Mixed-Use Redevelopment
For Sale
$599,000
700 N Hanover St, Carlisle, PA 17013
Commercial space suited to renovation and reconfiguration for retail, office, restaurant, or other mixed-use concepts.
Property Size4,050 SF
Lot Size0.14 Acres
Price / SF$147.90
Days on Market86
Property Features for 700 N Hanover St
General Information
Standard status
Active
Size
4,050 SF
Lot size
0.14 Acres
Taxes and HOA fees
Annual Taxes
$3,677
Listing Agency:
Onest Real Estate
(704) 891-6578
Listed By:
Nobon Ghalley
(704) 891-6578
Source:
Exprealty
Added: May 19
Changed: Aug 12
Last Checked: Aug 12 at 3:13AM
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 Onest Real Estate
Investment Insights
Based on property information with market context.
This approximately 4,050-square-foot commercial property occupies 0.14 acres and is classified as a mixed-use asset. The building was previously used for dry cleaning and is positioned for renovation or redevelopment. Its configuration can be adapted for concepts such as a grocery store, laundromat, retail storefront, office, restaurant, or another mixed-use operation, subject to applicable approvals.
Located at 700 N Hanover St in downtown Carlisle, the property offers exposure to passing traffic and convenient access to nearby businesses and residential neighborhoods. The surrounding downtown setting provides a practical context for repositioning the existing commercial space while retaining its established location.
Located at 700 N Hanover St in downtown Carlisle, the property offers exposure to passing traffic and convenient access to nearby businesses and residential neighborhoods. The surrounding downtown setting provides a practical context for repositioning the existing commercial space while retaining its established location.
Key Highlights
- Approximately 4,050 square feet on 0.14 acres
- Previously operated as a dry‑cleaning business
- Positioned for renovation and redevelopment
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
$38,987
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
6.51%
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%
$779,740
$779.7K
Cap Rate 7%
$556,957
$557.0K
Cap Rate 9%
$433,189
$433.2K
Market Conditions
NOI Build-Up for 4,050 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
$58.3K $14.40/SF
− Vacancy
−$2.6K −$0.65/SF
EGI
$55.7K $13.75/SF
− OpEx
−$16.7K −$4.13/SF
NOI
$39.0K $9.63/SF
Area
Cumberland County, PA
Vacancy
4.50%
Lease Rate
$14.40 /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%
$779,740
Cap Rate 7%
$556,957
Cap Rate 9%
$433,189
Alternative Uses
Best Use
Retail
$557.0K
$487.3K – $649.8K
NOI $38,987 @ 7.0% cap · market cap 6.51%
Second Best
Mixed Use
$541.9K
$474.1K – $632.2K
NOI $37,931 @ 7.0% cap · market cap 6.33%
Theoretical Best
Office A
$940.8K
$823.2K – $1.10M
NOI $65,855 @ 7.0% cap · market cap 10.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
319
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial space suited to renovation and reconfiguration for retail, office, restaurant, or other mixed-use concepts.
Where is this mixed-use property located?
The property is located at 700 N Hanover St Carlisle, PA.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Approximately 4,050 square feet on 0.14 acres; Previously operated as a dry‑cleaning business; Positioned for renovation and redevelopment
