Elizabethtown Commons 1575 S Market St 18,707 SF 100% Leased Retail Building Elizabethtown, PA 17022 $3,434,161 ($183.58/SF) 7% Cap Rate

Overview
Marcus & Millichap, on behalf of Ownership, is pleased to present this 18,707 square foot neighborhood retail center located in Elizabethtown, Pennsylvania (the “Offering”). The Property is 100% leased to a quality mix of local and national tenants that are entirely complementary to this neighborhood location. This is evidenced by the Offering’s average tenancy of approximately 20 years. The property is well-positioned at the center of Elizabethtown’s retail corridor between two of the region’s dominant supermarkets, Giant and Weis.
Established Tenancy
Constructed in 1962, the property has been owned by the same out of market ownership since 1996, resulting in long-standing tenant relationships. Family Dollar and Pennsylvania Wine & Spirits have anchored the property since 1997, collectively representing 48% of overall revenue and providing credit enhancement to the center. Additional tenants include a multi-unit Domino’s Pizza franchise, Panda Buffet, Etown Beverage, and a local butcher and seafood market, Stone Cold Meats. With the exception of Stone Cold Meats, who joined the Offering in 2024, every tenant has renewed multiple times, underscoring the strength of the location and its positioning in the market.
Shadow-Anchored by CVS
The Offering does not include the neighboring corporately-owned CVS pharmacy parcel, which notably ranks in the 74th percentile chain wide with approximately 299,000 annual customer visits per Placer.ai. CVS owns the parking field in front of the Offering, and maintains the lot pursuant to a recorded cross easement declaration. The CVS parcel and the Offering equally share in CAM costs incurred, and historically, CVS has not billed ownership for common area expenses over the duration of its ownership. Current ownership has elected to have a tenant perform weekly parking field cleanup of trash, with CVS handling all other vendors. Broker’s underwriting conservatively assumes a $7,500 annual CAM billing from CVS, with tenants reimbursing pursuant to their lease terms.
Potential Opportunities
The present out-of-market ownership has long-term relationships with many of the tenants, and has operated the property from afar. In review of the lease documents, new ownership may be more aggressive with implementation of management fee collection from all tenants with exception to Family Dollar and Pennsylvania Wine & Spirits. Broker’s underwriting assumes no reimbursement of the management fee. Additionally, new ownership may also seek to purchase the CVS-owned property, and control the entire project. Present ownership has not explored this opportunity.
Strong Retail Positioning
The Offering benefits from an excellent location on South Market Street (18,201 VPD) at the center of Elizabethtown’s primary retail corridor, with Giant Food Stores and Weis Markets immediately bookending the site. These two grocers represent the dominant supermarket presence in the trade area and serve as the primary drivers for the corridor. Notably, Giant ranks as the 6th best store chain wide, generating 1.5 million annual customer visits, while Weis Markets averages 549,000 annual visits. Two forthcoming projects will further enhance this retail node, with the addition of Starbucks and Verizon in a 4,600-square-foot building out front of Weis Markets, which is currently under construction, as well as The Henry at Klein Mills, a 280-unit apartment community to the rear of the property. It is further supported by a dense, affluent population of 27,470 residents within three-miles with average household income of $104,113.