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    2656 Ellwood Rd New Castle, PA 16101

    Sponsored
    For Sale
    $399,000

    Commercial - New Castle, PA

    Property size:
    40,000 SF
    Lot size:
    3.00 Acres
    Days on Market:
    4
    Last Refresh:
    Feb 28 at 12:06 am

    Property Features for 2656 Ellwood Rd

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    31-000.000-0000-000.000
    Parking features
    Garage
    Size
    40,000 SF
    Lot size
    3.00 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Sherman Hostetter

    Sherman E Hostetter (724) 601-2333

    Listing agent Sherman Hostetter (724) 601-2333

    Listing date Feb 25, 2026

    MLS# 11662556 Listing URL

    Copyright © 2026 My State 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

    Redeveloped Plaza End-Cap Space

    Located at 2656 Ellwood Rd in New Castle, PA, this property is situated within the newly redeveloped Shenango Commons Plaza. The available space comprises 40,000 square feet and represents a prime end-cap opportunity. The property, identified as Parcel # 31-3906-0119K, is located in Shenango Township, Lawrence County, and is part of the Shenango Area School District. The lot size is approximately 3 acres (230'x395'). Zoned C-1, the property features 112 parking spaces and rear loading access. The durable concrete structure includes 13-foot drop ceilings and a fully sprinklered system. The plaza has been subdivided for individual acquisition. The property benefits from high visibility and foot traffic. Immediate neighbors include Fine Wine & Good Spirits and Ascent Pickleball (Indoor Courts). The anchor tenant is BC3 Community College, which recently opened its new campus, BC3 @ Lawrence, in the plaza. The property was formerly home to high-traffic tenants T&M Hardware and Giant Eagle. A brand-new roof is scheduled for installation in June 2025.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Grossetti Performance Gym & Fitness Center Paul Anderson & Associates Physician The Epic Find Home Decor Store OneMain Financial Loan Service Fine Wine & Good ... (Bike/Boat/Book/etc) Store

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Pharmacy Auto Parts Store

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

    Similar Places Nearby

    Shenango Centre, Lawrence Village Plaza, Coinstar Kiosk - Bitcoin ATM, Shenango Plaza

    Location Insight

    • Map
    • Local Demand
    City
    New Castle
    County
    Lawrence
    State
    Pennsylvania
    Longitude
    -80.306104
    Latitude
    40.963994

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    FAQs

    What type of property is this?
    Shopping center - 40,000 SF end-cap space in redeveloped Shenango Commons Plaza.
    Where is this shopping center located?
    The property is located at 2656 Ellwood Rd New Castle, PA.
    What is the asking price?
    The asking price for this property is $399,000.
    What are key features of this property?
    This property features: - 40,000 SF prime end-cap space in newly redeveloped Shenango Commons.; - Occupancy surging from 20% to 85% in one year, indicating a massive regional turnaround.; - Anchor tenant: BC3 Community College recently opened a new campus in the plaza.
    (724) 847-1887
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    2656 Ellwood Rd New Castle, PA 16101
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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
    2656 Ellwood Rd New Castle, PA 16101
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    We can help!
    Listing Contact
    Sherman Hostetter
    (724) 847-1887 (724) 601-2333
    Learn more
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