Mixed-Use Development with Industrial
For Sale
Contact for pricing
321 Cherry Street, Carlisle, PA 17013
Infill mixed-use site with flexible zoning and an existing 40,000+ SF industrial building for redevelopment or adaptive reuse.
Property Size40,000 SF
Price / SF$65
Days on Market55
Property Features for 321 Cherry Street
General Information
Standard status
Active
Size
40,000 SF
Property subtype
Land, Mixed Use, Multifamily
Listing Agency:
Keller Williams of Central PA
Listed By:
Matt Madden · License #AB067554
Source:
Crexi
Added: Jun 13
Changed: Jul 10
Last Checked: Aug 5 at 1:06PM
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.
The property presents an Opportunity Zone mixed-use development opportunity comprised of two parcels totaling 5.34 acres. The site includes an existing 40,000+ SF industrial building that can support adaptive reuse as part of a broader redevelopment plan. Concept plans indicate potential for 100+ apartments along with a mix of commercial uses, subject to applicable approvals and permitting.
The location is described as one of Carlisle’s most connected areas, positioned within an Opportunity Zone. The property is adjacent to the Carlisle School District complex and is less than two blocks from Dickinson College. It is also within walking distance of Downtown Carlisle’s shops and restaurants, supporting day-to-day accessibility for residents and visitors.
For developers, investors, or owners seeking an infill platform, the combination of UM – Urban Mixed Use zoning flexibility and an existing industrial improvement offers multiple redevelopment pathways. The site configuration can be aligned to residential and commercial components as reflected in the provided concept planning, with the industrial building serving as an on-site asset rather than requiring starting from ground-up construction.
The location is described as one of Carlisle’s most connected areas, positioned within an Opportunity Zone. The property is adjacent to the Carlisle School District complex and is less than two blocks from Dickinson College. It is also within walking distance of Downtown Carlisle’s shops and restaurants, supporting day-to-day accessibility for residents and visitors.
For developers, investors, or owners seeking an infill platform, the combination of UM – Urban Mixed Use zoning flexibility and an existing industrial improvement offers multiple redevelopment pathways. The site configuration can be aligned to residential and commercial components as reflected in the provided concept planning, with the industrial building serving as an on-site asset rather than requiring starting from ground-up construction.
Key Highlights
- 5.34‑acre infill site with flexible UM – Urban Mixed Use zoning for a wide range of permitted uses
- Located within an Opportunity Zone
- Existing 40,000+ SF industrial building on‑site for redevelopment or adaptive reuse
Financial Insights For Industrial
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $336.8k | $8.42 |
| − Vacancy | −$15.5k | −$0.39 |
| EGI | $321.3k | $8.03 |
| − OpEx | −$96.4k | −$2.41 |
| NOI | $224.9k | $5.62 |
40,000 SF · lease $8.42/SF/yr · vacancy 4.60% · expense 30.00%
Alternative Uses
Best Use
Industrial
$3.21M
$2.81M – $3.75M
NOI $224,915 @ 7.0% cap · market cap 8.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.29M
$8.13M – $10.84M
NOI $650,419 @ 7.0% cap · market cap 25.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
952
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 Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Manufacturing property - Infill mixed-use site with flexible zoning and an existing 40,000+ SF industrial building for redevelopment or adaptive reuse.
Where is this manufacturing property located?
The property is located at 321 Cherry Street Carlisle, PA.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: 5.34‑acre infill site with flexible UM – Urban Mixed Use zoning for a wide range of permitted uses; Located within an Opportunity Zone; Existing 40,000+ SF industrial building on‑site for redevelopment or adaptive reuse
