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    148 N Carlisle St Greencastle, PA 17225

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    Sponsored
    For Sale
    $267,900

    MULTI_FAMILY - Colonial - GREENCASTLE, PA

    Property size:
    2,162 SF
    Lot size:
    0.33 Acres
    Days on Market:
    23
    Last Refresh:
    Mar 25 at 3:06 am

    Property Features for 148 N Carlisle St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Dining Room, Basement
    Parking features
    Off Street, Alley, On Street, Driveway, Fenced
    Interior features
    Attic, Carpet, Ceiling Fan(s), Wood Floors, Bathroom - Tub Shower, Dining Area, Floor Plan - Traditional, Pantry, Primary Bath(s), Store/Office
    Fireplace
    1
    Appliances
    Oven/Range - Electric, Refrigerator, WaterHeater, Washer, Dryer
    Size
    2,162 SF
    Lot size
    0.33 Acres

    Utilities

    Heating system
    Hot Water(Heating)

    Building Details

    Year built
    1910
    Number of units
    2
    Building materials
    Brick, Frame
    Architectural style
    Colonial

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    Listing Contact
    Caleb Gee

    The Glocker Group Realty Results

    Listing agent Caleb Gee License #RSR004926

    Listing date Mar 2, 2026

    MLS# PAFL2032526 Listing URL

    Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Two Properties, Endless Potential

    Located in Greencastle, PA, this unique property includes two buildings: 148 North Carlisle Street and 173 North Elm Street, offered for the price of one. The main home at 148 North Carlisle Street is a move-in-ready, clean home with 3 to 4 bedrooms and 2 bathrooms. Substantial upgrades include a new architectural roof installed in 2023 and a new furnace installed in 2018, along with new light fixtures and interior and exterior paint. The property provides ample privacy with a full-length vinyl privacy fence installed in 2022. The yard is one of the largest in Greencastle Boro, spanning 240 feet long and 60 feet wide. The rear of the property features a new driveway installed in 2021. The additional building, separately addressed as 173 North Elm Street, has subdivision potential and was historically used for small business purposes, specifically as a bakery. It has separate electric and natural gas meters and will have its own independent water and sewer meter once connected. The entire property is zoned R2, which allows for some business operations and accessory uses. The main house has a spacious layout featuring a 3-bedroom, 2-bathroom configuration, with a spacious downstairs floorplan including 2 living rooms, a dedicated dining room, mud room, and dedicated laundry room. One of the rooms is a pass-through configuration, allowing the property to be marketed as a 4-bedroom home. The total property size is 2162 square feet, situated on a 0.33-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Greencastle
    County
    Franklin
    State
    Pennsylvania
    Longitude
    -77.72892
    Latitude
    39.78778

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    FAQs

    What type of property is this?
    Mixed-use property - Two properties for the price of one with subdivision potential.
    Where is this mixed-use property located?
    The property is located at 148 N Carlisle St Greencastle, PA.
    What is the asking price?
    The asking price for this property is $267,900.
    What are key features of this property?
    This property features: - Two separately addressed properties for the price of one, offering multi-family or business potential.; - Separate building with independent utilities, suitable for residential conversion, business, or rental income.; - Main house is move-in-ready with recent upgrades including a new architectural roof (2023) and new furnace (2018).
    (240) 452-8858
    Request Owner's contact information
    148 N Carlisle St Greencastle, PA 17225
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    Greencastle, PA 17225
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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
    148 N Carlisle St Greencastle, PA 17225
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    Listing Contact
    Caleb Gee
    Real Estate License ID: RSR004926
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