Versatile Retail Building on Large
For Sale
$1,975,000
1446 Holly Pike, Carlisle, PA 17015
Retail building with income potential on 13 acres.
Property Size11,200 SF
Lot Size13.00 Acres
Price / SF$176.34
Days on Market98
Property Features for 1446 Holly Pike
General Information
Standard status
Active
Size
11,200 SF
Lot size
13.00 Acres
Taxes and HOA fees
Annual Taxes
$14,675
Listing Agency:
Commerical Industrial Realty Co, Inc.
(717) 462-1945
Listed By:
Patrick Whysong · License #RS378353
(717) 462-1945
Source:
Exprealty
Added: May 18
Changed: Aug 23
Last Checked: Aug 23 at 10:12AM
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 Commerical Industrial Realty Co, Inc.
Investment Insights
Based on property information with market context.
This commercial property offers a +/-11,000 square foot retail building situated on a 13 acre lot. The property, formerly the Carlisle Country Market, benefits from a location with high traffic. Additionally, there is a leased single family home at the rear of the property, providing additional income potential.
Key Highlights
- Expansive +/-11,000 square foot retail building.
- Generous 13 acre lot.
- Highly traveled location.
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
$107,816
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
5.46%
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%
$2,156,320
$2.2M
Cap Rate 7%
$1,540,229
$1.5M
Cap Rate 9%
$1,197,956
$1.2M
Market Conditions
NOI Build-Up for 11,200 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
$161.3K $14.40/SF
− Vacancy
−$7.3K −$0.65/SF
EGI
$154.0K $13.75/SF
− OpEx
−$46.2K −$4.13/SF
NOI
$107.8K $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%
$2,156,320
Cap Rate 7%
$1,540,229
Cap Rate 9%
$1,197,956
Alternative Uses
Best Use
Retail
$1.54M
$1.35M – $1.80M
NOI $107,816 @ 7.0% cap · market cap 5.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.60M
$2.28M – $3.04M
NOI $182,117 @ 7.0% cap · market cap 9.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
66
Businesses Nearby
Balanced
Demand for This Use
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?
Storefront property - Retail building with income potential on 13 acres.
Where is this storefront property located?
The property is located at 1446 Holly Pike Carlisle, PA.
What is the asking price?
The asking price for this property is $1,975,000.
What are key features of this property?
This property features: Expansive +/-11,000 square foot retail building.; Generous 13 acre lot.; Highly traveled location.
