When evaluating commercial real estate, it can be easy to focus on the building that sits on a property today. But sometimes the real value lies in what the property could become tomorrow.

The recent sale of 501, 553 & 557 Park Avenue in Hershey, Pennsylvania is a good example.

The Bill Gladstone Group recently completed the sale of these three contiguous parcels in Derry Township. Together, the properties total approximately 0.62 acres, or 27,007 square feet, with approximately 180 feet of frontage along Park Avenue.

Beyond the transaction itself, the property highlights several factors that commercial buyers and property owners should consider when evaluating land: location, visibility, zoning, assemblage and future potential.

 

In Commercial Real Estate, Location Is About More Than an Address

“Location, location, location” may be one of the oldest sayings in real estate, but what makes a location valuable depends on the property and its intended use.

For commercial land, buyers may consider traffic patterns, visibility, accessibility, nearby businesses, surrounding development and proximity to major destinations.

The Park Avenue properties sit in a well-traveled Hershey corridor near Hersheypark. In fact, the property listing noted visibility from Hersheypark’s Lightning Racer.

That type of exposure can be especially valuable for retail, service and other commercial users that benefit from being easy to find.

The lesson for property owners is simple: don’t market only the land. Market the location.

Understanding what surrounds a property and why businesses or investors may value that position can be an important part of developing the right marketing strategy.

 

Three Parcels Can Create One Larger Opportunity

Another interesting aspect of this transaction was the configuration of the property.

Rather than marketing a single parcel, the offering combined three contiguous properties, each approximately 60 feet by 150 feet. Together, they created approximately 0.62 acres with 180 feet of Park Avenue frontage.

That illustrates an important concept in commercial real estate: sometimes the whole can offer more possibilities than the individual pieces.

Adjacent parcels may allow a buyer to consider a larger footprint, different site configuration, improved access or a redevelopment plan that wouldn’t be practical on a smaller individual lot.

For property owners, this is one reason it can be worthwhile to understand neighboring parcels and the broader area around a property before deciding how to bring it to market.

 

Zoning Can Expand a Property’s Potential

Location may get a buyer’s attention, but zoning can determine what they can actually do with the property.

The Park Avenue site is within the Hershey Mixed Use zoning district and Overlay 8 Compact Development. The property’s listing identified potential uses including business and professional offices, financial institutions, certain food-service uses, personal services, retail and others.

Derry Township’s zoning materials similarly provide for a variety of commercial uses within the Hershey Mixed Use district and its overlays.

That flexibility matters.

A property that can potentially accommodate multiple uses may appeal to a broader range of buyers than one with a very narrow set of options.

Of course, buyers should always perform their own zoning and land-development due diligence before purchasing a property. Zoning ordinances can change, and a permitted use doesn’t necessarily mean a particular development plan will automatically be approved. Derry Township maintains its current zoning ordinances, maps and development resources for property owners and developers.

 

Sometimes Buyers Need to Look Beyond What’s There Today

The three Park Avenue parcels contained existing residential structures, but the offering was positioned as a commercial land opportunity. The listing specifically noted that demolition of the homes would be the buyer’s responsibility.

That’s an important distinction.

Commercial buyers frequently evaluate a property differently than someone purchasing a home. An existing structure may have value, but it can also be secondary to the underlying land, zoning, frontage and redevelopment potential.

Instead of asking only, “What is this property today?” a commercial buyer may ask:

“What could this site support in the future?”

That change in perspective can reveal opportunities that aren’t immediately obvious from simply looking at the existing improvements.

 

Flexibility Can Create a Larger Buyer Pool

When selling commercial property, owners sometimes have a specific future use in mind.

But the eventual buyer may see something completely different.

That’s why understanding and communicating a property’s flexibility can be so important. A site that could potentially work for an office user, retailer, service business or another permitted commercial concept gives the market more ways to envision its future.

Derry Township’s broader planning vision also emphasizes compact and mixed-use development, including access to shops, services and employment opportunities.

