Retail Storefront with Residential
For Sale
$429,900
504 Baltimore St, Gettysburg, PA 17325
Landmark downtown building with a street-level storefront and two apartments, plus full basement and five paved parking spaces.
Property Size3,122 SF
Price / SF$137.70
Days on Market48
Property Features for 504 Baltimore St
General Information
Standard status
Active
Size
3,122 SF
Total Parking Spaces
5
Additional Details
Multifamily Units
2
Building Details
Year Built
1888
Stories
2
Tenancy
Multi
Listing Agency:
RE/MAX of Gettysburg
Listed By:
Alycia N Hays · License #RS293391
(717) 752-5697
Source:
Kandorre
Added: Jul 21
Changed: Aug 13
Last Checked: Sep 5 at 10:47AM
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 RE/MAX of Gettysburg
Investment Insights
Based on property information with market context.
This landmark building offers a street-level retail storefront and a second-story residential component. The storefront includes a glass display case, check-out counter, full bath, natural gas service, central air, Victorian bump-out display windows, and updated flooring. The second story contains two apartments: Unit #2 features two bedrooms, a full bath, living room, dining area, and a kitchen with appliances (on a month-to-month lease), while Unit #3 is a one-bedroom efficiency with a full bath and kitchen appliances and is currently available.
The building also includes a rear storage room, a full basement, and separately metered electric. Exterior improvements noted include brand-new (2021) 35-year architectural shingles and vinyl siding. Outside, the property has a rear yard and a private paved parking lot with five spaces, with a driveway entrance featuring its own red light for easy ingress/egress.
The building also includes a rear storage room, a full basement, and separately metered electric. Exterior improvements noted include brand-new (2021) 35-year architectural shingles and vinyl siding. Outside, the property has a rear yard and a private paved parking lot with five spaces, with a driveway entrance featuring its own red light for easy ingress/egress.
Key Highlights
- Landmark building built in 1888 in Historic Downtown Gettysburg Tourist District
- 1,450 SF street‑level storefront with glass display case, check‑out counter, full bath, natural gas, and central air
- Two second‑story apartments: Unit #2 (2BR/1BA) and Unit #3 (1BR efficiency with full bath and kitchen appliances)
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
$31,306
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
7.28%
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%
$626,120
$626.1K
Cap Rate 7%
$447,229
$447.2K
Cap Rate 9%
$347,844
$347.8K
Market Conditions
NOI Build-Up for 3,122 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
$46.8K $15.00/SF
− Vacancy
−$2.1K −$0.68/SF
EGI
$44.7K $14.33/SF
− OpEx
−$13.4K −$4.30/SF
NOI
$31.3K $10.03/SF
Area
Adams County, PA
Vacancy
4.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$626,120
Cap Rate 7%
$447,229
Cap Rate 9%
$347,844
Alternative Uses
Best Use
Retail
$447.2K
$391.3K – $521.8K
NOI $31,306 @ 7.0% cap · market cap 7.28%
Second Best
Multifamily LT 5
$205.7K
$180.0K – $240.0K
NOI $14,401 @ 7.0% cap · market cap 3.35%
Theoretical Best
Specialty Retail
$575.0K
$503.1K – $670.8K
NOI $40,250 @ 7.0% cap · market cap 9.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,689
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 17325, PA
27,879
Population
12,021
Households
2.3
Avg Household Size
45
Median Age
34%
College-Educated
92%
High-School Grad
126.0 sq mi
ZIP Area
221
Density / Sq Mi
$79,351
Median Household Income
$32,633
Median Earnings
$956
Median Rent
$278,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Landmark downtown building with a street-level storefront and two apartments, plus full basement and five paved parking spaces.
Where is this storefront property located?
The property is located at 504 Baltimore St Gettysburg, PA.
What is the asking price?
The asking price for this property is $429,900.
What are key features of this property?
This property features: Landmark building built in 1888 in Historic Downtown Gettysburg Tourist District; 1,450 SF street‑level storefront with glass display case, check‑out counter, full bath, natural gas, and central air; Two second‑story apartments: Unit #2 (2BR/1BA) and Unit #3 (1BR efficiency with full bath and kitchen appliances)
