Medical Office
New
For Sale
$399,900
1909 RITNER HIGHWAY #U03, Carlisle, PA 17013
Updated commercial condominium configured for dental practice operations with dedicated patron and staff parking.
Property Size1,830 SF
Price / SF$218.52
Days on Market5
Property Features for 1909 RITNER HIGHWAY #U03
General Information
Standard status
Active
Size
1,830 SF
Total Parking Spaces
3
Property subtype
Commercial
Zoning
C-4
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Furnished
No
HOA Fee
$300
Building Details
Year Built
2003
Construction
brick
Owner Occupied
No
Listing Agency:
Shearer 24, LLC
(717) 214-0224
Listed By:
WILLIAM L L SHEARER Jr. · License #RM425633
(717) 576-8101
Source:
Cummingsrealtors
Added: Sep 10
Changed: Sep 13
Last Checked: Sep 13 at 3:07PM
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 Shearer 24, LLC
Investment Insights
Based on property information with market context.
Unit 3, Suite 2 is a 1,830-square-foot medical office condominium built in 2003 and currently operating as a dental practice. The free-span layout includes LVP flooring with commercial-grade cork underlayment across most of the space, a full bathroom with corner shower, and an all-brick exterior. Doors and interior paint were updated since 2020, while the electric heat pump was replaced in 2024.
The property is located in the western portion of Carlisle Borough near Exit 44 of I-81 and is zoned C-4. Parking is provided in front and along the side for patrons, with 3 dedicated rear spaces for staff. The owner is open to discussing a sale-leaseback, with lease terms negotiable. Goodwill and dental equipment may be acquired separately from the real estate.
The property is located in the western portion of Carlisle Borough near Exit 44 of I-81 and is zoned C-4. Parking is provided in front and along the side for patrons, with 3 dedicated rear spaces for staff. The owner is open to discussing a sale-leaseback, with lease terms negotiable. Goodwill and dental equipment may be acquired separately from the real estate.
Key Highlights
- 1,830 SF medical office condominium identified as Unit 3, Suite 2
- Currently operating as a dental practice
- Electric heat pump replaced in 2024
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
$23,247
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
5.81%
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%
$464,940
$464.9K
Cap Rate 7%
$332,100
$332.1K
Cap Rate 9%
$258,300
$258.3K
Market Conditions
NOI Build-Up for 1,830 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
$32.9K $18.00/SF
− Vacancy
−$1.9K −$1.06/SF
EGI
$31.0K $16.94/SF
− OpEx
−$7.7K −$4.23/SF
NOI
$23.2K $12.70/SF
Area
Cumberland County, PA
Vacancy
5.90%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$464,940
Cap Rate 7%
$332,100
Cap Rate 9%
$258,300
Alternative Uses
Best Use
Office B
$332.1K
$290.6K – $387.5K
NOI $23,247 @ 7.0% cap · market cap 5.81%
Second Best
Healthcare Medical
$265.7K
$232.5K – $310.0K
NOI $18,598 @ 7.0% cap · market cap 4.65%
Theoretical Best
Office A
$425.1K
$372.0K – $496.0K
NOI $29,757 @ 7.0% cap · market cap 7.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
97
Businesses Nearby
Well-served
Demand for This Use
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 Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Updated commercial condominium configured for dental practice operations with dedicated patron and staff parking.
Where is this medical office space located?
The property is located at 1909 RITNER HIGHWAY #U03 Carlisle, PA.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 1,830 SF medical office condominium identified as Unit 3, Suite 2; Currently operating as a dental practice; Electric heat pump replaced in 2024
