Manufacturing Property with Cold
For Sale
$2,000,000
511 E LOUTHER Street, Carlisle, PA 17013
Commercial Sale, CARLISLE, PA
Property Size10,224 SF
Lot Size0.99 Acres
Price / SF$195.62
Days on Market77
Property Features for 511 E LOUTHER Street
General Information
Property type
Other
Property subtype
Retail
Parking
33
Parking features
Parking Lot
High school
CARLISLE AREA
Elementary school district
CARLISLE AREA
Middle school district
CARLISLE AREA
High school district
CARLISLE AREA
Standard status
Active
Lot size
0.99 Acres
Taxes and HOA fees
Tax Annual Amount
11648
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1945
Building materials
Block, Brick
Listing Agency:
Wolfe & Company REALTORS
(717) 243-1551
Listed By:
ANDREW WOLFE · License #RS320040
(717) 448-0389
Added: Jun 18
Changed: Aug 19
Last Checked: Sep 2 at 5:06PM
MLS# PACB2055420
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.
This manufacturing property includes approximately 10,224 square feet of building area on 0.9882 acres. The masonry and block structure was built in 1945, with a retail addition completed in 1997. Interior components include approximately 2,300 square feet of retail space, a commercial-grade kitchen, preparation room, customer and employee restrooms, multiple refrigerated storage areas, walk-in cooler/freezers, warehouse space, and a second-floor manager’s office. Forced-air heating, central air, and a parking lot are also provided.
The triangular parcel has direct access from East Louther Street and is served by public water, sewer, and natural gas. The property is zoned C5 Entranceway Commercial and is located on the east side of Carlisle Borough near the U.S. Army War College. It adjoins the former Frog Switch & Manufacturing Company site, identified in the source information for redevelopment.
The offering includes the commercial real estate and associated furniture, fixtures, and equipment. The business is not closing.
The triangular parcel has direct access from East Louther Street and is served by public water, sewer, and natural gas. The property is zoned C5 Entranceway Commercial and is located on the east side of Carlisle Borough near the U.S. Army War College. It adjoins the former Frog Switch & Manufacturing Company site, identified in the source information for redevelopment.
The offering includes the commercial real estate and associated furniture, fixtures, and equipment. The business is not closing.
Key Highlights
- Approximately 10,224 square feet of building area on 0.9882 acres
- Approximately 2,300 square feet of retail space
- Commercial‑grade kitchen, preparation room, warehouse, and manager’s office
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
$105,450
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
5.27%
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%
$2,109,000
$2.1M
Cap Rate 7%
$1,506,429
$1.5M
Cap Rate 9%
$1,171,667
$1.2M
Market Conditions
NOI Build-Up for 10,224 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
$147.2K $14.40/SF
− Vacancy
−$6.6K −$0.65/SF
EGI
$140.6K $13.75/SF
− OpEx
−$35.2K −$3.44/SF
NOI
$105.5K $10.31/SF
Area
Cumberland County, PA
Vacancy
4.50%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
25.00%
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%
$2,109,000
Cap Rate 7%
$1,506,429
Cap Rate 9%
$1,171,667
Alternative Uses
Best Use
Specialty Retail
$1.51M
$1.32M – $1.76M
NOI $105,450 @ 7.0% cap · market cap 5.27%
Second Best
Retail
$1.41M
$1.23M – $1.64M
NOI $98,420 @ 7.0% cap · market cap 4.92%
Theoretical Best
Office A
$2.37M
$2.08M – $2.77M
NOI $166,247 @ 7.0% cap · market cap 8.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Paved road access
Yes
Utilities to site
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
986
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?
Manufacturing property - Masonry commercial facility with production, retail, refrigerated storage, warehouse, and office areas in Carlisle Borough.
Where is this manufacturing property located?
The property is located at 511 E LOUTHER Street Carlisle, PA.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Approximately 10,224 square feet of building area on 0.9882 acres; Approximately 2,300 square feet of retail space; Commercial‑grade kitchen, preparation room, warehouse, and manager’s office
