      AI Estimate
      $1,323,000
      Market price range: $500k - $1.56M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,355,000
      Current use
      AUTO REPAIR, GARAGE
      $2,755,000
      Change: +103% Conversion: Difficult
      MEDICAL BUILDING
      $2,160,000
      Change: +59% Conversion: Easy
      RETAIL STORES
      $2,075,000
      Change: +53% Conversion: Easy
      RESTAURANT
      $2,025,000
      Change: +50% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $1,490,000
      Change: +10% Conversion: Moderate
      APARTMENT HOUSE (5+ UNITS)
      $1,255,000
      Change: -7% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Harrisburg
    County
    Dauphin
    State
    Pennsylvania
    Longitude
    -76.815
    Latitude
    40.2749
    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
    $25,398
    $305,500
    $637,900
    $943,400
    -
    $305,500
    $637,900
    $943,400

    Comparable in this City

    • Value Estimation
      $8,720,000
      81,152 SF

      150 43rd St

      OFFICE (GENERAL) • 81,152 SF
      150 43rd St, Harrisburg, PA 17111-5708
      View Details
    • Value Estimation
      $2,140,000
      23,681 SF

      4400 Lewis Rd

      OFFICE (GENERAL) • 23,681 SF
      4400 Lewis Rd, Harrisburg, PA 17111-2544
      View Details
    • Value Estimation by Request
      5,804 SF

      3001 Pike St

      OFFICE (GENERAL) • 5,804 SF
      3001 Pike St, Harrisburg, PA 17111-1676
      View Details
    • Value Estimation by Request
      6,496 SF

      4700 Un Deposit Rd

      CONDOMINIUM OFFICES • 6,496 SF
      4700 Un Deposit Rd, Harrisburg, PA 17111-3774
      View Details
    • Value Estimation
      $525,000
      3,500 SF

      3930 Chambers Hl Rd

      OFFICE (GENERAL) • 3,500 SF
      3930 Chambers Hl Rd, Harrisburg, PA 17111-1508
      View Details
    • Value Estimation by Request
      11,020 SF

      7701 Derry St Sta, Unit A

      CONDOMINIUM OFFICES • 11,020 SF
      7701 Derry St Sta, Harrisburg, PA 17111-5205
      View Details

    Similar Nearby for Sale

    • $5,383,545
      27,314 SF

      Harrisburg Medical Office Complex

      Multi-tenant medical office building, high cap rate.
      479 Port View Dr, Harrisburg, PA 17111
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    • Contact for pricing
      11.40 Acres

      Harrisburg Executive Office Building

      Prime Harrisburg location, high visibility, great investment.
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    • Contact for pricing
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      Harrisburg Office Building For Sale

      145,700 SF office building in Tecport Business Center.
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    • $1,700,000
      11,080 SF

      Modern Flex Building in Harrisburg

      11,080 SF flex building with office and warehouse space.
      7701 Derry St, Harrisburg, PA 17111
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    • $973,680
      30,000 SF

      Medical/Professional Office Suite Available

      8,190 SF medical/professional office suite for sale or lease.
      Union Deposit Rd, Harrisburg, PA 17111
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    • $995,000
      6.23 Acres

      Owens Industrial Park Warehouse

      17,680 SF Warehouse, 3.5 Acres
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    Similar Nearby for Lease

    • $14 SF/Yr
      54,000 SF

      Tecport Business Center: Harrisburg, PA

      Harrisburg Office Space: Flexible Suites Available
      441 Friendship Rd, Harrisburg, PA 17111
      View Details
    • $18 SF/Yr
      46,241 SF

      Harrisburg Executive Office Suites

      Class A Office Space, Multiple Suites Available
      651 Park Dr, Harrisburg, PA 17111
      View Details
    • $19 SF/Yr
      125,000 SF

      Harrisburg Class A Office Space

      Modern office suites, ample parking.
      777 Park Dr, Harrisburg, PA 17111
      View Details
    • $15 SF/Yr
      2,000 SF

      Renovated Office Suites For Lease

      Flexible, move-in ready office suites in a convenient location.
      4051 Executive Park Dr, Harrisburg, PA 17111
      View Details
    • $11 SF/Yr
      14,664 SF

      TecPort Business Campus: Harrisburg, PA

      Harrisburg Office Space: Sale/Lease Options
      479 Port View Dr, Harrisburg, PA 17111
      View Details
    • $17 SF/Yr
      90 SF

      East Shore Office Space Available

      Multi-story office building in the East Shore Business District.
      940 E Park Dr, Harrisburg, PA 17111
      View Details
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    Harrisburg, PA 17111
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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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