Historic Mixed-Use
For Sale
$1,200,000
19-21-23 N HANOVER STREET, Carlisle, PA 17013
Downtown commercial buildings combine street-level space with existing and planned apartments.
Property Size10,424 SF
Price / SF$115.12
Days on Market10
Property Features for 19-21-23 N HANOVER STREET
General Information
Standard status
Active
Size
10,424 SF
Property subtype
Commercial
Zoning
C1
Property Condition
Severity
Major Repairs Needed
Evidence
gutted down to the studs
Building Details
Year Built
1900
Buildings
3
Listing Agency:
Keller Williams of Central PA
(303) 517-0134
Listed By:
ADAM OSBORN
(303) 517-0134
Source:
Cummingsrealtors
Added: Aug 20
Changed: Aug 27
Last Checked: Aug 28 at 12:44PM
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 historic mixed-use assemblage includes properties at 19, 21, and 23 N Hanover Street with a combined property size of 10,424 square feet. The 21 N Hanover building has been gutted to the studs and includes approved redevelopment plans, expansive first-floor commercial space, large display windows, and a full-length basement. Its upper floors are framed for six apartment units, with three on the second floor and three on the third floor. A separate two-unit apartment building behind it is fully leased.
The 19 N Hanover property provides additional first-floor commercial space with large windows facing the arterial road. Concept plans have been prepared for second-floor apartments, and the third floor contains one apartment. The buildings are situated in Carlisle’s C1 Commercial Business District, immediately off the downtown Square, with both pedestrian and vehicle traffic in the surrounding area. The buildings date to 1900.
The 19 N Hanover property provides additional first-floor commercial space with large windows facing the arterial road. Concept plans have been prepared for second-floor apartments, and the third floor contains one apartment. The buildings are situated in Carlisle’s C1 Commercial Business District, immediately off the downtown Square, with both pedestrian and vehicle traffic in the surrounding area. The buildings date to 1900.
Key Highlights
- 10,424‑square‑foot mixed‑use property at 19‑21‑23 N Hanover Street
- C1 Commercial Business District location near Carlisle’s downtown Square
- 21 N Hanover gutted to the studs with approved redevelopment plans
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
$100,346
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
8.36%
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%
$2,006,920
$2.0M
Cap Rate 7%
$1,433,514
$1.4M
Cap Rate 9%
$1,114,956
$1.1M
Market Conditions
NOI Build-Up for 10,424 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
$150.1K $14.40/SF
− Vacancy
−$6.8K −$0.65/SF
EGI
$143.4K $13.75/SF
− OpEx
−$43.0K −$4.13/SF
NOI
$100.3K $9.63/SF
Area
Cumberland County, PA
Vacancy
4.50%
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%
$2,006,920
Cap Rate 7%
$1,433,514
Cap Rate 9%
$1,114,956
Alternative Uses
Best Use
Retail
$1.43M
$1.25M – $1.67M
NOI $100,346 @ 7.0% cap · market cap 8.36%
Second Best
Mixed Use
$1.39M
$1.22M – $1.63M
NOI $97,627 @ 7.0% cap · market cap 8.14%
Theoretical Best
Office A
$2.42M
$2.12M – $2.82M
NOI $169,499 @ 7.0% cap · market cap 14.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,486
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?
Mixed-use property - Downtown commercial buildings combine street-level space with existing and planned apartments.
Where is this mixed-use property located?
The property is located at 19-21-23 N HANOVER STREET Carlisle, PA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 10,424‑square‑foot mixed‑use property at 19‑21‑23 N Hanover Street; C1 Commercial Business District location near Carlisle’s downtown Square; 21 N Hanover gutted to the studs with approved redevelopment plans
