Renovated Triplex with Outdoor
New
For Sale
$369,900
503 W MAIN Street, Mechanicsburg, PA 17055
Multi-Family, MECHANICSBURG, PA
Property Size2,628 SF
Lot Size0.26 Acres
Price / SF$140.75
Days on Market1
Property Features for 503 W MAIN Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Basement
Parking
2
Parking features
Off Street, Driveway, On Street
Interior features
Attic
Appliances
Built-In Microwave, Dishwasher, Oven/Range - Electric, Refrigerator, Washer/Dryer Stacked
Subdivision
NONE AVAILABLE
High school
MECHANICSBURG AREA
Elementary school district
MECHANICSBURG AREA
Middle school district
MECHANICSBURG AREA
High school district
MECHANICSBURG AREA
Standard status
Active
Size
2,628 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Annual Amount
4230
Utilities
Heating system
Other (Heating), Baseboard, Electric (Heating)
Building Details
Year built
1903
Number of units
3
Building materials
Frame
Architectural style
Other
Listing Agency:
M C Walker Realty
(717) 697-9487
Listed By:
CHRISTINE WALKER · License #RS278850
(717) 579-8554
Added: Sep 20
Last Checked: Sep 20 at 5:06PM
MLS# PACB2058484
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 three-unit residential income property at 503 W Main Street includes a 2-bedroom apartment, a 1-bedroom apartment, and an efficiency unit within 2,628 square feet. The first-floor 2-bedroom residence measures approximately 1,000 square feet and includes hardwood floors, high ceilings, newer windows, a remodeled kitchen and bath, laundry appliances, a covered side porch, and a rear Trex deck. The efficiency was remodeled in 2017 and features shaker-style cabinetry, ceiling fans, covered balcony access, and attic storage. The 1-bedroom unit provides a separate bedroom, kitchen, living and dining area, and storage closet.
All three apartments are occupied by long-term tenants under yearly leases. Residents pay their own heat, hot water, and electricity, while ownership covers water, sewer, and trash. Parking is available off street, in the driveway, and on the street. Built in 1903 on a 0.26-acre lot, the frame property is located near downtown Mechanicsburg, with restaurants, shopping, schools, and major highways nearby.
All three apartments are occupied by long-term tenants under yearly leases. Residents pay their own heat, hot water, and electricity, while ownership covers water, sewer, and trash. Parking is available off street, in the driveway, and on the street. Built in 1903 on a 0.26-acre lot, the frame property is located near downtown Mechanicsburg, with restaurants, shopping, schools, and major highways nearby.
Key Highlights
- Three‑unit layout with 2‑bedroom, 1‑bedroom, and efficiency apartments
- 2,628 square feet on a 0.26‑acre lot
- First‑floor 2‑bedroom unit offers approximately 1,000 square feet
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
$25,004
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
6.76%
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%
$500,080
$500.1K
Cap Rate 7%
$357,200
$357.2K
Cap Rate 9%
$277,822
$277.8K
Market Conditions
NOI Build-Up for 2,628 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
$37.8K $14.40/SF
− Vacancy
−$2.1K −$0.81/SF
EGI
$35.7K $13.59/SF
− OpEx
−$10.7K −$4.08/SF
NOI
$25.0K $9.51/SF
Area
Cumberland County, PA
Vacancy
5.61%
Lease Rate
$14.40 /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%
$500,080
Cap Rate 7%
$357,200
Cap Rate 9%
$277,822
Alternative Uses
Best Use
Multifamily LT 5
$357.2K
$312.6K – $416.7K
NOI $25,004 @ 7.0% cap · market cap 6.76%
Second Best
Apartment 5plus
$317.1K
$277.5K – $370.0K
NOI $22,197 @ 7.0% cap · market cap 6.00%
Theoretical Best
Office A
$610.5K
$534.2K – $712.2K
NOI $42,733 @ 7.0% cap · market cap 11.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
618
Businesses Nearby
Explore this area
Business Placement
Demographics for 17055, PA
40,353
Population
18,994
Households
2.1
Avg Household Size
42
Median Age
47%
College-Educated
97%
High-School Grad
39.2 sq mi
ZIP Area
1,029
Density / Sq Mi
$95,542
Median Household Income
$55,923
Median Earnings
$1,320
Median Rent
$266,400
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?
Triplex - Three occupied apartments near downtown Mechanicsburg, with updated interiors, private outdoor areas, and off-street parking.
Where is this triplex located?
The property is located at 503 W MAIN Street Mechanicsburg, PA.
What is the asking price?
The asking price for this property is $369,900.
What are key features of this property?
This property features: Three‑unit layout with 2‑bedroom, 1‑bedroom, and efficiency apartments; 2,628 square feet on a 0.26‑acre lot; First‑floor 2‑bedroom unit offers approximately 1,000 square feet
