Planet Fitness Anchored Retail
For Sale
$3,695,000
1186 Walnut Bottom Road, Carlisle, PA 17015
NNN leased retail center anchored by Planet Fitness and UPMC.
Property Size23,584 SF
Price / SF$156.67
Days on Market376
Property Features for 1186 Walnut Bottom Road
General Information
Standard status
Active
Size
23,584 SF
Property subtype
Retail
Building Details
Building Size
23,584 SF
Year Built
1997
Listed By:
Jason Grace, CCIM, SIOR · License #PA #AB065863
(717) 421-1943
Source:
Tcnworldwide
Added: Sep 25, 2025
Changed: Sep 7
Last Checked: Oct 4 at 8:34AM
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 Jason Grace, CCIM, SIOR
Investment Insights
Based on property information with market context.
This 23,584 square foot retail center is anchored by Planet Fitness and UPMC Central Pennsylvania Surgical Associates. Located in Carlisle, PA, within the Walnut Bottom Towne Center, the property sits adjacent to a 128,000 square foot U-Haul Rental Retail & Self Storage Center. The location is along the Interstate I-81 highway corridor. Planet Fitness, occupying approximately 18,000 square feet, recently exercised a five-year lease extension through late 2027. UPMC Central Pennsylvania Surgical Associates also executed a new five-year lease. The property is a condo pad unit within Walnut Bottom Towne Center. The site is one of three "Catalyst Sites" in the Township's Walnut Bottom Corridor Master Plan, which aims to create a pedestrian-friendly "Vibrant Town Center" by 2030. The current Walnut Bottom Towne Center is expected to add additional pad site development to revitalize the retail and amenities in the area. A 41-acre mixed-use development known as Cambria Place is located directly across Walnut Bottom Road. Preliminary land development plans, approved in Q3 2021, propose 396 new residential units, including 60 townhomes and 336 apartment units within seven buildings, plus a clubhouse. Additionally, a 126-acre development site immediately to the southwest is proposed as a walkable neighborhood with diverse housing options, parklets, sidewalks, new office and retail uses, and trails. The property is located near the UPMC Pinnacle Hospital Campus. Planet Fitness has occupied the property since 2009, and its national franchisee operates 105 clubs in multiple states. UPMC executed a new four-year lease that commences Q2 2023 and has annual rent increases.
Key Highlights
- NNN Leased Retail Center anchored by Planet Fitness and UPMC Surgical Associates, offering a stable income stream.
- Planet Fitness recently executed a 5‑year lease extension through late 2027 with 10% rent increases, demonstrating commitment.
- Located in the Walnut Bottom Corridor, a designated 'Catalyst Site' for a pedestrian‑friendly 'Vibrant Town Center' by 2030, indicating future growth.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$239,679
Cap Rate
6.49%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,793,580
$4.8M
Cap Rate 7%
$3,423,986
$3.4M
Cap Rate 9%
$2,663,100
$2.7M
Market Conditions
NOI Build-Up for 23,584 SF
Gross rent
$424.5K $18.00/SF
− Vacancy
−$25.0K −$1.06/SF
EGI
$399.5K $16.94/SF
− OpEx
−$159.8K −$6.78/SF
NOI
$239.7K $10.16/SF
Area
Cumberland County, PA
Vacancy
5.90%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,793,580
Cap Rate 7%
$3,423,986
Cap Rate 9%
$2,663,100
Alternative Uses
Best Use
Healthcare Medical
$3.42M
$3.00M – $3.99M
NOI $239,679 @ 7.0% cap · market cap 6.49%
Second Best
Retail
$3.24M
$2.84M – $3.78M
NOI $227,029 @ 7.0% cap · market cap 6.14%
Theoretical Best
Office A
$5.48M
$4.79M – $6.39M
NOI $383,487 @ 7.0% cap · market cap 10.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
749
Businesses Nearby
Explore this area
Business Placement
Demographics for 17015, PA
22,316
Population
10,025
Households
2.2
Avg Household Size
49
Median Age
35%
College-Educated
93%
High-School Grad
110.8 sq mi
ZIP Area
201
Density / Sq Mi
$87,634
Median Household Income
$47,624
Median Earnings
$1,168
Median Rent
$281,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Neighborhood center - NNN leased retail center anchored by Planet Fitness and UPMC.
Where is this neighborhood center located?
The property is located at 1186 Walnut Bottom Road Carlisle, PA.
What is the asking price?
The asking price for this property is $3,695,000.
What are key features of this property?
This property features: NNN Leased Retail Center anchored by Planet Fitness and UPMC Surgical Associates, offering a stable income stream.; Planet Fitness recently executed a 5‑year lease extension through late 2027 with 10% rent increases, demonstrating commitment.; Located in the Walnut Bottom Corridor, a designated 'Catalyst Site' for a pedestrian‑friendly 'Vibrant Town Center' by 2030, indicating future growth.
