Updated Flex Space with
For Sale
$275,000
128 W Third St, Waynesboro, PA 17268
Adaptable commercial layout combines a customer-facing front area with rear warehouse functionality and overhead door access.
Property Size4,140 SF
Price / SF$66.43
Days on Market8
Property Features for 128 W Third St
General Information
Standard status
Active
Size
4,140 SF
Additional Details
Outdoor Storage
Yes
Amenities
kitchenette
overhead door access
exterior protective wall for storage
Building Details
Year Built
1910
Listing Agency:
Kandor Real Estate
(717) 762-8100
Listed By:
Darwyn W. Benedict
Source:
Kandorre
Added: Aug 17
Changed: Aug 24
Last Checked: Aug 23 at 7:10AM
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 Kandor Real Estate
Investment Insights
Based on property information with market context.
This updated flex space in Waynesboro, PA, combines an open front room with a kitchenette and bathrooms. The rear portion provides double-height warehouse space served by an overhead door, creating a practical separation between customer-facing and storage or operational areas. An exterior protective wall adds dedicated space for storage, while the low-maintenance exterior can accommodate business signage.
The property is located at 128 W 3rd St in the Borough of Waynesboro. Its combination of office, retail, service, and warehouse-oriented features supports a range of commercial layouts, subject to the applicable use requirements.
The property is located at 128 W 3rd St in the Borough of Waynesboro. Its combination of office, retail, service, and warehouse-oriented features supports a range of commercial layouts, subject to the applicable use requirements.
Key Highlights
- Updated flex space with an open front room, kitchenette, and bathrooms
- Rear double‑height warehouse area with overhead door access
- Exterior protective wall provides additional storage space
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
$24,156
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
8.78%
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%
$483,120
$483.1K
Cap Rate 7%
$345,086
$345.1K
Cap Rate 9%
$268,400
$268.4K
Market Conditions
NOI Build-Up for 4,140 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
$36.6K $8.83/SF
− Vacancy
−$2.0K −$0.49/SF
EGI
$34.5K $8.34/SF
− OpEx
−$10.4K −$2.50/SF
NOI
$24.2K $5.83/SF
Area
Franklin County, PA
Vacancy
5.60%
Lease Rate
$8.83 /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%
$483,120
Cap Rate 7%
$345,086
Cap Rate 9%
$268,400
Alternative Uses
Best Use
Warehouse
$419.0K
$366.7K – $488.9K
NOI $29,333 @ 7.0% cap · market cap 10.67%
Second Best
Flex RnD
$413.7K
$362.0K – $482.7K
NOI $28,959 @ 7.0% cap · market cap 10.53%
Theoretical Best
Office A
$1.00M
$878.3K – $1.17M
NOI $70,267 @ 7.0% cap · market cap 25.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
629
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 17268, PA
29,587
Population
12,693
Households
2.3
Avg Household Size
42
Median Age
20%
College-Educated
92%
High-School Grad
77.8 sq mi
ZIP Area
380
Density / Sq Mi
$69,715
Median Household Income
$44,106
Median Earnings
$1,081
Median Rent
$225,900
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Adaptable commercial layout combines a customer-facing front area with rear warehouse functionality and overhead door access.
Where is this flex space located?
The property is located at 128 W Third St Waynesboro, PA.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Updated flex space with an open front room, kitchenette, and bathrooms; Rear double‑height warehouse area with overhead door access; Exterior protective wall provides additional storage space
