Harrisburg Multifamily Investment
301 Market St, Harrisburg, PA 17101
Call to check price and availability
Renovated nine-story building with 38 units in downtown Harrisburg.
Type:Multifamily
Property size:
38,676 SFPrice / SF:
$152/SF- Added:
- Feb 28, 2025
- Days on Market:
- 485
- Last Refresh:
- Mar 16 at 1:11 pm
Property Features for 301 Market St
General Information
- Standard status
- Active
- Size
- 38,676 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1920
Listing office Scope Investment Real Estate Services (215) 302-4400
Listing date Feb 28, 2025
Source Crexi
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 Scope Investment Real Estate Services
HighLights
- 95% occupancy guarantee for the first year.
- Fully renovated in 2024 as a market‑rate apartment community.
- Located in the heart of Harrisburg's downtown, steps from the Pennsylvania State Capitol Complex.
- Value‑add potential with leasing efforts underway.
- Features 38 units with a mix of studios, one‑bedroom, and two‑bedroom floor plans.
- Located within a Federal Qualified Opportunity Zone.
Overview
Located in Harrisburg, PA, the nine-story building at 301 Market Street, formerly Market View Place, was originally constructed 100 years ago and fully renovated in 2013, converting it from an office building to student housing for Harrisburg University of Science & Technology. In 2024, the 38,676 SF property underwent updates and repositioning as a market-rate apartment community. The building features 38 units, including studios, one-bedroom, and two-bedroom floor plans. Recent upgrades include contemporary interior finishes, updated common areas, and secure building access. The property is operating as a market-rate asset with value-add potential, and leasing efforts are underway. The seller guarantees 95% occupancy for the first year. A property management firm is in place to support operations and maintain occupancy levels. Situated in Harrisburg’s downtown district, the property is near the Pennsylvania State Capitol Complex, the Whitaker Center, and Strawberry Square. Residents have access to dining, entertainment, shopping, Riverfront Park, and City Island. Major employment centers, including state government offices and healthcare institutions, are nearby. The East Shore/Central multifamily submarket has a first-quarter 2025 vacancy rate of 7.1%, with 78 units under construction in a submarket of approximately 7,700 units. Over the past year, $28.1 million in multifamily sales occurred across seven transactions. Rents in East Shore/Central average $1,320 per month, exhibiting a 4.4% year-over-year increase. The property is located within a Federal Qualified Opportunity Zone.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $608.0k | $15.72 |
| − Vacancy | −$48.6k | −$1.26 |
| EGI | $559.3k | $14.46 |
| − OpEx | −$251.7k | −$6.51 |
| NOI | $307.6k | $7.95 |
38,676 SF · lease $15.72/SF/yr · vacancy 8.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$4.39M
$3.85M – $5.13M
NOI $307,641 @ 7.0% cap · market cap 5.21%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$71.23M
$62.33M – $83.11M
NOI $4,986,303 @ 7.0% cap · market cap 84.51%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Cultural Enrichment Fund
Charitable Organization
Location Insight
- Map
- Local Demand
- City
- Harrisburg
- County
- Dauphin
- State
- Pennsylvania
- Longitude
- -76.880364
- Latitude
- 40.260784
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Renovated nine-story building with 38 units in downtown Harrisburg.
Where is this apartment building located?
The property is located at 301 Market St Harrisburg, PA.
What is the asking price?
The asking price for this property is $5,900,000.
What are key features of this property?
This property features: 95% occupancy guarantee for the first year.; **Fully renovated in 2024** as a market‑rate apartment community.; Located in the heart of Harrisburg's downtown, **steps from the Pennsylvania State Capitol Complex**.
