Historic Mixed-Use
New
For Sale
$274,900
171 East Ave, Greencastle, PA 17225
Built in 1893 with paved parking and a separate eat-in kitchen.
Property Size1,920 SF
Price / SF$143.18
Days on Market5
Property Features for 171 East Ave
General Information
Standard status
Active
Size
1,920 SF
Building Details
Year Built
1893
Listing Agency:
Long & Foster Real Estate, Inc.
(240) 675-5536
Listed By:
Dean L Martin
Source:
Kandorre
Added: Aug 17
Changed: Aug 18
Last Checked: Aug 20 at 9:34AM
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 Long & Foster Real Estate, Inc.
Investment Insights
Based on property information with market context.
Constructed in 1893, this mixed-use property has a documented history as a schoolhouse, duplex, and place of worship. The building includes a separate eat-in kitchen and is paired with a paved parking area on the lot.
Located at 171 East Ave in Greencastle, Pennsylvania, the property offers a range of possible future configurations, including residential, studio, coffee shop, daycare, office, or other multi-use applications. Any conversion or change of use is subject to Township and County approvals.
Located at 171 East Ave in Greencastle, Pennsylvania, the property offers a range of possible future configurations, including residential, studio, coffee shop, daycare, office, or other multi-use applications. Any conversion or change of use is subject to Township and County approvals.
Key Highlights
- 1893 construction date
- Previously used as a schoolhouse, duplex, and place of worship
- Paved parking area on the lot
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
$19,008
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
6.91%
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%
$380,160
$380.2K
Cap Rate 7%
$271,543
$271.5K
Cap Rate 9%
$211,200
$211.2K
Market Conditions
NOI Build-Up for 1,920 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
$34.6K $18.00/SF
− Vacancy
−$4.1K −$2.16/SF
EGI
$30.4K $15.84/SF
− OpEx
−$11.4K −$5.94/SF
NOI
$19.0K $9.90/SF
Area
Franklin County, PA
Vacancy
12.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$380,160
Cap Rate 7%
$271,543
Cap Rate 9%
$211,200
Alternative Uses
Best Use
Mixed Use
$271.5K
$237.6K – $316.8K
NOI $19,008 @ 7.0% cap · market cap 6.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$465.5K
$407.4K – $543.1K
NOI $32,588 @ 7.0% cap · market cap 11.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
64
Businesses Nearby
Explore this area
Business Placement
Demographics for 17225, PA
20,199
Population
8,132
Households
2.5
Avg Household Size
42
Median Age
25%
College-Educated
92%
High-School Grad
81.8 sq mi
ZIP Area
247
Density / Sq Mi
$87,245
Median Household Income
$46,317
Median Earnings
$969
Median Rent
$266,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Built in 1893 with paved parking and a separate eat-in kitchen.
Where is this mixed-use property located?
The property is located at 171 East Ave Greencastle, PA.
What is the asking price?
The asking price for this property is $274,900.
What are key features of this property?
This property features: 1893 construction date; Previously used as a schoolhouse, duplex, and place of worship; Paved parking area on the lot
