Brick Duplex with Two
New
For Sale
$220,000
221 REILY Street, Harrisburg, PA 17102
Multi-Family, HARRISBURG, PA
Property Size1,878 SF
Lot Size0.03 Acres
Price / SF$117.15
Days on Market2
Property Features for 221 REILY Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking features
On Street
High school
HARRISBURG HIGH SCHOOL
Elementary school district
HARRISBURG CITY
Middle school district
HARRISBURG CITY
High school district
HARRISBURG CITY
Standard status
Active
Size
1,878 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
2164
Utilities
Heating system
Forced Air
Cooling system
Window Unit(s)
Building Details
Year built
1900
Number of units
2
Building materials
Brick
Architectural style
Other
Listing Agency:
Iron Valley Real Estate of Central PA
(717) 996-4600
Listed By:
AARON RISSINGER · License #RS339796
(717) 979-1443
Added: Sep 18
Last Checked: Sep 19 at 12:06PM
MLS# PADA2064270
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,878-square-foot duplex is a brick townhouse built in 1900, with two apartments configured as one bedroom and three bedrooms. Forced-air heating, window-unit cooling, a basement, and on-street parking support the property’s residential setup.
The property is located in Midtown Harrisburg, two blocks from the Susquehanna River and across from Midtown Cinema. Broad Street Market is three blocks away, with shops, restaurants, entertainment, parks, and other neighborhood amenities within walking distance.
The property is located in Midtown Harrisburg, two blocks from the Susquehanna River and across from Midtown Cinema. Broad Street Market is three blocks away, with shops, restaurants, entertainment, parks, and other neighborhood amenities within walking distance.
Key Highlights
- Two‑unit duplex with one 1‑bedroom apartment and one 3‑bedroom apartment
- 1,878 square feet in a brick townhouse built in 1900
- Located two blocks from the Susquehanna River
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
$16,763
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
7.62%
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%
$335,260
$335.3K
Cap Rate 7%
$239,471
$239.5K
Cap Rate 9%
$186,256
$186.3K
Market Conditions
NOI Build-Up for 1,878 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
$25.9K $13.80/SF
− Vacancy
−$2.0K −$1.05/SF
EGI
$23.9K $12.75/SF
− OpEx
−$7.2K −$3.83/SF
NOI
$16.8K $8.93/SF
Area
Dauphin County, PA
Vacancy
7.60%
Lease Rate
$13.80 /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%
$335,260
Cap Rate 7%
$239,471
Cap Rate 9%
$186,256
Alternative Uses
Best Use
Multifamily LT 5
$239.5K
$209.5K – $279.4K
NOI $16,763 @ 7.0% cap · market cap 7.62%
Second Best
Apartment 5plus
$213.4K
$186.7K – $249.0K
NOI $14,938 @ 7.0% cap · market cap 6.79%
Theoretical Best
Specialty Retail
$3.46M
$3.03M – $4.04M
NOI $242,121 @ 7.0% cap · market cap 110.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,689
Businesses Nearby
Explore this area
Business Placement
Demographics for 17102, PA
7,989
Population
5,105
Households
1.6
Avg Household Size
37
Median Age
50%
College-Educated
91%
High-School Grad
0.8 sq mi
ZIP Area
9,986
Density / Sq Mi
$55,369
Median Household Income
$47,544
Median Earnings
$1,062
Median Rent
$172,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-apartment property with a one-bedroom and a three-bedroom layout in a walkable Midtown setting.
Where is this duplex located?
The property is located at 221 REILY Street Harrisburg, PA.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: Two‑unit duplex with one 1‑bedroom apartment and one 3‑bedroom apartment; 1,878 square feet in a brick townhouse built in 1900; Located two blocks from the Susquehanna River
