NNN Retail Center with Medical
For Sale
Contact for pricing
1186 Walnut Bottom Rd, Carlisle, PA 17015
NNN retail center anchored by fitness and medical users near UPMC Carlisle Hospital Campus.
Property Size24,584 SF
Price / SF$150.30
Days on Market23
Property Features for 1186 Walnut Bottom Rd
General Information
Standard status
Active
Size
24,584 SF
Property subtype
RETAIL
Additional Details
Anchor Co-Tenants
Planet Fitness, UPMC Surgical Associates
Building Details
Tenancy
Multi
Listing Agency:
Landmark Commercial Realty
(717) 421-1943
Listed By:
Jason Grace · License #RS225235L
(717) 421-1943
Source:
Moodyscre
Added: Jul 30
Changed: Aug 14
Last Checked: Aug 20 at 10:45AM
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 Landmark Commercial Realty
Investment Insights
Based on property information with market context.
This 24,584-square-foot NNN retail center is anchored by Planet Fitness and UPMC Surgical Associates. Planet Fitness executed a new five-year extension in 2022 with 10% rent increases at renewals. UPMC executed a new four-year lease commencing in Q2 2023, with two three-year options. The property also includes remaining vacancies, including a suite into which UPMC has rights to expand.
The center is located on Walnut Bottom Rd adjacent to the UPMC Carlisle Hospital Campus and a new mixed-use Town Center development underway at the site of the former United Telephone Building. The property is also adjacent to I-81, an East Coast logistics corridor, and is identified as a catalyst site within the Township’s Walnut Bottom Corridor Master Plan.
The center is located on Walnut Bottom Rd adjacent to the UPMC Carlisle Hospital Campus and a new mixed-use Town Center development underway at the site of the former United Telephone Building. The property is also adjacent to I-81, an East Coast logistics corridor, and is identified as a catalyst site within the Township’s Walnut Bottom Corridor Master Plan.
Key Highlights
- 24,584‑square‑foot NNN retail center
- Anchored by Planet Fitness and UPMC Surgical Associates
- Planet Fitness executed a new 5‑year extension in 2022 with 10% rent increases at renewals
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
$236,655
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
6.40%
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%
$4,733,100
$4.7M
Cap Rate 7%
$3,380,786
$3.4M
Cap Rate 9%
$2,629,500
$2.6M
Market Conditions
NOI Build-Up for 24,584 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
$354.0K $14.40/SF
− Vacancy
−$15.9K −$0.65/SF
EGI
$338.1K $13.75/SF
− OpEx
−$101.4K −$4.13/SF
NOI
$236.7K $9.63/SF
Area
Cumberland County, PA
Vacancy
4.50%
Lease Rate
$14.40 /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%
$4,733,100
Cap Rate 7%
$3,380,786
Cap Rate 9%
$2,629,500
Alternative Uses
Best Use
Retail
$3.38M
$2.96M – $3.94M
NOI $236,655 @ 7.0% cap · market cap 6.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.71M
$5.00M – $6.66M
NOI $399,748 @ 7.0% cap · market cap 10.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
747
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
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - NNN retail center anchored by fitness and medical users near UPMC Carlisle Hospital Campus.
Where is this nnn property located?
The property is located at 1186 Walnut Bottom Rd 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: 24,584‑square‑foot NNN retail center; Anchored by Planet Fitness and UPMC Surgical Associates; Planet Fitness executed a new 5‑year extension in 2022 with 10% rent increases at renewals
