Renovated Restaurant and
For Sale
Contact for pricing
137 N Hanover St, Carlisle, PA 17013
Former restaurant and bar with distillery production, completely renovated in 2019 and offered with FF&E included.
Property Size6,381 SF
Price / SF$125.37
Days on Market392
Property Features for 137 N Hanover St
General Information
Standard status
Active
Size
6,381 SF
Property subtype
RETAIL
Additional Details
Furnished
Yes
Building Details
Year Renovated
2019
Listing Agency:
NAI CIR | Lemoyne
(717) 761-5070
Listed By:
Nik Sgagias · License ##AB069294
(717) 439-9453
Source:
Moodyscre
Added: Aug 19, 2025
Changed: Sep 5
Last Checked: Sep 14 at 12:46PM
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 NAI CIR | Lemoyne
Investment Insights
Based on property information with market context.
This former restaurant and bar includes distillery production. The property was completely renovated in 2019, and furniture, fixtures & equipment (FF&E) are included with the sale.
Located in the heart of Carlisle borough, the property is minutes from Dickinson College, The Army War College, Carlisle Fairgrounds, and Carlisle Barracks Golf Course.
Offered for sale as a turnkey food and beverage concept space with existing operating components, the building’s 2019 renovation and included FF&E are designed to support an efficient transition to a new operator or owner.
Located in the heart of Carlisle borough, the property is minutes from Dickinson College, The Army War College, Carlisle Fairgrounds, and Carlisle Barracks Golf Course.
Offered for sale as a turnkey food and beverage concept space with existing operating components, the building’s 2019 renovation and included FF&E are designed to support an efficient transition to a new operator or owner.
Key Highlights
- Former restaurant and bar with distillery production
- Completely renovated in 2019
- Furniture, fixtures & equipment (FF&E) included
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
$65,814
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
8.23%
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%
$1,316,280
$1.3M
Cap Rate 7%
$940,200
$940.2K
Cap Rate 9%
$731,267
$731.3K
Market Conditions
NOI Build-Up for 6,381 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
$91.9K $14.40/SF
− Vacancy
−$4.1K −$0.65/SF
EGI
$87.8K $13.75/SF
− OpEx
−$21.9K −$3.44/SF
NOI
$65.8K $10.31/SF
Area
Cumberland County, PA
Vacancy
4.50%
Lease Rate
$14.40 /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%
$1,316,280
Cap Rate 7%
$940,200
Cap Rate 9%
$731,267
Alternative Uses
Best Use
Specialty Retail
$940.2K
$822.7K – $1.10M
NOI $65,814 @ 7.0% cap · market cap 8.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.48M
$1.30M – $1.73M
NOI $103,758 @ 7.0% cap · market cap 12.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,486
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 17013, PA
36,578
Population
16,065
Households
2.3
Avg Household Size
39
Median Age
34%
College-Educated
93%
High-School Grad
39.2 sq mi
ZIP Area
933
Density / Sq Mi
$68,150
Median Household Income
$36,336
Median Earnings
$1,018
Median Rent
$221,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Bar & Pub - Former restaurant and bar with distillery production, completely renovated in 2019 and offered with FF&E included.
Where is this bar & pub located?
The property is located at 137 N Hanover St Carlisle, PA.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Former restaurant and bar with distillery production; Completely renovated in 2019; Furniture, fixtures & equipment (FF&E) included
