Historic Mixed-Use Victorian
For Sale
$699,000
204 CARLISLE STREET, Gettysburg, PA 17325
Queen Anne building with adaptable zoning, furnished rooms, gathering spaces, kitchens, and dedicated off-street parking.
Property Size4,639 SF
Price / SF$150.68
Days on Market9
Property Features for 204 CARLISLE STREET
General Information
Standard status
Active
Size
4,639 SF
Total Parking Spaces
8
Property subtype
Commercial
Additional Details
Furnished
Yes
Amenities
covered porch
patio
detached garage
fire escape
window air conditioners
laundry
Building Details
Year Built
1880
Buildings
1
Stories
3
Construction
Queen Anne Victorian
Listing Agency:
RE/MAX of Gettysburg
(717) 357-0952
Listed By:
Suzanne H Christianson
(717) 357-0952
Source:
Cummingsrealtors
Added: Aug 22
Changed: Aug 29
Last Checked: Aug 30 at 4:58PM
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 RE/MAX of Gettysburg
Investment Insights
Based on property information with market context.
This 4,639-square-foot, three-story Queen Anne Victorian frame building dates to 1880 and includes 12 bedrooms, a first-floor storage room or 13th bedroom, 5 1/2 bathrooms, and two kitchens. Interior features include gathering areas, a third-floor unfinished attic storage room, 10-foot first-floor ceilings, 9-foot second-floor ceilings, and furnishings throughout the home. The property also has updated electric and plumbing, 400 AMP service, window air conditioners, laundry equipment, and a detached garage with a lower-level mechanical room. A newer steam boiler and two 75-gallon water heaters serve the building.
Located at 204 Carlisle Street in downtown Gettysburg, the property is immediately adjacent to Gettysburg College. Zoning allows uses including multifamily apartment, single-family dwelling, community residence, group home, library, museum, school, community service building, and child care; a B&B, event venue, or general commercial use may require special exception and code confirmation. Exterior improvements include a covered front porch, backyard patio, rear fire escape, and eight off-street parking spaces, including three in the detached garage.
Located at 204 Carlisle Street in downtown Gettysburg, the property is immediately adjacent to Gettysburg College. Zoning allows uses including multifamily apartment, single-family dwelling, community residence, group home, library, museum, school, community service building, and child care; a B&B, event venue, or general commercial use may require special exception and code confirmation. Exterior improvements include a covered front porch, backyard patio, rear fire escape, and eight off-street parking spaces, including three in the detached garage.
Key Highlights
- 4,639‑square‑foot, three‑story Queen Anne Victorian frame building built in 1880
- 12 bedrooms plus a first‑floor storage room or 13th bedroom
- 5 1/2 bathrooms and two kitchens
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
$48,014
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
6.87%
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%
$960,280
$960.3K
Cap Rate 7%
$685,914
$685.9K
Cap Rate 9%
$533,489
$533.5K
Market Conditions
NOI Build-Up for 4,639 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
$83.5K $18.00/SF
− Vacancy
−$6.7K −$1.44/SF
EGI
$76.8K $16.56/SF
− OpEx
−$28.8K −$6.21/SF
NOI
$48.0K $10.35/SF
Area
Adams County, PA
Vacancy
8.00%
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%
$960,280
Cap Rate 7%
$685,914
Cap Rate 9%
$533,489
Alternative Uses
Best Use
Mixed Use
$685.9K
$600.2K – $800.2K
NOI $48,014 @ 7.0% cap · market cap 6.87%
Second Best
Apartment 5plus
$280.8K
$245.7K – $327.6K
NOI $19,654 @ 7.0% cap · market cap 2.81%
Theoretical Best
Specialty Retail
$854.4K
$747.6K – $996.8K
NOI $59,808 @ 7.0% cap · market cap 8.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,266
Businesses Nearby
Explore this area
Business Placement
Demographics for 17325, PA
27,879
Population
12,021
Households
2.3
Avg Household Size
45
Median Age
34%
College-Educated
92%
High-School Grad
126.0 sq mi
ZIP Area
221
Density / Sq Mi
$79,351
Median Household Income
$32,633
Median Earnings
$956
Median Rent
$278,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Queen Anne building with adaptable zoning, furnished rooms, gathering spaces, kitchens, and dedicated off-street parking.
Where is this mixed-use property located?
The property is located at 204 CARLISLE STREET Gettysburg, PA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 4,639‑square‑foot, three‑story Queen Anne Victorian frame building built in 1880; 12 bedrooms plus a first‑floor storage room or 13th bedroom; 5 1/2 bathrooms and two kitchens