For sellers, the goal isn’t necessarily to decide what a buyer should do with a property. It’s to give qualified buyers enough information to recognize what may be possible.

 

A Successful Sale Starts With Understanding What You’re Really Selling

The sale of 501, 553 & 557 Park Avenue is a useful reminder that commercial land is about much more than acreage.

In this case, the offering combined three contiguous parcels, substantial Park Avenue frontage, a recognizable Hershey location and zoning that allows for a variety of potential commercial uses.

Those characteristics help tell the property’s story.

For commercial property owners, identifying that story is an important part of preparing for a sale. What makes the location valuable? What does the zoning allow? Could adjoining parcels create additional opportunities? What type of buyer is most likely to recognize the property’s potential?

Answering those questions can help determine how a property should be positioned and marketed.

The Bill Gladstone Group works with commercial property owners, buyers, landlords and tenants throughout Central Pennsylvania to evaluate opportunities and develop strategies based on both current market conditions and long-term objectives.

Considering selling commercial property or land in Central Pennsylvania? Start with a conversation about what your property could be worth and how it should be positioned in today’s market.

Explore Bill Gladstone Group commercial properties

 

Another industrial lease is complete at 1900 Crooked Hill Road in Harrisburg, where Suites 112–124 have been leased.

For a landlord, a signed lease is the finish line. But getting there starts much earlier. The successful leasing of commercial space depends on how well a property matches the practical needs of businesses searching in the market.

1900 Crooked Hill Road is a good example of several characteristics that can make industrial space attractive to prospective tenants.

Location Still Matters in Industrial Real Estate

Industrial users may not depend on foot traffic or storefront visibility, but location remains one of the most important factors in a real estate decision.

1900 Crooked Hill Road is located in Susquehanna Township, minutes from the City of Harrisburg, Route 22 and I-81. That proximity gives businesses convenient access to major transportation routes while keeping them close to the Harrisburg market.

For warehouse, distribution, manufacturing and other industrial users, transportation access can affect everything from deliveries and employee commutes to operating efficiency.

Functionality Can Make or Break a Space

A building can be in the right location and still not work for a particular tenant.

Industrial users often have very specific requirements. Ceiling height, loading capabilities, power, parking, heating and cooling, and the configuration of the space can all influence whether a property makes the shortlist.

At 1900 Crooked Hill Road, the industrial space includes features such as 18’7″ clear ceiling heights, 12′ x 12′ dock and drive-in doors, a sprinkler system, concrete floors and gas heat/electric air conditioning.

Those aren’t simply items on a property brochure. They determine how effectively a business can operate once it moves in.

Flexibility Opens the Door to More Tenants

Another important consideration is flexibility.

The building contains approximately 62,000 square feet and has been marketed with industrial space divisible into smaller configurations. The property also provides a combination of warehouse and office space depending on the amount leased.

That adaptability can be valuable because not every industrial tenant needs the same footprint. A growing local company may have very different requirements from a larger warehouse or distribution operation.

Properties that can accommodate different space needs can appeal to a broader pool of potential tenants.

Industrial Real Estate Is About More Than Square Footage

Businesses aren’t simply leasing square feet. They’re choosing a place from which they need to operate successfully.

That means the right industrial property needs to answer practical questions:

Can trucks access the property efficiently? Is there enough room for loading and parking? Does the building configuration support the company’s workflow? Is the location convenient to major roads? Can the space accommodate the business as its needs evolve?

At 1900 Crooked Hill Road, the property includes common automobile parking as well as a large area for truck parking, along with industrial loading capabilities.

These details can be every bit as important as rental rate when a company evaluates its options.

The Value of Positioning a Commercial Property Correctly

For landlords, successful leasing isn’t necessarily about marketing a property to everyone. It’s about understanding which businesses are most likely to benefit from what the property offers and positioning the opportunity accordingly.

The lease of Suites 112–124 at 1900 Crooked Hill Road is another example of matching available commercial space with a tenant that sees value in the property.

