Fully Occupied
For Sale
$275,000
173 East Penn Street, Carlisle, PA 17013
Residential zoning and full occupancy support continued multifamily use in downtown Carlisle.
Property Size2,400 SF
Price / SF$114.58
Days on Market208
Property Features for 173 East Penn Street
General Information
Standard status
Active
Size
2,400 SF
Total Parking Spaces
3
Property subtype
Multi-Family / Fee Simple
Zoning
RESIDENTIAL
Occupancy
100%
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,626
Amenities
No
No Pool
Above Grade, Below Grade
Building Details
Year Built
1890
Listing Agency:
Keller Williams of Central PA
(717) 609-6059
Listed By:
Lauren Gardner · License #RS365621
(717) 609-6059
Source:
Compass
Added: Feb 6
Changed: Aug 31
Last Checked: Aug 30 at 6:28AM
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 Keller Williams of Central PA
Investment Insights
Based on property information with market context.
This triplex contains 2,400 square feet across above-grade and below-grade areas. Constructed in 1890, the property is fully occupied and designated RESIDENTIAL under its zoning classification. No pool is included among the exterior features.
Located at 173 East Penn Street in Carlisle, Pennsylvania, the property is within Carlisle Boro and the Carlisle Area school district. Its triplex configuration provides three residential units within an established downtown setting.
Located at 173 East Penn Street in Carlisle, Pennsylvania, the property is within Carlisle Boro and the Carlisle Area school district. Its triplex configuration provides three residential units within an established downtown setting.
Key Highlights
- Fully occupied triplex at 173 East Penn Street, Carlisle, PA 17013
- 2,400 square feet of property size
- Built in 1890
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
$22,835
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
8.30%
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%
$456,700
$456.7K
Cap Rate 7%
$326,214
$326.2K
Cap Rate 9%
$253,722
$253.7K
Market Conditions
NOI Build-Up for 2,400 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 $14.40/SF
− Vacancy
−$1.9K −$0.81/SF
EGI
$32.6K $13.59/SF
− OpEx
−$9.8K −$4.08/SF
NOI
$22.8K $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%
$456,700
Cap Rate 7%
$326,214
Cap Rate 9%
$253,722
Alternative Uses
Best Use
Multifamily LT 5
$326.2K
$285.4K – $380.6K
NOI $22,835 @ 7.0% cap · market cap 8.30%
Second Best
Apartment 5plus
$289.6K
$253.4K – $337.9K
NOI $20,271 @ 7.0% cap · market cap 7.37%
Theoretical Best
Office A
$557.5K
$487.8K – $650.4K
NOI $39,025 @ 7.0% cap · market cap 14.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,431
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 - Residential zoning and full occupancy support continued multifamily use in downtown Carlisle.
Where is this triplex located?
The property is located at 173 East Penn Street Carlisle, PA.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Fully occupied triplex at 173 East Penn Street, Carlisle, PA 17013; 2,400 square feet of property size; Built in 1890
