Mixed-Use Development Land with Industrial
321 CHERRY Street Carlisle, PA 17013
For Sale
$2,600,000
LAND - CARLISLE, PA
Property Size40,000 SF
Lot Size5.34 Acres
Price / SF$65
Days on Market48
Property Features for 321 CHERRY Street
General Information
Property type
Land
Property subtype
Other
Standard status
Active
Lot size
5.34 Acres
Taxes and HOA fees
Tax Annual Amount
5928
Listing Agency:
Keller Williams of Central PA
(717) 761-4300
Listed By:
Matthew D Madden · License #AB067554
(717) 249-1844
Added: Jun 13
Changed: Jun 16
Last Checked: Jul 30 at 3:06AM
MLS# PACB2055220
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The property consists of two parcels totaling 5.34 acres and includes an existing 40,000+ SF industrial building. It is presented as an infill mixed-use development opportunity, with concept plans indicating potential for 100+ apartments alongside a mix of commercial uses. The site benefits from its placement within an Opportunity Zone and UM-Urban Mixed Use zoning intended to support a range of permitted uses.
Located at 321 Cherry Street in Carlisle, Pennsylvania, the assemblage is adjacent to the Carlisle School District complex. It is also described as being less than two blocks from Dickinson College, and within walking distance to Downtown Carlisle’s shops and restaurants.
For developers and buyers seeking redevelopment with an existing industrial asset, this configuration offers a starting point for adaptive reuse and mixed-use planning under UM zoning. The ability to pursue both residential and commercial components is supported by the provided concept plan, while the site’s proximity to established local destinations may align well with a walkable, neighborhood-scale redevelopment approach.
Located at 321 Cherry Street in Carlisle, Pennsylvania, the assemblage is adjacent to the Carlisle School District complex. It is also described as being less than two blocks from Dickinson College, and within walking distance to Downtown Carlisle’s shops and restaurants.
For developers and buyers seeking redevelopment with an existing industrial asset, this configuration offers a starting point for adaptive reuse and mixed-use planning under UM zoning. The ability to pursue both residential and commercial components is supported by the provided concept plan, while the site’s proximity to established local destinations may align well with a walkable, neighborhood-scale redevelopment approach.
Key Highlights
- Two‑parcel mixed‑use redevelopment site totaling 5.34 acres in an Opportunity Zone
- Flexible UM – Urban Mixed Use zoning supports a wide range of permitted uses
- Concept plans indicate potential for 100+ apartments plus a mix of commercial uses
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
Mixed Use
$5.35M
$4.68M – $6.24M
NOI $374,625 @ 7.0% cap · market cap 14.41%
Second Best
Apartment 5plus
$4.83M
$4.22M – $5.63M
NOI $337,857 @ 7.0% cap · market cap 12.99%
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
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Mixed-use property - In Opportunity Zone with UM zoning and an existing industrial building for flexible mixed-use redevelopment.
Where is this mixed-use 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: Two‑parcel mixed‑use redevelopment site totaling 5.34 acres in an Opportunity Zone; Flexible UM – Urban Mixed Use zoning supports a wide range of permitted uses; Concept plans indicate potential for 100+ apartments plus a mix of commercial uses
