500 Broadway
Hanover, PA 17331
Absolute NNN ~10 Years | PMC Lawton-Standand · Industrial Property For Sale

Marcus & Millichap is pleased to exclusively present 500 Broadway, a 105,565-square-foot industrial facility located on 4.22 acres in Hanover, Pennsylvania. The property is fully leased to Penn-Mar Castings, LLC under a long-term Absolute Net Lease featuring 2.00% annual rental increases, a corporate guaranty, and two five-year renewal options. This structure provides investors with a stable and predictable income stream backed by an established industrial occupant.
Based on the new ownership date of November 1, 2026, the property is projected to generate Year 1 Net Operating Income (NOI) of $400,781, representing an attractive 6.10% capitalization rate. The Absolute Net Lease structure eliminates recurring landlord obligations, as the tenant is responsible for all operating and capital expenditures associated with the property, including real estate taxes, insurance, utilities, roof and structural components, HVAC systems, repairs, replacements, maintenance, environmental compliance, and day-to-day operational costs. As a result, ownership benefits from a highly passive investment profile with limited operational risk.
Penn-Mar Castings has a distinguished manufacturing heritage dating back to the 1840s, with a longstanding reputation for producing high-quality castings for the United States Government, defense-related applications, and a variety of commercial and industrial customers. The company's extensive operating history, specialized manufacturing expertise, and established market presence provide a strong foundation for long-term tenancy and continued operational stability at the property.