And while this transaction is complete, the lesson applies to commercial properties throughout Central Pennsylvania: location gets attention, functionality creates interest, and the right fit gets the lease signed.

If you own industrial or commercial property in Central Pennsylvania and are considering leasing, selling or repositioning it, the Bill Gladstone Group can help evaluate the property, understand current market opportunities and develop a strategy for bringing it to market.

View Bill Gladstone Group commercial properties

 

One of the most common questions commercial property owners ask is:

“What is my property actually worth?”

While it may seem like a straightforward question, determining the value of a commercial property involves much more than reviewing nearby sales or checking online estimates.

Commercial real estate values are influenced by a variety of factors, including location, income potential, property condition, market conditions, and future opportunities. Understanding how value is determined can help owners make informed decisions whether they’re considering selling, refinancing, expanding their portfolio, or simply evaluating their investment.

Market Value vs. Assessed Value

One of the first misconceptions we often encounter is the difference between market value and assessed value.

Assessed value is typically used by local governments for property tax purposes.

Market value represents what a knowledgeable buyer is willing to pay for a property under current market conditions.

The two figures are often very different.

Property owners should avoid relying solely on assessed values when evaluating the potential sale price of a commercial property.

Location Still Drives Value

Location remains one of the most significant factors influencing commercial real estate value.

Buyers often evaluate:

• Visibility
• Accessibility
• Traffic counts
• Population growth
• Nearby businesses
• Transportation access
• Workforce availability

Properties located near major commercial corridors, business districts, and transportation routes often command greater interest from both investors and owner-users.

In Central Pennsylvania, locations near Interstate 81, Interstate 83, the Pennsylvania Turnpike, and established retail and business corridors continue attracting strong buyer interest.

Related reading:

• How Businesses Should Think About Location Strategy in 2026
• Why Route 81 Continues to Drive Industrial Growth in Central PA

Income Producing Properties Are Valued Differently

For investment properties, buyers often focus heavily on income.

Questions frequently include:

• How much rental income does the property generate?
• Are tenants stable?
• What are occupancy levels?
• How long are lease terms?
• What expenses are associated with ownership?

The more stable and predictable a property’s income stream, the more attractive it may become to investors.

This is why two seemingly similar buildings can have dramatically different values.

Property Condition Matters

A property’s physical condition can significantly impact value.

Buyers often evaluate:

• Roof condition
• HVAC systems
• Parking lots
• Building systems
• Exterior appearance
• Deferred maintenance

Properties that have been well maintained often create greater buyer confidence and may command stronger pricing than comparable properties requiring immediate capital improvements.

Related reading:

• How to Increase Commercial Property Value Without Major Renovations

Comparable Sales Tell Part of the Story

Commercial brokers often review comparable property sales when estimating value.

These comparisons consider:

• Property type
• Size
• Location
• Condition
• Occupancy
• Sale timing

However, no two commercial properties are exactly alike.

Comparable sales provide useful context, but they represent only one piece of the valuation process.

Future Potential Influences Value

Many buyers are purchasing future opportunities, not just current performance.

They often evaluate:

• Expansion potential
• Redevelopment opportunities
• Zoning flexibility
• Population growth
• Economic development plans
• Future infrastructure improvements

Properties located in growing markets frequently attract stronger interest because buyers see opportunities beyond current operations.

Related reading:

• Spotlight on Dauphin County: Why Central PA’s Capital Region Continues to Attract Commercial Real Estate Growth

Market Conditions Matter

Commercial real estate values are also influenced by broader market trends.

Factors may include:

• Interest rates
• Financing availability
• Supply and demand
• Local economic growth
• Investor sentiment

A property’s value today may differ significantly from what it was worth several years ago due to changing market conditions.

Related reading:

• Central PA Commercial Real Estate Outlook: What to Expect in 2026

The Most Common Valuation Mistake

One of the biggest mistakes property owners make is assuming value is based solely on what they originally paid for the property or how much money they have invested in improvements.

