Freestanding NNN Restaurant
For Sale
$395,000
250 S CHERRY ALLEY, Elizabethtown, PA 17022
The building combines an established restaurant tenancy with additional space suited to an owner-user or another tenant.
Property Size2,683 SF
Price / SF$147.22
Days on Market8
Property Features for 250 S CHERRY ALLEY
General Information
Standard status
Active
Size
2,683 SF
Property subtype
Commercial
Zoning
Central Business District
Additional Details
Asking Price
$395,000
Building Details
Year Built
1960
Listing Agency:
Bennett Williams Realty, Inc.
(717) 843-5555
Listed By:
Joshua Miller · License #RS365967
(717) 383-6647
Source:
Cummingsrealtors
Added: Sep 29
Changed: Oct 4
Last Checked: Oct 5 at 6:51PM
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 Bennett Williams Realty, Inc.
Investment Insights
Based on property information with market context.
This freestanding restaurant property contains approximately 2,683 square feet, including about 1,300 square feet that can accommodate partial owner occupancy or another tenant. Papa John's Pizza occupies the building under a renewed five-year lease, with two additional five-year options. The lease is structured on a triple net basis and includes a 10% rent increase after its initial term.
A roof and sealant were installed in 2022 and carry a 10-year warranty. The property is zoned for Central Business District use and is located at 250 S. Cherry Alley in Elizabethtown, Pennsylvania.
A roof and sealant were installed in 2022 and carry a 10-year warranty. The property is zoned for Central Business District use and is located at 250 S. Cherry Alley in Elizabethtown, Pennsylvania.
Key Highlights
- Approximately 2,683 square feet, including about 1,300 square feet for potential owner occupancy or an additional tenant
- Papa John's Pizza lease renewed for five years, with two additional five‑year options
- Triple net lease includes a 10% rent increase after the initial term
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,575
Cap Rate
7.99%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$631,500
$631.5K
Cap Rate 7%
$451,071
$451.1K
Cap Rate 9%
$350,833
$350.8K
Market Conditions
NOI Build-Up for 2,683 SF
Gross rent
$48.3K $18.00/SF
− Vacancy
−$3.2K −$1.19/SF
EGI
$45.1K $16.81/SF
− OpEx
−$13.5K −$5.04/SF
NOI
$31.6K $11.77/SF
Area
Lancaster County, PA
Vacancy
6.60%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$631,500
Cap Rate 7%
$451,071
Cap Rate 9%
$350,833
Alternative Uses
Best Use
Specialty Retail
$699.2K
$611.8K – $815.7K
NOI $48,941 @ 7.0% cap · market cap 12.39%
Second Best
Retail
$451.1K
$394.7K – $526.3K
NOI $31,575 @ 7.0% cap · market cap 7.99%
Theoretical Best
Office A
$899.1K
$786.7K – $1.05M
NOI $62,936 @ 7.0% cap · market cap 15.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
780
Businesses Nearby
56k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 55%
Shops & Services 39%
Home Improvements & Furnishings 6%
Dunkin' Donuts
Dining
12,765 visits/mo
0.4 miles
Taco Bell
Dining
12,162 visits/mo
0.4 miles
Turkey Hill Minit Market
Shops & Services
8,993 visits/mo
0.2 miles
Advance Auto Parts
Shops & Services
4,453 visits/mo
0.4 miles
Truist
Shops & Services
3,413 visits/mo
0.1 miles
Demographics for 17022, PA
31,163
Population
12,950
Households
2.4
Avg Household Size
42
Median Age
33%
College-Educated
93%
High-School Grad
55.0 sq mi
ZIP Area
567
Density / Sq Mi
$79,075
Median Household Income
$42,844
Median Earnings
$1,381
Median Rent
$272,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
NNN property - The building combines an established restaurant tenancy with additional space suited to an owner-user or another tenant.
Where is this nnn property located?
The property is located at 250 S CHERRY ALLEY Elizabethtown, PA.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Approximately 2,683 square feet, including about 1,300 square feet for potential owner occupancy or an additional tenant; Papa John's Pizza lease renewed for five years, with two additional five‑year options; Triple net lease includes a 10% rent increase after the initial term
