For Sale
$515,000

1223 Chocolate AveHershey, PA 17033

Prime Hershey location, 2 units, 100% occupied.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional mixed-use property in Hershey, Pennsylvania, presents a compelling investment opportunity. Located at 1223 E Chocolate Ave, this stabilized investment boasts 2,850 square feet across two stories, situated on a 0.84-acre lot (APN 62-17-217). The property is currently 100% occupied with a diverse tenant mix, including a personal services business in a three-year lease with two five-year options, and long-term tenants in the upper-level apartment and garage/workshop. The first floor comprises 1,400 square feet of retail space. The asking price is $515,000, representing a price per square foot of $180.70. The property is zoned Palmdale MU and offers off-street parking. Currently operating at a 6.1% cap rate, this property offers significant value-add potential through lease structure adjustments, such as transitioning tenants to a net-net-net (NNN) lease, and implementing rent escalations. This makes it an ideal addition to an existing portfolio or a strong starting point for new investors seeking a stable, income-producing asset in a highly desirable Hershey location, just minutes from the downtown area. The property includes a one-bedroom apartment and a garage/workshop, adding to its versatility and income streams.

Highlights

  • $515,000 asking price for a stabilized mixed-use investment property.
  • 2,850 square feet on a 0.84-acre lot in Hershey, PA.
  • 100% occupancy with two units: a retail space and an apartment.
  • Located minutes from downtown Hershey, offering a highly desirable location.
  • Value-add opportunity through lease restructuring and potential rent increases.

Property Details for 1223 Chocolate Ave

Property type
Retail properties, Mixed-use properties
Square Feet
2,850 SF
Stories
2
Lot Size (sq. ft)
36,590 SF
Units
2

Location Insight

City
Hershey
County
Dauphin
State
Pennsylvania
Latitude
40.296587
Longitude
-76.6222499
1223 Chocolate Ave, Hershey, Pennsylvania

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1223 Chocolate Ave
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