Four-Unit Retail and Restaurant
For Sale
$595,000
Pending
1130 STATE ROUTE 72 N, Lebanon, PA 17046
Four commercial units with on-site parking for about 25 vehicles and a tenant mix that includes food service.
Property Size5,470 SF
Days on Market57
Property Features for 1130 STATE ROUTE 72 N
General Information
Standard status
Pending
Size
5,470 SF
Total Parking Spaces
25
Property subtype
Commercial
Additional Details
Business Included
Yes
Office Units
4
Building Details
Year Built
1956
Tenancy
Multi
Listing Agency:
Howard Hanna Krall Real Estate
(717) 679-2482
Listed By:
Shawn W. Koppenhaver · License #RS288639
(717) 679-2482
Source:
Cummingsrealtors
Added: Jun 26
Changed: Aug 21
Last Checked: Aug 21 at 9:20AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Howard Hanna Krall Real Estate
Investment Insights
Based on property information with market context.
This 4-unit commercial property offers approximately 5,470 square feet of flexible retail and restaurant space. The current tenant mix has included food service and retail uses, and the building provides multiple unit configurations that can support an investor, an owner-user, or a combination of both.
The property is located along N. State Route 72 in North Lebanon Township. It has on-site parking for approximately 25 vehicles and is positioned to benefit from strong visibility along a highly traveled corridor, with convenient access to Lebanon City and major routes.
For tenants and owner-users, the existing unit layout can accommodate food service and retail operations while keeping space available for additional tenancy or owner occupancy. Investors may find the mix of existing occupancy and the ability to re-lease or adjust space uses a practical fit for a multi-unit retail/restaurant strategy.
The property is located along N. State Route 72 in North Lebanon Township. It has on-site parking for approximately 25 vehicles and is positioned to benefit from strong visibility along a highly traveled corridor, with convenient access to Lebanon City and major routes.
For tenants and owner-users, the existing unit layout can accommodate food service and retail operations while keeping space available for additional tenancy or owner occupancy. Investors may find the mix of existing occupancy and the ability to re-lease or adjust space uses a practical fit for a multi-unit retail/restaurant strategy.
Key Highlights
- 4‑unit commercial property built in 1956 with approximately 5,470 SF of flexible space
- Existing tenant occupancy with a tenant mix that includes food service and retail uses
- On‑site parking for approximately 25 vehicles
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
$51,404
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
8.64%
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%
$1,028,080
$1.0M
Cap Rate 7%
$734,343
$734.3K
Cap Rate 9%
$571,156
$571.2K
Market Conditions
NOI Build-Up for 5,470 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
$82.1K $15.00/SF
− Vacancy
−$8.6K −$1.58/SF
EGI
$73.4K $13.43/SF
− OpEx
−$22.0K −$4.03/SF
NOI
$51.4K $9.40/SF
Area
Lebanon County, PA
Vacancy
10.50%
Lease Rate
$15.00 /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%
$1,028,080
Cap Rate 7%
$734,343
Cap Rate 9%
$571,156
Alternative Uses
Best Use
Specialty Retail
$886.7K
$775.9K – $1.03M
NOI $62,071 @ 7.0% cap · market cap 10.43%
Second Best
Retail
$734.3K
$642.6K – $856.7K
NOI $51,404 @ 7.0% cap · market cap 8.64%
Theoretical Best
Office A
$1.28M
$1.12M – $1.50M
NOI $89,874 @ 7.0% cap · market cap 15.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
86
Businesses Nearby
Explore this area
Business Placement
Demographics for 17046, PA
31,272
Population
13,570
Households
2.3
Avg Household Size
39
Median Age
12%
College-Educated
84%
High-School Grad
38.9 sq mi
ZIP Area
804
Density / Sq Mi
$59,633
Median Household Income
$37,261
Median Earnings
$1,036
Median Rent
$180,500
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Four commercial units with on-site parking for about 25 vehicles and a tenant mix that includes food service.
Where is this retail space located?
The property is located at 1130 STATE ROUTE 72 N Lebanon, PA.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 4‑unit commercial property built in 1956 with approximately 5,470 SF of flexible space; Existing tenant occupancy with a tenant mix that includes food service and retail uses; On‑site parking for approximately 25 vehicles
