Leased Office Building with
For Sale
$1,800,000
33 Westminster Dr, Carlisle, PA 17013
C-2 zoned office building leased to a county assistance office, with 57 parking spaces included for tenant and visitor use.
Property Size12,374 SF
Price / SF$145.47
Days on Market96
Property Features for 33 Westminster Dr
General Information
Standard status
Active
Size
12,374 SF
Total Parking Spaces
57
Zoning
C-2 (COMMERCIAL GENERAL)
Taxes and HOA fees
Annual Taxes
$17,029
Amenities
Central Air
Forced Air, Electric, Natural Gas
Electric Water Heater
Mountain(s), Street
Building Details
Building Size
12,374 SF
Year Built
1988
Stories
1
Listing Agency:
Shearer 24
Listed By:
WILLIAM L L SHEARER Jr. · License #RM425633
(717) 576-8101
Source:
Evrealestate
Added: Jun 16
Changed: Sep 16
Last Checked: Sep 19 at 7:15AM
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
Investment Insights
Based on property information with market context.
This 10,000+ square foot office building is currently leased to a County Assistance Office. The property is planned to be available for occupancy by the end of 2026, supporting prospective tenants who need a defined move-in timeline. The offering includes a total of 57 parking spaces, with the parking lot located across the street as part of the property.
The building sits on C-2 zoned land, which offers numerous permitted uses intended to accommodate a range of office and commercial needs. Showings are limited to certain hours and days due to the current tenant’s status. Additional details are available in the associated documents, and the owner would consider a long-term lease option.
For buyers or operators, the current lease provides continuity while the planned vacancy at year-end 2026 can support transition to a new occupant. The combination of office space and included off-street parking makes the property practical for organizations that rely on on-site staff access and visitor parking. With C-2 zoning, the location may also offer flexibility to align the space with permitted uses under the district rules, subject to confirmation during due diligence.
The building sits on C-2 zoned land, which offers numerous permitted uses intended to accommodate a range of office and commercial needs. Showings are limited to certain hours and days due to the current tenant’s status. Additional details are available in the associated documents, and the owner would consider a long-term lease option.
For buyers or operators, the current lease provides continuity while the planned vacancy at year-end 2026 can support transition to a new occupant. The combination of office space and included off-street parking makes the property practical for organizations that rely on on-site staff access and visitor parking. With C-2 zoning, the location may also offer flexibility to align the space with permitted uses under the district rules, subject to confirmation during due diligence.
Key Highlights
- 10,000+ SF C‑2 zoned office building leased to a county assistance office
- 57 parking spaces included, with additional lot across the street for tenant and visitor use
- Owner reports building availability for occupancy by end of 2026
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
$157,193
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
8.73%
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%
$3,143,860
$3.1M
Cap Rate 7%
$2,245,614
$2.2M
Cap Rate 9%
$1,746,589
$1.7M
Market Conditions
NOI Build-Up for 12,374 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
$222.7K $18.00/SF
− Vacancy
−$13.1K −$1.06/SF
EGI
$209.6K $16.94/SF
− OpEx
−$52.4K −$4.23/SF
NOI
$157.2K $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%
$3,143,860
Cap Rate 7%
$2,245,614
Cap Rate 9%
$1,746,589
Alternative Uses
Best Use
Office B
$2.25M
$1.96M – $2.62M
NOI $157,193 @ 7.0% cap · market cap 8.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.87M
$2.52M – $3.35M
NOI $201,207 @ 7.0% cap · market cap 11.18%
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
352
Businesses Nearby
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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
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office building - C-2 zoned office building leased to a county assistance office, with 57 parking spaces included for tenant and visitor use.
Where is this office building located?
The property is located at 33 Westminster Dr Carlisle, PA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 10,000+ SF C‑2 zoned office building leased to a county assistance office; 57 parking spaces included, with additional lot across the street for tenant and visitor use; Owner reports building availability for occupancy by end of 2026