While ownership costs matter to the owner, buyers focus on current market conditions and future opportunities.

Ultimately, value is determined by what the market is willing to pay, not necessarily what has been invested over time.

So, What Is Your Property Really Worth?

The answer depends on a combination of factors:

✔ Location

✔ Income potential

✔ Property condition

✔ Comparable sales

✔ Market conditions

✔ Future opportunities

Every commercial property is unique, which is why professional valuation and market analysis remain critical when preparing to sell, refinance, or plan future investments.

Final Thoughts

Determining commercial property value involves much more than assigning a price per square foot. Buyers evaluate income, location, condition, flexibility, market trends, and long-term potential when deciding what a property is worth.

For property owners, understanding these factors can lead to better decisions and stronger outcomes when it’s time to sell or reposition an asset.

At The Bill Gladstone Group, we help commercial property owners throughout Central Pennsylvania understand market conditions, evaluate opportunities, and position properties for success in today’s evolving commercial real estate market.

 

Dauphin County continues to be one of Central Pennsylvania’s most active commercial real estate markets, offering opportunities across office, retail, industrial, investment, and development sectors. From Harrisburg to Middletown, businesses and investors continue looking for strategically located properties with strong accessibility and long-term growth potential.

The Bill Gladstone Group currently has several commercial properties available throughout Dauphin County that highlight the diversity of opportunities within the region.

Office & Commercial Opportunities in Harrisburg

Located in Lower Paxton Township, this newly listed office/commercial property offers strong visibility along Linglestown Road in one of the area’s established commercial corridors.

4107 Linglestown Road

This office/commercial property provides approximately 1,920 square feet and offers excellent accessibility within Lower Paxton Township. The location benefits from nearby retail activity, residential growth, and convenient access to major roadways.

Learn more: 4107 Linglestown Road Listing

118 S. Hershey Road

Located in West Hanover Township, this office/commercial property offers approximately 1,708 square feet and provides convenient access to surrounding Harrisburg-area communities and transportation routes.

Learn more: 118 S. Hershey Road Listing

212 N. Third Street

Situated in the heart of Downtown Harrisburg, this office lease opportunity places businesses directly within the city’s central business district. The location offers walkability, visibility, and access to nearby restaurants, government offices, and local amenities.

Learn more: 212 N. Third Street Listing

Related reading:
How Harrisburg’s Growth is Impacting Commercial Real Estate
The Quiet Revolution: Transforming Office Spaces Post-Pandemic

Development & Commercial Growth Opportunities in Middletown

Lower Swatara Township continues seeing increased commercial activity due to its proximity to Harrisburg International Airport, Route 283, and surrounding logistics corridors.

3265 Fulling Mill Road

This office/commercial property offers approximately 1,500 square feet and benefits from visibility and accessibility within a growing commercial area near Route 283.

Learn more: 3265 Fulling Mill Road Listing

1144 S. Eisenhower Boulevard

This commercial land opportunity offers approximately 1.644 acres in Lower Swatara Township. Positioned near major transportation routes, the property presents potential for future commercial development in an active growth corridor.

Learn more: 1144 S. Eisenhower Boulevard Listing

Related reading:
Spotlight on Swatara Township

Dauphin County Continues to Offer Diverse CRE Opportunities

From downtown office space to suburban commercial properties and development land, Dauphin County continues offering opportunities for businesses, investors, and developers throughout Central Pennsylvania.

Its accessibility, transportation infrastructure, workforce availability, and diverse commercial landscape continue making the region attractive for long-term commercial real estate growth.

Helpful external resources:
Dauphin County Economic Development Corporation
Pennsylvania Department of Community & Economic Development

Final Thoughts

As Central Pennsylvania continues evolving, Dauphin County remains one of the region’s most important commercial real estate markets. Whether searching for office space, development opportunities, or investment properties, the county continues providing strong long-term potential across multiple sectors.

At The Bill Gladstone Group, we continue helping businesses and investors identify opportunities throughout Dauphin County and the broader Central PA market.