Former Carwash on Retail
For Sale
Contact for pricing
973-975 E Main St, Palmyra, PA
12,224 SF former carwash on 1.63 acres for sale.
Property Size12,224 SF
Lot Size1.68 Acres
Price / SF$159.52
Days on Market843
Property Features for 973-975 E Main St
General Information
Standard status
Active
Size
12,224 SF
Lot size
1.68 Acres
Property subtype
RETAIL
Listing Agency:
NAI CIR | Lemoyne
(717) 761-5070
Listed By:
Nik Sgagias · License ##AB069294
(717) 439-9453
Source:
Moodyscre
Added: May 16, 2024
Changed: Aug 9
Last Checked: Sep 4 at 6:12PM
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 | Lemoyne
Investment Insights
Based on property information with market context.
The property is a 12,224 square foot former carwash situated on 1.63 acres. It is located on Route 422 in Palmyra, Pennsylvania, a heavily traveled retail corridor with ample frontage. The location is central to Harrisburg, Lebanon, and Lancaster, driving residential population growth and commercial development. The property is zoned Highway Commercial and benefits from high visibility. The average daily traffic count is 18,183 vehicles per day on Route 422. The property is surrounded by national retailers, including CVS, McDonalds, Mavis Discount Tires, and Sheetz.
Key Highlights
- Prime location on heavily traveled Route 422 retail corridor.
- High visibility with 18,183 VPD average daily traffic.
- 1.63 acres of land.
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
$138,713
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
7.11%
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%
$2,774,260
$2.8M
Cap Rate 7%
$1,981,614
$2.0M
Cap Rate 9%
$1,541,256
$1.5M
Market Conditions
NOI Build-Up for 12,224 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
$195.1K $15.96/SF
− Vacancy
−$10.1K −$0.83/SF
EGI
$185.0K $15.13/SF
− OpEx
−$46.2K −$3.78/SF
NOI
$138.7K $11.35/SF
Area
Lebanon County, PA
Vacancy
5.20%
Lease Rate
$15.96 /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%
$2,774,260
Cap Rate 7%
$1,981,614
Cap Rate 9%
$1,541,256
Alternative Uses
Best Use
Specialty Retail
$1.98M
$1.73M – $2.31M
NOI $138,713 @ 7.0% cap · market cap 7.11%
Second Best
Retail
$1.64M
$1.44M – $1.91M
NOI $114,875 @ 7.0% cap · market cap 5.89%
Theoretical Best
Office A
$2.87M
$2.51M – $3.35M
NOI $200,845 @ 7.0% cap · market cap 10.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
293
Businesses Nearby
154k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 43%
Dining 26%
Groceries 20%
Apparel 5%
Sheetz
Shops & Services
46,738 visits/mo
0.3 miles
McDonald's
Dining
28,226 visits/mo
0.2 miles
Weis Markets
Groceries
25,994 visits/mo
0.3 miles
Wendy's
Dining
9,837 visits/mo
0.4 miles
Goodwill
Apparel
8,311 visits/mo
0.2 miles
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Car wash - 12,224 SF former carwash on 1.63 acres for sale.
Where is this car wash located?
The property is located at 973-975 E Main St Palmyra, PA.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Prime location on heavily traveled Route 422 retail corridor.; High visibility with 18,183 VPD average daily traffic.; 1.63 acres of land.
