3-Unit Apartment
For Sale
$419,275
Pending
570 Race Street, Harrisburg, PA 17104
Occupied residential property with two-bedroom and one-bedroom apartments in Harrisburg’s Shipoke neighborhood.
Property Size3,098 SF
Days on Market164
Property Features for 570 Race Street
General Information
Standard status
Pending
Size
3,098 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RESIDENTIAL
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR/2BA, 1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,200
Amenities
No
Dishwasher, Disposal, Refrigerator, Stove, Microwave
Smoke Detector
https://youtu.be/EeJYbVSYXxU?si=vsqBpg4HmQpMBR9L
No Pool
Above Grade
Building Details
Year Built
1900
Buildings
1
Listing Agency:
Harrisburg Property Management Group
(717) 329-8577
Listed By:
AMBER CRUZ · License #RS307869
(717) 329-8577
Source:
Compass
Added: Mar 20
Changed: Aug 30
Last Checked: Aug 30 at 8:34AM
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 Harrisburg Property Management Group
Investment Insights
Based on property information with market context.
This 3-unit apartment building at 570 Race Street contains 3,098 square feet and dates to 1900. The unit mix includes two two-bedroom apartments and one one-bedroom apartment. The first-floor residence has two bathrooms, an open living, dining, and kitchen arrangement, exposed brick, washer and dryer, basement access, and a fenced rear yard. The upper apartments were recently rehabilitated and include in-unit laundry; the third-floor unit combines its kitchen and living areas.
The property is currently occupied, with leases extending through 8/31/2026, 4/30/2027, and 2/28/2027. Utility responsibilities vary by apartment, while owner-paid items include water, sewer, trash, and snow removal for the upper units. Building systems include gas heat and cooking in the first-floor unit, electric systems in the upper apartments, central air, electric hot water, and one mini-split in the second-floor rear bedroom.
Located in Harrisburg’s Shipoke neighborhood, the property is near the Susquehanna River and Riverfront Park. I-83 is approximately 2 minutes away, with walking access to UPMC Harrisburg Hospital, Downtown Harrisburg, and the Amtrak Train Station.
The property is currently occupied, with leases extending through 8/31/2026, 4/30/2027, and 2/28/2027. Utility responsibilities vary by apartment, while owner-paid items include water, sewer, trash, and snow removal for the upper units. Building systems include gas heat and cooking in the first-floor unit, electric systems in the upper apartments, central air, electric hot water, and one mini-split in the second-floor rear bedroom.
Located in Harrisburg’s Shipoke neighborhood, the property is near the Susquehanna River and Riverfront Park. I-83 is approximately 2 minutes away, with walking access to UPMC Harrisburg Hospital, Downtown Harrisburg, and the Amtrak Train Station.
Key Highlights
- 3,098‑square‑foot triplex at 570 Race Street, Harrisburg, PA 17104
- Unit mix includes two 2BR apartments and one 1BR apartment
- First‑floor 2BR/2Bath unit includes fenced private backyard and basement access
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
$27,652
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
6.60%
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%
$553,040
$553.0K
Cap Rate 7%
$395,029
$395.0K
Cap Rate 9%
$307,244
$307.2K
Market Conditions
NOI Build-Up for 3,098 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
$42.8K $13.80/SF
− Vacancy
−$3.2K −$1.05/SF
EGI
$39.5K $12.75/SF
− OpEx
−$11.9K −$3.83/SF
NOI
$27.7K $8.93/SF
Area
Dauphin County, PA
Vacancy
7.60%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$553,040
Cap Rate 7%
$395,029
Cap Rate 9%
$307,244
Alternative Uses
Best Use
Multifamily LT 5
$395.0K
$345.7K – $460.9K
NOI $27,652 @ 7.0% cap · market cap 6.60%
Second Best
Apartment 5plus
$352.0K
$308.0K – $410.7K
NOI $24,642 @ 7.0% cap · market cap 5.88%
Theoretical Best
Specialty Retail
$5.71M
$4.99M – $6.66M
NOI $399,410 @ 7.0% cap · market cap 95.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,399
Businesses Nearby
Explore this area
Business Placement
Demographics for 17104, PA
20,058
Population
8,700
Households
2.3
Avg Household Size
32
Median Age
17%
College-Educated
80%
High-School Grad
3.4 sq mi
ZIP Area
5,899
Density / Sq Mi
$42,113
Median Household Income
$31,319
Median Earnings
$953
Median Rent
$102,200
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?
Triplex - Occupied residential property with two-bedroom and one-bedroom apartments in Harrisburg’s Shipoke neighborhood.
Where is this triplex located?
The property is located at 570 Race Street Harrisburg, PA.
What is the asking price?
The asking price for this property is $419,275.
What are key features of this property?
This property features: 3,098‑square‑foot triplex at 570 Race Street, Harrisburg, PA 17104; Unit mix includes two 2BR apartments and one 1BR apartment; First‑floor 2BR/2Bath unit includes fenced private backyard and basement access
