Two-Unit Duplex with
For Sale
$280,000
2038 Market St, Harrisburg, PA 17103
Both residences are leased and offer distinct interior layouts with private outdoor areas.
Property Size2,436 SF
Price / SF$114.94
Days on Market134
Property Features for 2038 Market St
General Information
Standard status
Active
Size
2,436 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$3,369
Listing Agency:
RE/MAX Cornerstone
(717) 821-9679
Listed By:
Stephanie A Vega · License #RS289846
(717) 821-9679
Source:
Exprealty
Added: Apr 20
Changed: Aug 30
Last Checked: Aug 30 at 8:53PM
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 RE/MAX Cornerstone
Investment Insights
Based on property information with market context.
This duplex at 2038 Market St in Harrisburg, PA contains 2,436 square feet across two currently rented two-bedroom residences. The second-floor unit includes a private entrance, sunroom, living room with a brick fireplace, formal dining room, and an expansive primary bedroom. The other residence features finished flooring, a fireplace, a front porch, and a rear deck.
The property is being sold as-is, with the landlord responsible for water, sewer, and trash service. Each residence has a separate layout and outdoor component, providing a two-unit configuration with existing occupancy.
The property is being sold as-is, with the landlord responsible for water, sewer, and trash service. Each residence has a separate layout and outdoor component, providing a two-unit configuration with existing occupancy.
Key Highlights
- Two‑bedroom duplex residences, both currently rented
- 2,436 square feet of total property size
- Second‑floor unit includes a private entrance, sunroom, brick fireplace, and formal dining room
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
$21,743
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
7.77%
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%
$434,860
$434.9K
Cap Rate 7%
$310,614
$310.6K
Cap Rate 9%
$241,589
$241.6K
Market Conditions
NOI Build-Up for 2,436 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
$33.6K $13.80/SF
− Vacancy
−$2.6K −$1.05/SF
EGI
$31.1K $12.75/SF
− OpEx
−$9.3K −$3.83/SF
NOI
$21.7K $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%
$434,860
Cap Rate 7%
$310,614
Cap Rate 9%
$241,589
Alternative Uses
Best Use
Multifamily LT 5
$310.6K
$271.8K – $362.4K
NOI $21,743 @ 7.0% cap · market cap 7.77%
Second Best
Apartment 5plus
$276.8K
$242.2K – $323.0K
NOI $19,377 @ 7.0% cap · market cap 6.92%
Theoretical Best
Specialty Retail
$4.49M
$3.93M – $5.23M
NOI $314,061 @ 7.0% cap · market cap 112.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
870
Businesses Nearby
Explore this area
Business Placement
Demographics for 17103, PA
12,225
Population
5,345
Households
2.3
Avg Household Size
33
Median Age
18%
College-Educated
86%
High-School Grad
1.9 sq mi
ZIP Area
6,434
Density / Sq Mi
$41,383
Median Household Income
$33,608
Median Earnings
$933
Median Rent
$113,100
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?
Duplex - Both residences are leased and offer distinct interior layouts with private outdoor areas.
Where is this duplex located?
The property is located at 2038 Market St Harrisburg, PA.
What is the asking price?
The asking price for this property is $280,000.
What are key features of this property?
This property features: Two‑bedroom duplex residences, both currently rented; 2,436 square feet of total property size; Second‑floor unit includes a private entrance, sunroom, brick fireplace, and formal dining room
