Listing Agency: Marcus & Millichap | Philadelphia Show Phone

Listed By: Matthew Junkin Show Phone

Source: Moodyscre

Added: Jul 1, 2025 Changed: Sep 3 Last Checked: Sep 11 at 9:01AM

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Investment Insights

Based on property information with market context.

This property is a 73,494 square foot warehouse/industrial property located in Lebanon, Pennsylvania. The property is suitable for warehouse and industrial use.

Key Highlights

• 73,494 SF warehouse/industrial property
• Located in Lebanon, PA

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

$428,827

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

8.25%

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%

$8,576,540 $8.6M

Cap Rate 7%

$6,126,100 $6.1M

Cap Rate 9%

$4,764,744 $4.8M

Market Conditions

NOI Build-Up for 73,494 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

$649.0K $8.83/SF

− Vacancy

−$36.3K −$0.49/SF

EGI

$612.6K $8.34/SF

− OpEx

−$183.8K −$2.50/SF

NOI

$428.8K $5.83/SF

Area

Lebanon County, PA

Vacancy

5.60%

Lease Rate

$8.83 /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%

$8,576,540

Cap Rate 7%

$6,126,100

Cap Rate 9%

$4,764,744

Alternative Uses

Best Use

Warehouse

$7.44M

$6.51M – $8.68M (±1% cap)

NOI $520,719 @ 7.0% cap · market cap 10.01%

Second Best

Industrial

$6.13M

$5.36M – $7.15M (±1% cap)

NOI $428,827 @ 7.0% cap · market cap 8.25%

Theoretical Best

Office A

$17.25M

$15.09M – $20.13M (±1% cap)

NOI $1,207,536 @ 7.0% cap · market cap 23.22%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Warehouses

Suggested Use

Top Pick HVAC Service Auto Repair Shop Storage Facility Restaurant Big Box & Wholesale Store Law Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

24

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Market

Vacancy Rate% for Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this warehouses located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Warehouse - 73,494 SF warehouse/industrial property in Lebanon, PA.

Where is this warehouse located?

The property is located at 1840 State Rte 72 N Lebanon, PA.

What is the asking price?

The asking price for this property is $5,200,000.

What are key features of this property?

This property features: 73,494 SF warehouse/industrial property; Located in Lebanon, PA