Retail Space with Improved
For Sale
Contact for pricing
Pending
724 Colonial Rd, Harrisburg, PA 17112
Retail space with a freshly seal-coated and striped parking lot, plus grease-trap access to a pump station across Colonial Road.
Property Size17,180 SF
Days on Market224
Property Features for 724 Colonial Rd
General Information
Standard status
Pending
Size
17,180 SF
Property subtype
RETAIL
Additional Details
Grease Trap
Yes
Listing Agency:
NAI CIR | Lemoyne
(717) 761-5070
Listed By:
Daniel J. Alderman · License #BK3022807
Source:
Moodyscre
Added: Jan 19
Changed: Aug 30
Last Checked: Aug 31 at 1:58AM
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 NAI CIR | Lemoyne
Investment Insights
Based on property information with market context.
This 17,180-square-foot retail property at 724 Colonial Rd includes a parking lot that has been recently seal coated and striped. The site also has restaurant grease traps connected to a pump station located on property across Colonial Road.
A new residential townhome community, English Village, is under construction on the adjoining property. The edge of the parcel falls within a General Floodplain District; an attached picture provides additional detail regarding the affected area.
A new residential townhome community, English Village, is under construction on the adjoining property. The edge of the parcel falls within a General Floodplain District; an attached picture provides additional detail regarding the affected area.
Key Highlights
- 17,180 square feet of retail space at 724 Colonial Rd
- Parking lot recently seal coated and striped
- English Village townhome community under construction on adjoining property
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
$172,272
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
4.66%
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%
$3,445,440
$3.4M
Cap Rate 7%
$2,461,029
$2.5M
Cap Rate 9%
$1,914,133
$1.9M
Market Conditions
NOI Build-Up for 17,180 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
$257.7K $15.00/SF
− Vacancy
−$11.6K −$0.68/SF
EGI
$246.1K $14.33/SF
− OpEx
−$73.8K −$4.30/SF
NOI
$172.3K $10.03/SF
Area
Dauphin 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%
$3,445,440
Cap Rate 7%
$2,461,029
Cap Rate 9%
$1,914,133
Alternative Uses
Best Use
Retail
$2.46M
$2.15M – $2.87M
NOI $172,272 @ 7.0% cap · market cap 4.66%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$31.64M
$27.69M – $36.92M
NOI $2,214,932 @ 7.0% cap · market cap 59.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Grease trap
Location Intelligence
Trade Area within ½ mile
416
Businesses Nearby
Explore this area
Business Placement
Demographics for 17112, PA
37,137
Population
16,026
Households
2.3
Avg Household Size
44
Median Age
44%
College-Educated
95%
High-School Grad
69.6 sq mi
ZIP Area
534
Density / Sq Mi
$101,784
Median Household Income
$55,056
Median Earnings
$1,400
Median Rent
$290,400
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?
Retail space - Retail space with a freshly seal-coated and striped parking lot, plus grease-trap access to a pump station across Colonial Road.
Where is this retail space located?
The property is located at 724 Colonial Rd Harrisburg, PA.
What is the asking price?
The asking price for this property is $3,700,000.
What are key features of this property?
This property features: 17,180 square feet of retail space at 724 Colonial Rd; Parking lot recently seal coated and striped; English Village townhome community under construction on adjoining property
