Operating Car Wash with
For Sale
$1,575,000
400 S Hanover St, Carlisle, PA 17013
Car wash with self-serve bays and apartment building.
Property Size4,402 SF
Price / SF$357.79
Days on Market264
Property Features for 400 S Hanover St
General Information
Standard status
Active
Size
4,402 SF
Property subtype
Retail
Listing Agency:
NAI CIR
(717) 713-7437
Listed By:
Pamela Fisher
(717) 713-7437
Source:
Circommercial
Added: Nov 21, 2025
Changed: Jul 6
Last Checked: Aug 11 at 6:43AM
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 NAI CIR
Investment Insights
Based on property information with market context.
The property features a fully functioning conveyor car wash with towel drying, along with three self-serve bays. Operational aspects of the car wash have been recently updated. The car wash is currently leased, with the option for the buyer to renew the lease. The sale includes an apartment building at 24 W Baltimore Street, featuring two units that are currently leased and include private parking for the tenants. The car wash has been operating at this location since the 1960s and has been updated several times. Membership for the car wash service is available and frequently used. The owner is currently updating several operating portions of the facility. The car wash is zoned Neighborhood Commercial. The property is connected to public water and sewer services. UGI provides natural gas, and PPL is the electric provider. Both properties in the rear of the car wash are zoned R5 Traditional Neighborhood. The property along South Hanover Street (SR 0034) is in close proximity to Interstate 81 – Exit 47 and accessible to PaTpk, US 11 and SR 0465. The property has great accessibility along South Hanover Street with conveyor wash and hand dried, other services on 'menu' include three (3) bays for self-spray washes. The property size is 4402 square feet.
Key Highlights
- Fully functioning conveyor car wash with towel drying and three self‑serve bays, offering multiple revenue streams.
- Includes an apartment building with two leased units and private tenant parking, providing immediate rental income.
- Prime location on South Hanover Street (SR 0034) with close proximity to Interstate 81 (Exit 47), PaTpk, US 11, and SR 0465, ensuring high visibility and accessibility.
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
$45,402
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
2.88%
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%
$908,040
$908.0K
Cap Rate 7%
$648,600
$648.6K
Cap Rate 9%
$504,467
$504.5K
Market Conditions
NOI Build-Up for 4,402 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
$63.4K $14.40/SF
− Vacancy
−$2.9K −$0.65/SF
EGI
$60.5K $13.75/SF
− OpEx
−$15.1K −$3.44/SF
NOI
$45.4K $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%
$908,040
Cap Rate 7%
$648,600
Cap Rate 9%
$504,467
Alternative Uses
Best Use
Specialty Retail
$648.6K
$567.5K – $756.7K
NOI $45,402 @ 7.0% cap · market cap 2.88%
Second Best
Retail
$605.4K
$529.7K – $706.3K
NOI $42,375 @ 7.0% cap · market cap 2.69%
Theoretical Best
Office A
$1.02M
$894.7K – $1.19M
NOI $71,579 @ 7.0% cap · market cap 4.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
603
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Car wash - Car wash with self-serve bays and apartment building.
Where is this car wash located?
The property is located at 400 S Hanover St Carlisle, PA.
What is the asking price?
The asking price for this property is $1,575,000.
What are key features of this property?
This property features: Fully functioning conveyor car wash with towel drying and three self‑serve bays, offering multiple revenue streams.; Includes an apartment building with two leased units and private tenant parking, providing immediate rental income.; Prime location on South Hanover Street (SR 0034) with close proximity to Interstate 81 (Exit 47), PaTpk, US 11, and SR 0465, ensuring high visibility and accessibility.
