Overview
Marcus & Millichap's Dougherty Team is offering Chambersburg Strip at 500 Walker Road in Chambersburg, PA, for $4,837,890, a 6.65% cap rate on $321,720 in net operating income. The 9,413 SF retail strip was built in 2016 and is 100% occupied by three national tenants: Mattress Firm, Sport Clips, and Aspen Dental. It sits on a 0.96-acre lot with 150 parking spaces at the signalized intersection of Walker Road and Norland Avenue, directly off Interstate 81 (35,003 VPD). All leases are NNN, with Sport Clips and Aspen Dental paying administrative fees on top of standard reimbursements, keeping landlord expense exposure limited. Mattress Firm is now part of Somnigroup International (NYSE: SGI, BB+ S&P), and Aspen Dental recently renewed through January 2032. The property carries a 3.4-year weighted average lease term, and every tenant holds two 5-year renewal options with 10% rent increases. The site is surrounded by one of the region's strongest retail corridors, including Giant, Target, Kohl's, and Chick-fil-A, Chipotle and Five Guys locations ranked in the top 5% nationally. Average household income within one mile is $117,679.
Investment Highlights
100% OCCUPIED | NATIONALLY RECOGNIZED CREDIT TENANTS
- Fully leased 9,413 SF retail strip anchored by Mattress Firm, Sport Clips, and Aspen Dental – three well-established national brands with strong consumer recognition
STRONG TENANT MOMENTUM | RECENT BRAND GROWTH & INVESTMENT
- Mattress Firm's $4.3B acquisition by Tempur Sealy (2025) formed Somnigroup International (NYSE: SGI), uniting the nation's largest mattress manufacturer and retailer
- Aspen Dental opened 21+ new practices in 2025 and continues aggressive 2026 expansion, now nearing 1,100 locations nationwide
- Sport Clips is targeting net-positive unit growth in 2026 after a period of portfolio optimization – renewed brand momentum
STRONG REAL ESTATE FUNDAMENTALS | PRIME INTERSTATE VISIBILITY | I-81 ACCESS
- Built in 2016 on a ~1-acre site, featuring 150 parking spaces and 9,400+ SF rentable building space
- Positioned along Walker Road (6,990 VPD) with immediate proximity to Interstate 81 (35,003 VPD), one of the primary north-south commercial corridors on the East Coast
THRIVING RETAIL CORRIDOR| HIGH-PERFORMING NATIONAL TENANTS
- Sports Clips at this site is in the top 25% in the U.S. and State
- Surrounded by top-tier national demand drivers including Panera Bread (Top 15% in the U.S.), Chipotle (Top 5% in the U.S.), Red Robin (Top 10% in the U.S.), Chick-Fil-A (Top 5% in the U.S.), Five Guys (Top 5% in the U.S.), and Starbucks (Top 25% in the U.S.)
NNN LEASE STRUCTURES | LIMITED LANDLORD EXPOSURE
- Leases are structured as NNN, with all tenants paying an additional management or admin fee layered on top of standard reimbursements – minimizing landlord expense exposure while adding incremental income
BUILT-IN NOI GROWTH
- Every tenant's renewal options carry a consistent 10% rental increase, providing a clear, contractual path to future income growth
AFFLUENT IMMEDIATE TRADE AREA | GROWTH MARKET
- Average household income of $117,679 within 1 mile
- 36,000+ residents within a 3-mile radius of the site
- Population within 3 and 5 miles is projected to grow by approximately 2% through 2030
STRONG SUBMARKET DRIVERS| SCHOOLS, HEALTHCARE & NEW DEVELOPMENT
- Chambersburg Area Senior High School (2,558 students)
- WellSpan Chambersburg Hospital (200+ beds & 1,500 employees)
- New Developments in the area including a new Wawa opened in Chambersburg in early 2025, and the Southgate Redevelopment is bringing a new Keystone Health medical facility to the borough
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