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Property profile & analytics
OFF-MARKET
Estimated value
$5,125,000
Office buildings
401 Louther St, Carlisle, PA 17013-2657
Individually Owned
4-yr Hold
~
Est. High Equity
Property ID
US73-2610616
Property summary
AI-generated overview
Minerva Mills, located at 401 E. Louther Street in Carlisle, Pennsylvania (17013), offers a unique blend of executive office and warehouse space for lease. This three-story building, originally constructed in 1920 and extensively renovated in 2024, boasts a total of 50,000 square feet. The property sits on a 2.56-acre lot and is zoned for Entranceway Business use. Multiple tenancy is available, with a minimum divisible space of 80 square feet and a maximum contiguous space of 700 square feet. Currently, 1,232 square feet of space is vacant. Office spaces feature 9-foot ceilings, while warehouse areas offer 15-foot ceilings. Parking is available on-site and on the street. The building benefits from professional on-site management and offers a mix of individual office suites, shared work areas, and flexible storage units. Its convenient location provides easy access to downtown Carlisle, Route 15, and Interstate 81. The property's APN is 02-21-0318-089, and it's situated in Cumberland County. This is an exceptional opportunity for businesses seeking a versatile and well-maintained space in a desirable location.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Total area
58,515 SF
Lot
2.56 ac (111,514 SF)
APN
02-21-0318-089
UPID
US73-2610616
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
John Wain Financial Services Financial Advisor
-
Midpenn Legal Services Law Firm
-
Handler, Henning & Rosenberg LLC Law Firm
-
Journease Travel Specialists Travel Agency
-
Flash Freight Llc Freight Service Logistics Company
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$5.09M
Blend (final)
Blend
$5.13M
Owner & transaction history
Richard L Rovegno · 4 yrs held
Richard L Rovegno
since 2021
1 recorded transaction
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$8.1M
+2.9%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Carlisle submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Carlisle submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$7,885,000
Current use
COMMERCIAL (GENERAL)
$8,115,000
Change: +3% · Conversion: Easy
AUTO REPAIR, GARAGE
$6,785,000
Change: -14% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$6,510,000
Change: -17% · Conversion: Easy
Blend value · Realmo final
$5.13M
Range $4.61M – $5.64M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$88 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$48,032
Tax year 2024
Assessed value
$2,100,000
Assessed 2024
Previous assessed
$2,100,000
+0.0% YoY
Effective rate
2.29%
On assessed value
Assessed land
$262,400
Assessed improvement
$1,837,600
Land market value
$262,400
Improvement market value
$1,837,600
Total market value
$2,100,000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Heating
NONE
Total area
58,515 SF
Lot
2.56 ac (111,514 SF)
APN
02-21-0318-089
UPID
US73-2610616
Jurisdiction
CUMBERLAND
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$7.9M
COMMERCIAL (GENERAL)
Est. value
$8.1M
AUTO REPAIR, GARAGE
Est. value
$6.8M
APARTMENT HOUSE (5+ UNITS)
Est. value
$6.5M
OFFICE BUILDING Current
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Heating
NONE
Lot
2.56 ac
Current owner
From public records · entity-resolved
Richard L Rovegno
Individual
Mailing address
401 E LOUTHER ST, CARLISLE, PA 17013-2657
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 21, 2021
—
Richard L Rovegno
—
Deed
related
$120,000 · Truist Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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