Mixed-Use Development Land with Industrial
For Sale
$2,600,000
321 CHERRY Street, Carlisle, PA 17013
LAND - CARLISLE, PA
Property Size40,000 SF
Lot Size5.34 Acres
Price / SF$65
Days on Market58
Property Features for 321 CHERRY Street
General Information
Property type
Land
Property subtype
Other
Subdivision
NONE AVAILABLE
High school
CARLISLE AREA
Elementary school district
CARLISLE AREA
Middle school district
CARLISLE AREA
High school district
CARLISLE AREA
Standard status
Active
Lot size
5.34 Acres
Taxes and HOA fees
Tax Annual Amount
5928
Listing Agency:
Keller Williams of Central PA · Keller Williams Realty
(717) 761-4300
Listed By:
Matthew D Madden · License #AB067554
(717) 249-1844
Added: Jun 13
Changed: Jun 16
Last Checked: Aug 9 at 9:06PM
MLS# PACB2055220
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.
Investment Insights
Based on property information with market context.
The property consists of two parcels totaling 5.34 acres and includes an existing 40,000+ SF industrial building. It is presented as an infill mixed-use development opportunity, with concept plans indicating potential for 100+ apartments alongside a mix of commercial uses. The site benefits from its placement within an Opportunity Zone and UM-Urban Mixed Use zoning intended to support a range of permitted uses.
Located at 321 Cherry Street in Carlisle, Pennsylvania, the assemblage is adjacent to the Carlisle School District complex. It is also described as being less than two blocks from Dickinson College, and within walking distance to Downtown Carlisle’s shops and restaurants.
For developers and buyers seeking redevelopment with an existing industrial asset, this configuration offers a starting point for adaptive reuse and mixed-use planning under UM zoning. The ability to pursue both residential and commercial components is supported by the provided concept plan, while the site’s proximity to established local destinations may align well with a walkable, neighborhood-scale redevelopment approach.
Located at 321 Cherry Street in Carlisle, Pennsylvania, the assemblage is adjacent to the Carlisle School District complex. It is also described as being less than two blocks from Dickinson College, and within walking distance to Downtown Carlisle’s shops and restaurants.
For developers and buyers seeking redevelopment with an existing industrial asset, this configuration offers a starting point for adaptive reuse and mixed-use planning under UM zoning. The ability to pursue both residential and commercial components is supported by the provided concept plan, while the site’s proximity to established local destinations may align well with a walkable, neighborhood-scale redevelopment approach.
Key Highlights
- Two‑parcel mixed‑use redevelopment site totaling 5.34 acres in an Opportunity Zone
- Flexible UM – Urban Mixed Use zoning supports a wide range of permitted uses
- Concept plans indicate potential for 100+ apartments plus a mix of commercial uses
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$224,915
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.65%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,498,300
$4.5M
Cap Rate 7%
$3,213,071
$3.2M
Cap Rate 9%
$2,499,056
$2.5M
Market Conditions
NOI Build-Up for 40,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$336.8K $8.42/SF
− Vacancy
−$15.5K −$0.39/SF
EGI
$321.3K $8.03/SF
− OpEx
−$96.4K −$2.41/SF
NOI
$224.9K $5.62/SF
Area
Cumberland County, PA
Vacancy
4.60%
Lease Rate
$8.42 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,498,300
Cap Rate 7%
$3,213,071
Cap Rate 9%
$2,499,056
Alternative Uses
Best Use
Mixed Use
$5.35M
$4.68M – $6.24M
NOI $374,625 @ 7.0% cap · market cap 14.41%
Second Best
Apartment 5plus
$4.83M
$4.22M – $5.63M
NOI $337,857 @ 7.0% cap · market cap 12.99%
Theoretical Best
Office A
$9.29M
$8.13M – $10.84M
NOI $650,419 @ 7.0% cap · market cap 25.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
952
Businesses Nearby
Explore this area
Business Placement
Demographics for 17013, PA
36,578
Population
16,065
Households
2.3
Avg Household Size
39
Median Age
34%
College-Educated
93%
High-School Grad
39.2 sq mi
ZIP Area
933
Density / Sq Mi
$68,150
Median Household Income
$36,336
Median Earnings
$1,018
Median Rent
$221,800
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - In Opportunity Zone with UM zoning and an existing industrial building for flexible mixed-use redevelopment.
Where is this mixed-use property located?
The property is located at 321 CHERRY Street Carlisle, PA.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: Two‑parcel mixed‑use redevelopment site totaling 5.34 acres in an Opportunity Zone; Flexible UM – Urban Mixed Use zoning supports a wide range of permitted uses; Concept plans indicate potential for 100+ apartments plus a mix of commercial uses
