Multi-Tenant Medical Office
For Sale
$1,195,000
3375 Carlisle Rd, Gardners, PA 17324
Four well-maintained suites with major renovations completed in 2020 across three units.
Property Size9,566 SF
Price / SF$124.92
Days on Market21
Property Features for 3375 Carlisle Rd
General Information
Standard status
Active
Size
9,566 SF
Additional Details
Cap Rate
9%
Office Units
4
Building Details
Year Built
1985
Year Renovated
2020
Tenancy
Multi
Listing Agency:
Keller Williams of Central PA
(717) 249-1844
Listed By:
Matthew D Madden · License #AB067554
Source:
Kandorre
Added: Jul 20
Changed: Jul 21
Last Checked: Aug 9 at 9:58AM
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 Keller Williams of Central PA
Investment Insights
Based on property information with market context.
This well-maintained four-unit property is configured for professional use, with major renovations completed in 2020 for three of the four suites. The current tenant mix includes a primary care practice, a dentist, an optometrist, and a church office.
The building is positioned for convenient access to Carlisle and Gettysburg. One primary tenant has a lease in place until 2031, with options to renew.
The offering presents an in-place income stream with continued occupancy supported by the existing lease structure.
The building is positioned for convenient access to Carlisle and Gettysburg. One primary tenant has a lease in place until 2031, with options to renew.
The offering presents an in-place income stream with continued occupancy supported by the existing lease structure.
Key Highlights
- Four‑unit multi‑tenant property built in 1985
- Major renovations completed in 2020 across 3 of the 4 suites
- Current tenants include Primary Care, Dentist, Optometrist, and a church 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
$103,313
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
8.65%
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%
$2,066,260
$2.1M
Cap Rate 7%
$1,475,900
$1.5M
Cap Rate 9%
$1,147,922
$1.1M
Market Conditions
NOI Build-Up for 9,566 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
$172.2K $18.00/SF
− Vacancy
−$34.4K −$3.60/SF
EGI
$137.8K $14.40/SF
− OpEx
−$34.4K −$3.60/SF
NOI
$103.3K $10.80/SF
Area
Adams County, PA
Vacancy
20.00%
Lease Rate
$18.00 /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%
$2,066,260
Cap Rate 7%
$1,475,900
Cap Rate 9%
$1,147,922
Alternative Uses
Best Use
Healthcare Medical
$1.68M
$1.47M – $1.96M
NOI $117,863 @ 7.0% cap · market cap 9.86%
Second Best
Office B
$1.48M
$1.29M – $1.72M
NOI $103,313 @ 7.0% cap · market cap 8.65%
Theoretical Best
Specialty Retail
$1.76M
$1.54M – $2.06M
NOI $123,330 @ 7.0% cap · market cap 10.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
20
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 17324, PA
4,232
Population
2,025
Households
2.1
Avg Household Size
46
Median Age
11%
College-Educated
84%
High-School Grad
53.3 sq mi
ZIP Area
79
Density / Sq Mi
$73,223
Median Household Income
$39,659
Median Earnings
$881
Median Rent
$236,800
Median Home Value
Market
Vacancy Rate% for Office 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?
Medical Office Space - Four well-maintained suites with major renovations completed in 2020 across three units.
Where is this medical office space located?
The property is located at 3375 Carlisle Rd Gardners, PA.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: Four‑unit multi‑tenant property built in 1985; Major renovations completed in 2020 across 3 of the 4 suites; Current tenants include Primary Care, Dentist, Optometrist, and a church office
