Historic Multifamily Property with Carriage
New
For Sale
$625,000
560 S HANOVER ST, Carlisle, PA 17013
Five bedrooms, 2.5 bathrooms, and a separate dwelling create flexible residential income and living arrangements.
Property Size2,835 SF
Price / SF$220.46
Days on Market2
Property Features for 560 S HANOVER ST
General Information
Standard status
Active
Size
2,835 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
2
Building Details
Buildings
2
Listing Agency:
Keller Williams of Central PA
(717) 761-4300
Listed By:
DAVID HOOKE · License #AB068020
(717) 422-9950
Source:
Keygroupmd
Added: Sep 10
Last Checked: Sep 10 at 3:02PM
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 Keller Williams of Central PA
Investment Insights
Based on property information with market context.
Located at 560 S Hanover Street in Carlisle, this historic multifamily property combines original architectural detail with adaptable residential space. The main residence spans more than four finished levels and includes five bedrooms, 2.5 bathrooms, a kitchen with a dedicated eating area, first-floor laundry, finished basement space, soaring ceilings, hardwood flooring, pocket doors, crown molding, and a prominent main staircase. A stained-glass gable, detailed woodwork, and other period features contribute to the building’s character.
The rear carriage house functions as an independent dwelling with separate utilities, a living room with stone accent wall and recessed lighting, full kitchen, full bathroom, private laundry, and a bedroom with vaulted ceiling, built-in bookshelves, and fireplace. Outside, the enclosed backyard includes a pergola-covered patio, mature wisteria, landscaping, privacy fencing, and multiple electrical outlets. The property is a short walk from downtown Carlisle amenities and community events, with access to major commuter routes. Carlisle Borough permits short-term, mid-term, and long-term rentals.
The rear carriage house functions as an independent dwelling with separate utilities, a living room with stone accent wall and recessed lighting, full kitchen, full bathroom, private laundry, and a bedroom with vaulted ceiling, built-in bookshelves, and fireplace. Outside, the enclosed backyard includes a pergola-covered patio, mature wisteria, landscaping, privacy fencing, and multiple electrical outlets. The property is a short walk from downtown Carlisle amenities and community events, with access to major commuter routes. Carlisle Borough permits short-term, mid-term, and long-term rentals.
Key Highlights
- Historic main residence with more than four finished levels
- Five bedrooms and 2.5 bathrooms in the primary home
- Detached carriage house with separate utilities and independent living spaces
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
$23,946
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
3.83%
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%
$478,920
$478.9K
Cap Rate 7%
$342,086
$342.1K
Cap Rate 9%
$266,067
$266.1K
Market Conditions
NOI Build-Up for 2,835 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
$46.3K $16.32/SF
− Vacancy
−$2.7K −$0.96/SF
EGI
$43.5K $15.36/SF
− OpEx
−$19.6K −$6.91/SF
NOI
$23.9K $8.45/SF
Area
Cumberland County, PA
Vacancy
5.90%
Lease Rate
$16.32 /SF/Yr
Expense Ratio
45.00%
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%
$478,920
Cap Rate 7%
$342,086
Cap Rate 9%
$266,067
Alternative Uses
Best Use
Apartment 5plus
$342.1K
$299.3K – $399.1K
NOI $23,946 @ 7.0% cap · market cap 3.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$658.5K
$576.2K – $768.3K
NOI $46,098 @ 7.0% cap · market cap 7.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,064
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 Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Five bedrooms, 2.5 bathrooms, and a separate dwelling create flexible residential income and living arrangements.
Where is this multifamily property located?
The property is located at 560 S HANOVER ST Carlisle, PA.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Historic main residence with more than four finished levels; Five bedrooms and 2.5 bathrooms in the primary home; Detached carriage house with separate utilities and independent living spaces
