Five-Unit Multifamily
For Sale
$806,000
1609 N Front St, Harrisburg, PA 17102
Five one-bedroom apartments with on-site laundry in a classic 1920 building.
Property Size4,562 SF
Lot Size0.19 Acres
Price / SF$176.68
Days on Market156
Property Features for 1609 N Front St
General Information
Standard status
Active
Size
4,562 SF
Lot size
0.19 Acres
Property subtype
Multi-Family
Additional Details
Multifamily Units
5
Building Details
Building Size
4,562 SF
Year Built
1920
Units
5
Listing Agency:
NAI CIR
Listed By:
Nik Sgagias · License ##AB069294
(717) 439-9453
Source:
Commercialcafe
Added: Apr 3
Changed: Aug 21
Last Checked: Sep 4 at 2:42AM
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 NAI CIR
Investment Insights
Based on property information with market context.
This five-unit multifamily property at 1609 N Front St offers all 1-bedroom apartment homes. The building totals 4,562 square feet and includes on-site laundry for tenant convenience.
Originally built in 1920, the property presents a classic structure designed for steady residential rental use.
The site covers 0.1864 acres and supports the existing five-unit configuration.
Originally built in 1920, the property presents a classic structure designed for steady residential rental use.
The site covers 0.1864 acres and supports the existing five-unit configuration.
Key Highlights
- Five‑unit multifamily at 1609 N Front St, Harrisburg, with all 1‑bedroom apartments
- 4,562 SF building built in 1920
- Sits on 0.1864 acres
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
$36,288
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
4.50%
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%
$725,760
$725.8K
Cap Rate 7%
$518,400
$518.4K
Cap Rate 9%
$403,200
$403.2K
Market Conditions
NOI Build-Up for 4,562 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
$71.7K $15.72/SF
− Vacancy
−$5.7K −$1.26/SF
EGI
$66.0K $14.46/SF
− OpEx
−$29.7K −$6.51/SF
NOI
$36.3K $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%
$725,760
Cap Rate 7%
$518,400
Cap Rate 9%
$403,200
Alternative Uses
Best Use
Apartment 5plus
$518.4K
$453.6K – $604.8K
NOI $36,288 @ 7.0% cap · market cap 4.50%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$8.40M
$7.35M – $9.80M
NOI $588,156 @ 7.0% cap · market cap 72.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,525
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Five one-bedroom apartments with on-site laundry in a classic 1920 building.
Where is this apartment building located?
The property is located at 1609 N Front St Harrisburg, PA.
What is the asking price?
The asking price for this property is $806,000.
What are key features of this property?
This property features: Five‑unit multifamily at 1609 N Front St, Harrisburg, with all 1‑bedroom apartments; 4,562 SF building built in 1920; Sits on 0.1864 acres
