Freestanding Retail Asset For
For Sale
Contact for pricing
643 E Washington St, New Castle, PA 16101
Single-tenant, net-leased retail asset with stable income.
Property Size8,174 SF
Lot Size0.73 Acres
Price / SF$91.57
Days on Market169
Property Features for 643 E Washington St
General Information
Standard status
Active
Size
8,174 SF
Lot size
0.73 Acres
Property subtype
Retail
Lease Type
NN
Investment Type
Net Lease
Building Details
Tenancy
Single
Listing Agency:
Gary
Listed By:
GARY FULTHEIM · License #MO
Source:
Crexi
Added: Feb 24
Changed: Aug 8
Last Checked: Aug 11 at 6:36PM
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 Gary
Investment Insights
Based on property information with market context.
This offering features a single-tenant, net-leased retail asset occupied by Advance Auto Parts. The freestanding building, constructed in 1993, comprises approximately 8,174 square feet and is positioned on a 0.73-acre corner parcel. The property benefits from high visibility, ample parking, and easy access within a high-traffic commercial area. The location is not near industrial complexes, which supports long-term retail viability. The lease is structured as a net (NN) lease, assigning responsibility to the tenant for taxes, insurance, utilities, interior maintenance, assignment and subletting provisions, and estoppel certification. The landlord is responsible for the roof, HVAC system, parking area, and the structural components of the building, including slab and foundation. The building features decorative cinder block construction and a new roof installed in sections, completed in 2023. The property offers investors stable income from a nationally recognized automotive retailer in a strong, visible corner location.
Key Highlights
- Net‑leased to Advance Auto Parts, a nationally recognized retailer, providing stable income.
- High‑traffic corner location with exceptional visibility, ample parking, and easy access.
- Attractive 7.48% cap rate on annual rent of $57,861.
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
$67,975
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
9.08%
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%
$1,359,500
$1.4M
Cap Rate 7%
$971,071
$971.1K
Cap Rate 9%
$755,278
$755.3K
Market Conditions
NOI Build-Up for 8,174 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
$107.9K $13.20/SF
− Vacancy
−$10.8K −$1.32/SF
EGI
$97.1K $11.88/SF
− OpEx
−$29.1K −$3.56/SF
NOI
$68.0K $8.32/SF
Area
Lawrence County, PA
Vacancy
10.00%
Lease Rate
$13.20 /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%
$1,359,500
Cap Rate 7%
$971,071
Cap Rate 9%
$755,278
Alternative Uses
Best Use
Industrial
$8.18M
$7.15M – $9.54M
NOI $572,330 @ 7.0% cap · market cap 76.46%
Second Best
Retail
$971.1K
$849.7K – $1.13M
NOI $67,975 @ 7.0% cap · market cap 9.08%
Theoretical Best
Warehouse
$9.93M
$8.69M – $11.58M
NOI $694,972 @ 7.0% cap · market cap 92.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
996
Businesses Nearby
61k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 52%
Dining 48%
Dunkin' Donuts
Dining
13,423 visits/mo
0.2 miles
Burger King
Dining
11,747 visits/mo
0.3 miles
Speedway
Shops & Services
10,920 visits/mo
0.3 miles
Dollar Tree
Shops & Services
8,837 visits/mo
0.3 miles
Family Dollar
Shops & Services
4,056 visits/mo
0.3 miles
Demographics for 16101, PA
31,960
Population
14,755
Households
2.2
Avg Household Size
44
Median Age
18%
College-Educated
92%
High-School Grad
69.2 sq mi
ZIP Area
462
Density / Sq Mi
$50,481
Median Household Income
$36,670
Median Earnings
$706
Median Rent
$109,600
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Penske Truck Rental — 401 S Mill St, New Castle, PA 16101
Frequently Asked Questions
What type of property is this?
Automotive property - Single-tenant, net-leased retail asset with stable income.
Where is this automotive property located?
The property is located at 643 E Washington St New Castle, PA.
What is the asking price?
The asking price for this property is $748,525.
What are key features of this property?
This property features: Net‑leased to Advance Auto Parts, a nationally recognized retailer, providing stable income.; High‑traffic corner location with exceptional visibility, ample parking, and easy access.; Attractive 7.48% cap rate on annual rent of $57,861.
