Remodeled Flex/Industrial
For Sale
$399,000
220 Potomac S, Waynesboro, PA 17268
Clear-span flex building with removable interior walls, three-phase electric, and front and rear parking access.
Property Size5,752 SF
Price / SF$69.37
Days on Market24
Property Features for 220 Potomac S
General Information
Standard status
Active
Size
5,752 SF
Additional Details
Heavy Power
Yes
Building Details
Year Built
1952
Year Renovated
2022
Listing Agency:
Iron Valley Real Estate of Chambersburg
(717) 491-2190
Listed By:
Carly Patla · License #RS333623
Source:
Kandorre
Added: Jul 21
Changed: Aug 12
Last Checked: Aug 12 at 9:44AM
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 Iron Valley Real Estate of Chambersburg
Investment Insights
Based on property information with market context.
This remodeled flex/industrial building offers a clear-span layout with easily removable interior walls, allowing flexible use and configuration. The property is equipped with three-phase electric and includes a remodeled kitchen area with utilities, plus two bathrooms. Updates include a new electrical panel (2022), new PEX plumbing (2022), and the building was totally remodeled and painted in 2022.
The building features front and rear parking and has both front and rear entrances, supporting multiple business setups. It was previously configured for two separate businesses, with the space able to be converted back if desired. A large rear garage area, previously used as a body shop, is available for storage of larger vehicles or could be reconfigured as a garage/business space.
For storage and operational flexibility, the property also includes “tons of storage” as described in the remarks. It is currently being used as an antique shop with vendors renting space, with the sellers stating they are highly motivated.
The building features front and rear parking and has both front and rear entrances, supporting multiple business setups. It was previously configured for two separate businesses, with the space able to be converted back if desired. A large rear garage area, previously used as a body shop, is available for storage of larger vehicles or could be reconfigured as a garage/business space.
For storage and operational flexibility, the property also includes “tons of storage” as described in the remarks. It is currently being used as an antique shop with vendors renting space, with the sellers stating they are highly motivated.
Key Highlights
- 1952 clear‑span flex building with easily removable interior walls
- Three‑phase electric and new electrical panel (2022)
- New PEX plumbing (2022) plus total remodel and repaint (2022)
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
$33,562
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
8.41%
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%
$671,240
$671.2K
Cap Rate 7%
$479,457
$479.5K
Cap Rate 9%
$372,911
$372.9K
Market Conditions
NOI Build-Up for 5,752 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
$50.8K $8.83/SF
− Vacancy
−$2.8K −$0.49/SF
EGI
$47.9K $8.34/SF
− OpEx
−$14.4K −$2.50/SF
NOI
$33.6K $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%
$671,240
Cap Rate 7%
$479,457
Cap Rate 9%
$372,911
Alternative Uses
Best Use
Retail
$772.2K
$675.7K – $900.9K
NOI $54,054 @ 7.0% cap · market cap 13.55%
Second Best
Flex RnD
$574.8K
$502.9K – $670.6K
NOI $40,235 @ 7.0% cap · market cap 10.08%
Theoretical Best
Office A
$1.39M
$1.22M – $1.63M
NOI $97,628 @ 7.0% cap · market cap 24.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
195
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 - Clear-span flex building with removable interior walls, three-phase electric, and front and rear parking access.
Where is this flex space located?
The property is located at 220 Potomac S Waynesboro, PA.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 1952 clear‑span flex building with easily removable interior walls; Three‑phase electric and new electrical panel (2022); New PEX plumbing (2022) plus total remodel and repaint (2022)
