Fully Leased Strip
For Sale
$3,434,161
1575 S Market St, Elizabethtown, PA 17022
Neighborhood retail center positioned between Giant and Weis supermarkets along Elizabethtown’s primary retail corridor.
Property Size18,707 SF
Price / SF$183.58
Days on Market106
Property Features for 1575 S Market St
General Information
Standard status
Active
Size
18,707 SF
Property subtype
Shopping Strip
Occupancy
100%
Site & Location
Anchor Co-Tenants
Family Dollar, Pennsylvania Wine & Spirits
Traffic Count
18,201 vehicles/day
Amenities
Growing Location Bookended by Area's Dominant Grocer's
Attractive 2.03 Attractive CAGR
2,000 Students within One-Mile
Credit Profile Enhanced by Family Dollar and PA Wine & Spirits
Building Details
Building Size
18,707 SF
Year Built
1962
Tenancy
Multi
Listing Agency:
(215) 531-7000
Listed By:
Timothy B. Stephenson Jr. · License #License(s) PA: RMR006104
(215) 531-7000
Source:
Marcusmillichap
Added: May 18
Changed: Aug 30
Last Checked: Aug 30 at 3:13PM
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 Timothy B. Stephenson Jr.
Investment Insights
Based on property information with market context.
Built in 1962, this 18,707-square-foot strip mall is fully leased to a combination of local and national retail, food, beverage, and service tenants. Family Dollar and Pennsylvania Wine & Spirits have occupied the property since 1997 and together account for 48% of overall revenue. Other occupants include a multi-unit Domino’s Pizza franchise, Panda Buffet, Etown Beverage, and Stone Cold Meats.
The property sits at 1575 S Market St in Elizabethtown, between Giant Food Stores and Weis Markets. South Market Street records 18,201 VPD, while the neighboring CVS pharmacy provides a shadow-anchor presence and shares the parking field under a recorded cross easement declaration. Planned nearby additions include Starbucks and Verizon in a 4,600-square-foot building and The Henry at Klein Mills, a 280-unit apartment community. The surrounding three-mile area includes 27,470 residents with average household income of $104,113.
The property sits at 1575 S Market St in Elizabethtown, between Giant Food Stores and Weis Markets. South Market Street records 18,201 VPD, while the neighboring CVS pharmacy provides a shadow-anchor presence and shares the parking field under a recorded cross easement declaration. Planned nearby additions include Starbucks and Verizon in a 4,600-square-foot building and The Henry at Klein Mills, a 280-unit apartment community. The surrounding three-mile area includes 27,470 residents with average household income of $104,113.
Key Highlights
- 18,707‑square‑foot strip mall constructed in 1962
- 100% leased with average tenancy of approximately 20 years
- Family Dollar and Pennsylvania Wine & Spirits have anchored the property since 1997
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
$220,151
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
6.41%
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%
$4,403,020
$4.4M
Cap Rate 7%
$3,145,014
$3.1M
Cap Rate 9%
$2,446,122
$2.4M
Market Conditions
NOI Build-Up for 18,707 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
$336.7K $18.00/SF
− Vacancy
−$22.2K −$1.19/SF
EGI
$314.5K $16.81/SF
− OpEx
−$94.4K −$5.04/SF
NOI
$220.2K $11.77/SF
Area
Lancaster County, PA
Vacancy
6.60%
Lease Rate
$18.00 /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%
$4,403,020
Cap Rate 7%
$3,145,014
Cap Rate 9%
$2,446,122
Alternative Uses
Best Use
Retail
$3.15M
$2.75M – $3.67M
NOI $220,151 @ 7.0% cap · market cap 6.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.27M
$5.49M – $7.31M
NOI $438,818 @ 7.0% cap · market cap 12.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18,201 VPD
Traffic count
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
228
Businesses Nearby
208k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 37%
Groceries 36%
Dining 21%
Home Improvements & Furnishings 4%
Giant Food Store
Groceries
45,979 visits/mo
0.2 miles
McDonald's
Dining
30,076 visits/mo
0.2 miles
Ocean State Job Lot
Shops & Services
22,773 visits/mo
0.1 miles
Weis Markets
Groceries
21,819 visits/mo
0.2 miles
Giant Gasoline
Shops & Services
16,611 visits/mo
0.3 miles
Demographics for 17022, PA
31,163
Population
12,950
Households
2.4
Avg Household Size
42
Median Age
33%
College-Educated
93%
High-School Grad
55.0 sq mi
ZIP Area
567
Density / Sq Mi
$79,075
Median Household Income
$42,844
Median Earnings
$1,381
Median Rent
$272,700
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?
Strip mall - Neighborhood retail center positioned between Giant and Weis supermarkets along Elizabethtown’s primary retail corridor.
Where is this strip mall located?
The property is located at 1575 S Market St Elizabethtown, PA.
What is the asking price?
The asking price for this property is $3,434,161.
What are key features of this property?
This property features: 18,707‑square‑foot strip mall constructed in 1962; 100% leased with average tenancy of approximately 20 years; Family Dollar and Pennsylvania Wine & Spirits have anchored the property since 1997
