Triplex with Rear
For Sale
$345,000
152 West South Street, Carlisle, PA 17013
Three units combine a house and two apartments, with appliances included throughout.
Property Size2,709 SF
Price / SF$127.35
Days on Market286
Property Features for 152 West South Street
General Information
Standard status
Active
Size
2,709 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RESIDENTIAL
Taxes and HOA fees
Annual Taxes
$4,190
Amenities
No
Other
No Pool
Above Grade, Below Grade
Building Details
Year Built
1880
Listing Agency:
Spencer and Spencer Realtors, LLC
(717) 385-0533
Listed By:
Sharon Spencer · License #RS126870A
(717) 385-0533
Source:
Compass
Added: Nov 18, 2025
Changed: Aug 30
Last Checked: Aug 30 at 11:14PM
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 Spencer and Spencer Realtors, LLC
Investment Insights
Based on property information with market context.
This 2,709-square-foot triplex, built in 1880, contains a house and two one-bedroom apartments. The units include kitchens, living areas, bathrooms, and laundry facilities, with appliances provided throughout. Front and rear entrances serve the house and one apartment, while the upper-level apartment is reached by an exterior metal staircase. Heating is provided by natural gas in two units and electric baseboards in the third.
The property is located at 152 West South Street in Carlisle, Pennsylvania. Rear parking is available through an alley connecting S West St. and Arch Street. The property is zoned RESIDENTIAL and has been inspected and approved under the Borough’s rental ordinance through 4/16/28.
The property is located at 152 West South Street in Carlisle, Pennsylvania. Rear parking is available through an alley connecting S West St. and Arch Street. The property is zoned RESIDENTIAL and has been inspected and approved under the Borough’s rental ordinance through 4/16/28.
Key Highlights
- 2,709 square feet across a three‑unit triplex
- House plus two one‑bedroom apartments
- Appliances included in all three units
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
$25,775
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
7.47%
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%
$515,500
$515.5K
Cap Rate 7%
$368,214
$368.2K
Cap Rate 9%
$286,389
$286.4K
Market Conditions
NOI Build-Up for 2,709 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
$39.0K $14.40/SF
− Vacancy
−$2.2K −$0.81/SF
EGI
$36.8K $13.59/SF
− OpEx
−$11.0K −$4.08/SF
NOI
$25.8K $9.51/SF
Area
Cumberland County, PA
Vacancy
5.61%
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%
$515,500
Cap Rate 7%
$368,214
Cap Rate 9%
$286,389
Alternative Uses
Best Use
Multifamily LT 5
$368.2K
$322.2K – $429.6K
NOI $25,775 @ 7.0% cap · market cap 7.47%
Second Best
Apartment 5plus
$326.9K
$286.0K – $381.4K
NOI $22,881 @ 7.0% cap · market cap 6.63%
Theoretical Best
Office A
$629.3K
$550.6K – $734.2K
NOI $44,050 @ 7.0% cap · market cap 12.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,338
Businesses Nearby
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three units combine a house and two apartments, with appliances included throughout.
Where is this triplex located?
The property is located at 152 West South Street Carlisle, PA.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: 2,709 square feet across a three‑unit triplex; House plus two one‑bedroom apartments; Appliances included in all three units
