9-Unit Multifamily
For Sale
$950,000
1427-1429 N Front St, Harrisburg, PA 17102
Nine-unit multifamily property with one-bedroom, two-bedroom, and efficiency studio apartments and on-site laundry.
Property Size7,202 SF
Lot Size0.12 Acres
Price / SF$131.91
Days on Market156
Property Features for 1427-1429 N Front St
General Information
Standard status
Active
Size
7,202 SF
Lot size
0.12 Acres
Property subtype
Multi-Family
Additional Details
Multifamily Units
9
Amenities
on-site laundry
Building Details
Building Size
7,202 SF
Year Built
1900
Units
9
Listing Agency:
NAI CIR
Listed By:
Nik Sgagias · License ##AB069294
(717) 439-9453
Source:
Commercialcafe
Added: Apr 3
Changed: Aug 8
Last Checked: Jul 23 at 9:44AM
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.
Situated at 1427–1429 N Front St in Harrisburg, this 9-unit multifamily property offers a mix of one-bedroom, two-bedroom, and efficiency studio apartments. The building totals 7,202 square feet and is set on 0.1233 acres. On-site laundry is provided for residents.
The unit mix is designed to serve a range of renter needs, with efficiencies alongside larger layouts. This configuration supports a practical, diversified residential income profile within a single property.
The property is presented for sale and includes the full complement of residential units and laundry service as part of the existing on-site setup.
The unit mix is designed to serve a range of renter needs, with efficiencies alongside larger layouts. This configuration supports a practical, diversified residential income profile within a single property.
The property is presented for sale and includes the full complement of residential units and laundry service as part of the existing on-site setup.
Key Highlights
- 9‑unit multifamily property with 1‑bedroom, 2‑bedroom, and efficiency studio apartments
- Total building size is 7,202 SF on 0.1233 acres
- Year built: 1900
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
$57,287
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
6.03%
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%
$1,145,740
$1.1M
Cap Rate 7%
$818,386
$818.4K
Cap Rate 9%
$636,522
$636.5K
Market Conditions
NOI Build-Up for 7,202 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
$113.2K $15.72/SF
− Vacancy
−$9.1K −$1.26/SF
EGI
$104.2K $14.46/SF
− OpEx
−$46.9K −$6.51/SF
NOI
$57.3K $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%
$1,145,740
Cap Rate 7%
$818,386
Cap Rate 9%
$636,522
Alternative Uses
Best Use
Apartment 5plus
$818.4K
$716.1K – $954.8K
NOI $57,287 @ 7.0% cap · market cap 6.03%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$13.26M
$11.61M – $15.48M
NOI $928,518 @ 7.0% cap · market cap 97.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
1,719
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 - Nine-unit multifamily property with one-bedroom, two-bedroom, and efficiency studio apartments and on-site laundry.
Where is this apartment building located?
The property is located at 1427-1429 N Front St Harrisburg, PA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 9‑unit multifamily property with 1‑bedroom, 2‑bedroom, and efficiency studio apartments; Total building size is 7,202 SF on 0.1233 acres; Year built: 1900
