High-Visibility Mixed-Use
For Sale
Contact for pricing
618 N 2nd St, Harrisburg, PA
Mixed-use property with commercial space and apartments in high-traffic area.
Property Size5,250 SF
Lot Size0.04 Acres
Price / SF$89.52
Days on Market681
Property Features for 618 N 2nd St
General Information
Standard status
Active
Size
5,250 SF
Lot size
0.04 Acres
Property subtype
MULTIFAMILY
Listing Agency:
Landmark Commercial Realty
(717) 421-6031
Listed By:
Sean Fitzsimmons · License #PA-RS327513
(717) 421-6031
Source:
Moodyscre
Added: Oct 10, 2024
Changed: Aug 8
Last Checked: Aug 20 at 5:14AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Landmark Commercial Realty
Investment Insights
Based on property information with market context.
This mixed-use building is located steps from the PA State Capitol Complex in a high foot-traffic area. The property features ground-level commercial space and upper-level apartments. The apartments are fully leased. The property is located on a visible corner of 2nd Street. A local restaurant user will be occupying the ground level space in early 2026. There is an opportunity to increase below market rental rates. The property size is 5250 square feet.
Key Highlights
- Premier location on a high‑visibility corner of 2nd Street with high foot traffic, steps from the PA State Capitol Complex.
- Fully leased upper‑level apartments provide a steady rental income stream.
- Recently leased ground‑level commercial space is ideal for business use.
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
$41,760
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
8.89%
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%
$835,200
$835.2K
Cap Rate 7%
$596,571
$596.6K
Cap Rate 9%
$464,000
$464.0K
Market Conditions
NOI Build-Up for 5,250 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
$82.5K $15.72/SF
− Vacancy
−$6.6K −$1.26/SF
EGI
$75.9K $14.46/SF
− OpEx
−$34.2K −$6.51/SF
NOI
$41.8K $7.95/SF
Area
Dauphin County, PA
Vacancy
8.00%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
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%
$835,200
Cap Rate 7%
$596,571
Cap Rate 9%
$464,000
Alternative Uses
Best Use
Mixed Use
$911.3K
$797.4K – $1.06M
NOI $63,788 @ 7.0% cap · market cap 13.57%
Second Best
Retail
$752.1K
$658.1K – $877.4K
NOI $52,644 @ 7.0% cap · market cap 11.20%
Theoretical Best
Specialty Retail
$9.67M
$8.46M – $11.28M
NOI $676,856 @ 7.0% cap · market cap 144.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,343
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property with commercial space and apartments in high-traffic area.
Where is this mixed-use property located?
The property is located at 618 N 2nd St Harrisburg, PA.
What is the asking price?
The asking price for this property is $470,000.
What are key features of this property?
This property features: Premier location on a high‑visibility corner of 2nd Street with high foot traffic, steps from the PA State Capitol Complex.; Fully leased upper‑level apartments provide a steady rental income stream.; Recently leased ground‑level commercial space is ideal for business use.
