Downtown Retail and
For Sale
$429,900
504 BALTIMORE Street, Gettysburg, PA 17325
Commercial Sale - GETTYSBURG, PA
Property Size1,450 SF
Lot Size0.24 Acres
Price / SF$296.48
Days on Market754
Property Features for 504 BALTIMORE Street
General Information
Property type
Other
Property subtype
Retail
Parking
5
Parking features
Parking Lot, Driveway
Subdivision
GETTYSBURG BATTLEFIELD
Elementary school district
GETTYSBURG AREA
Middle school district
GETTYSBURG AREA
High school district
GETTYSBURG AREA
Standard status
Active
Lot size
0.24 Acres
Taxes and HOA fees
Tax Annual Amount
4908
Utilities
Heating system
Hot Water(Heating), Baseboard, Electric (Heating)
Cooling system
Central Air
Building Details
Year built
1888
Number of units
3
Building materials
Vinyl Siding
Listing Agency:
RE/MAX of Gettysburg
(717) 338-0881
Listed By:
Alycia N Hays · License #RS293391
(717) 752-5697
Added: Jul 17, 2024
Changed: Jul 13
Last Checked: Aug 9 at 11:06PM
MLS# PAAD2013898
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.
This landmark downtown building offers a street-level store front with glass display case, check-out counter, a full bath, natural gas, central air, and updated flooring. The second story contains two apartment units: Unit #2 includes two bedrooms, a full bath, living room, dining area, and a kitchen with appliances, and Unit #3 is a one-bedroom efficiency with a full bath and kitchen appliances.
The property also includes rear storage, a full basement, and separately metered electric. Exterior improvements include brand new 2021 35-year architectural shingles and vinyl siding.
A private paved parking lot provides five spaces with driveway access that includes its own red light for entry and exit.
The property also includes rear storage, a full basement, and separately metered electric. Exterior improvements include brand new 2021 35-year architectural shingles and vinyl siding.
A private paved parking lot provides five spaces with driveway access that includes its own red light for entry and exit.
Key Highlights
- Landmark building in Historic Downtown Gettysburg Tourist District, built in 1888
- 1450 SF storefront with glass display case, check‑out counter, full bath, and natural gas
- 2nd‑story apartments: Unit #2 has 2 bedrooms, full bath, living room, dining area, and kitchen with 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
$14,540
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
3.38%
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%
$290,800
$290.8K
Cap Rate 7%
$207,714
$207.7K
Cap Rate 9%
$161,556
$161.6K
Market Conditions
NOI Build-Up for 1,450 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
$21.8K $15.00/SF
− Vacancy
−$979 −$0.68/SF
EGI
$20.8K $14.33/SF
− OpEx
−$6.2K −$4.30/SF
NOI
$14.5K $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%
$290,800
Cap Rate 7%
$207,714
Cap Rate 9%
$161,556
Alternative Uses
Best Use
Retail
$207.7K
$181.8K – $242.3K
NOI $14,540 @ 7.0% cap · market cap 3.38%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$267.1K
$233.7K – $311.6K
NOI $18,694 @ 7.0% cap · market cap 4.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
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 Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Landmark storefront building includes a retail space with bath and central air, plus two separately configured second-floor apartments.
Where is this storefront property located?
The property is located at 504 BALTIMORE Street 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 in Historic Downtown Gettysburg Tourist District, built in 1888; 1450 SF storefront with glass display case, check‑out counter, full bath, and natural gas; 2nd‑story apartments: Unit #2 has 2 bedrooms, full bath, living room, dining area, and kitchen with appliances
