Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Medical Outpatient Facility Investment Opportunity Title is generated by Realmo AI

    338 Alexander Spring Road, Carlisle, PA 17015

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Fully leased medical facility near hospitals with long-term tenants.

    Type:Office
    Property size:
    21,582 SF
    Added:
    Apr 27, 2026
    Days on Market:
    30
    Last Refresh:
    May 8 at 7:13 am

    Property Features for 338 Alexander Spring Road

    General Information

    Standard status
    Active
    Size
    21,582 SF
    Property subtype
    Office

    Building Details

    Year Built
    1992

    We can help!

    Listing Contact
    Corey Martier
    Corey Martier

    Listing agent Corey Martier License #PA RS329042

    Listing office Zeustra Healthcare Real Estate Advisors

    Listing date Apr 27, 2026

    Source Crexi

    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 Zeustra Healthcare Real Estate Advisors

    HighLights

    • 100% leased medical outpatient facility anchored by Stoken Wagner Ophthalmic Associates and The Ophthalmology and Surgical Institute of Central Pennsylvania (OSI).
    • Strategic location within the Carlisle medical corridor, adjacent to UPMC Carlisle Hospital.
    • Generates a Net Operating Income of $704,290.
    • Weighted average lease term of approximately 12.6 years with CPI‑based annual escalations.
    • Exceptional accessibility, located just minutes from Interstate 81.
    • Serves as a mission‑critical healthcare asset.

    Overview

    The property at 338 Alexander Spring Road, Carlisle, PA, is a 21,582-square-foot medical outpatient facility that is 100% leased. It is anchored by Stoken Wagner Ophthalmic Associates and The Ophthalmology and Surgical Institute of Central Pennsylvania (OSI). The property delivers ophthalmic care, including clinical services and on-site surgical procedures. It is located within the Carlisle medical corridor, directly adjacent to the UPMC Carlisle Hospital campus and in close proximity to the new WellSpan Health Carlisle Hospital campus. The property is located just minutes from Interstate 81, one of the region's primary transportation arteries connecting Central Pennsylvania to the broader Mid-Atlantic. The surrounding area continues to experience population growth. The property generates a Net Operating Income of $704,290 and is supported by a weighted average lease term of approximately 12.6 years with CPI-based annual escalations.
    Location Intelligence

    Current Use by Public Records

    Aditya Chandra Sharma Physician Fredrick Hecht Dental Office Melvin Wagner Ophthalmologist Alexandra Oszustowicz Physician Alexandra Lee Oszustowicz Physician

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Healing Paws Veterinary Care — 7 Wenger Ct, Carlisle, PA 17015

    Location Insight

    • Map
    • Local Demand
    City
    Carlisle
    County
    Cumberland
    State
    Pennsylvania
    Longitude
    -77.2215512
    Latitude
    40.1851908

    Nearby Similar for Sale

    • $209,995
      1,548 SF

      Updated Carlisle Multifamily Investment Property

      Fully leased, updated two-unit property in Carlisle, Pennsylvania.
      63-65 E PENN Street, CARLISLE, PA 17013
      View Details
    • $175,000
      1,200 SF

      Creekfront Ranch with Income Potential

      Rambler on 1 acre with creek frontage and rental income.
      407 POTATO ROAD, CARLISLE, PA 17015
      View Details
    • $1,250,000
      8,064 SF

      Restaurant and Motel with License

      Established restaurant and motel with liquor license for sale.
      1582 Holly Pike, Carlisle, PA 17015
      View Details
    • $14,200,000
      46,000 SF

      Truck Towing and Recovery Portfolio

      Portfolio of truck towing and recovery facilities in Pennsylvania for sale.
      1220 Newville Road, Carlisle, PA 17013
      View Details
    • $950,000
      13,000 SF

      Carlisle Historic District Commercial Space

      13,000+ SF commercial space in Carlisle's Historic District.
      142 North Hanover Street, Carlisle, PA 17013
      View Details
    • $1,899,900
      1,836 SF

      Carlisle Agricultural Property for Sale

      Agricultural property located 4.5 miles south of Carlisle square.
      67 E Yellowbreeches Rd, Carlisle, PA 17015
      View Details
    • $3,695,000
      23,584 SF

      Planet Fitness Anchored Retail Center

      NNN leased retail center anchored by Planet Fitness and UPMC.
      1186 Walnut Bottom Road | Carlisle, PA 17015, PA 17015
      View Details
    • $1,575,000
      4,402 SF

      Operating Car Wash with Apartments

      Car wash with self-serve bays and apartment building.
      400 S Hanover St, Carlisle, PA 17013
      View Details
    • $189,000
      2,930 SF

      Carlisle Borough Free-Standing Building

      Two-story concrete building with parking in Carlisle Borough.
      254 E North St, Carlisle, PA 17013
      View Details
    • $16
      10,000 SF

      Renovated Office Space Available Now

      Newly renovated office space available for sublease near UPMC Hospital.
      3 Jennifer Ct, Carlisle, PA 17015
      View Details
    • Contact for pricing
      20,000 SF

      Carlisle Industrial Outdoor Storage Facility

      20,000 SF turn-key industrial facility for sale or lease.
      1511 Commerce Ave, Carlisle, PA
      View Details
    • $199,900
      400 SF

      Former BBQ Roadside Stand

      Former BBQ roadside stand with equipment included for sale.
      1450 Holly Pike, Carlisle, PA 17015
      View Details

    FAQs

    What type of property is this?
    Medical Office Space - Fully leased medical facility near hospitals with long-term tenants.
    Where is this medical office space located?
    The property is located at 338 Alexander Spring Road Carlisle, PA.
    What are key features of this property?
    This property features: 100% leased medical outpatient facility anchored by Stoken Wagner Ophthalmic Associates and The Ophthalmology and Surgical Institute of Central Pennsylvania (OSI).; Strategic location within the Carlisle medical corridor, adjacent to UPMC Carlisle Hospital.; Generates a Net Operating Income of $704,290.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Corey Martier
    Corey Martier
    Real Estate License ID: PA RS329042
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    338 Alexander Spring Road, Carlisle, PA 17015
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!