13-Unit Apartment
For Sale
Contact for pricing
Pending
132-136 W South St, Carlisle, PA 65613
Multisite residential portfolio with separate electric service for every unit.
Property Size12,000 SF
Days on Market120
Property Features for 132-136 W South St
General Information
Standard status
Pending
Size
12,000 SF
Property subtype
Multifamily
Zoning
Residential
Investment Type
Value Add
Property Condition
Severity
Repairs Needed
Evidence
in need of some improvement
Units
Unit Mix
8 x 1BR, 5 x 2BR
Multifamily Units
13
Additional Details
Utilities to Site
Yes
Building Details
Buildings
3
Units
13
Tenancy
Multi
Listing Agency:
CLEAR MULTIFAMILY LLC
Listed By:
Naomi Brown, CCIM · License #PA RM426301
(717) 819-2825
Source:
Crexi
Added: May 7
Changed: Sep 2
Last Checked: Sep 1 at 12:14AM
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 CLEAR MULTIFAMILY LLC
Investment Insights
Based on property information with market context.
This 13-unit apartment portfolio contains 12,000 square feet across three properties. The unit mix includes five one-bedroom apartments at 132–136 W. South St. in Carlisle, four apartments at 228 S. West St. in Carlisle with three one-bedroom and one two-bedroom unit, and four two-bedroom apartments at 768 Lewisberry Rd. in Lewisberry.
Twelve of the 13 units are occupied. The Carlisle buildings are served by public utilities, while the Lewisberry property uses a well and septic system. Each apartment has separate electric service, and the Lewisberry units also have individual water heaters. The properties are offered in as-is condition, with improvements and capital expenditures needed in some units.
Twelve of the 13 units are occupied. The Carlisle buildings are served by public utilities, while the Lewisberry property uses a well and septic system. Each apartment has separate electric service, and the Lewisberry units also have individual water heaters. The properties are offered in as-is condition, with improvements and capital expenditures needed in some units.
Key Highlights
- 13 apartment units totaling 12,000 square feet
- 12 of 13 units occupied
- Unit mix includes 8 one‑bedroom and 5 two‑bedroom apartments
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
$101,357
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
8.45%
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%
$2,027,140
$2.0M
Cap Rate 7%
$1,447,957
$1.4M
Cap Rate 9%
$1,126,189
$1.1M
Market Conditions
NOI Build-Up for 12,000 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
$195.8K $16.32/SF
− Vacancy
−$11.6K −$0.96/SF
EGI
$184.3K $15.36/SF
− OpEx
−$82.9K −$6.91/SF
NOI
$101.4K $8.45/SF
Area
Cumberland County, PA
Vacancy
5.90%
Lease Rate
$16.32 /SF/Yr
Expense Ratio
45.00%
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%
$2,027,140
Cap Rate 7%
$1,447,957
Cap Rate 9%
$1,126,189
Alternative Uses
Best Use
Apartment 5plus
$1.45M
$1.27M – $1.69M
NOI $101,357 @ 7.0% cap · market cap 8.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.79M
$2.44M – $3.25M
NOI $195,126 @ 7.0% cap · market cap 16.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
13
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,338
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Multifamily 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?
Apartment building - Multisite residential portfolio with separate electric service for every unit.
Where is this apartment building located?
The property is located at 132-136 W South St Carlisle, PA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 13 apartment units totaling 12,000 square feet; 12 of 13 units occupied; Unit mix includes 8 one‑bedroom and 5 two‑bedroom apartments
