25-Unit Mixed-Use
For Sale
Contact for pricing
1224 N 3rd St, Harrisburg, PA 17102
The 2012-built asset combines 25 multifamily units with a mixed-use configuration.
Property Size20,000 SF
Price / SF$187.50
Days on Market185
Property Features for 1224 N 3rd St
General Information
Standard status
Active
Size
20,000 SF
Net Rentable
19,250 SF
Property subtype
Mixed Use, Multifamily, Retail
Occupancy
100%
Net Operating Income
$251,723
Additional Details
Cap Rate
6.71%
Multifamily Units
25
Building Details
Year Built
2012
Year Renovated
2024
Buildings
1
Stories
6
Units
25
Listing Agency:
Horvath & Tremblay
(215) 302-4400
Listed By:
Craig Dunkle · License #PA RS324418
Source:
Crexi
Added: Feb 27
Changed: Aug 31
Last Checked: Aug 31 at 3:05AM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
This 25-unit mixed-use property was built in 2012 and contains approximately 20,000 square feet. The asset is configured for multifamily occupancy within a mixed-use property format, providing a larger-scale residential income platform with integrated commercial characteristics.
Positioned at 1224 N 3rd St in Harrisburg, Pennsylvania, the property is identified with a 6.71% CAP and 19,250 GRA. These operating metrics, together with the unit count and construction year, provide key reference points for evaluating the asset.
Positioned at 1224 N 3rd St in Harrisburg, Pennsylvania, the property is identified with a 6.71% CAP and 19,250 GRA. These operating metrics, together with the unit count and construction year, provide key reference points for evaluating the asset.
Key Highlights
- 25‑unit mixed‑use multifamily property
- Approximately 20,000 square feet
- Built in 2012
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
$243,000
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
6.48%
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%
$4,860,000
$4.9M
Cap Rate 7%
$3,471,429
$3.5M
Cap Rate 9%
$2,700,000
$2.7M
Market Conditions
NOI Build-Up for 20,000 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
$432.0K $21.60/SF
− Vacancy
−$43.2K −$2.16/SF
EGI
$388.8K $19.44/SF
− OpEx
−$145.8K −$7.29/SF
NOI
$243.0K $12.15/SF
Area
Dauphin County, PA
Vacancy
10.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$4,860,000
Cap Rate 7%
$3,471,429
Cap Rate 9%
$2,700,000
Alternative Uses
Best Use
Mixed Use
$3.47M
$3.04M – $4.05M
NOI $243,000 @ 7.0% cap · market cap 6.48%
Second Best
Retail
$2.86M
$2.51M – $3.34M
NOI $200,550 @ 7.0% cap · market cap 5.35%
Theoretical Best
Specialty Retail
$36.84M
$32.23M – $42.98M
NOI $2,578,500 @ 7.0% cap · market cap 68.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
25
Residential units
Location Intelligence
Trade Area within ½ mile
2,581
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
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 - The 2012-built asset combines 25 multifamily units with a mixed-use configuration.
Where is this mixed-use property located?
The property is located at 1224 N 3rd St Harrisburg, PA.
What is the asking price?
The asking price for this property is $3,750,000.
What are key features of this property?
This property features: 25‑unit mixed‑use multifamily property; Approximately 20,000 square feet; Built in 2012
