Renovated Two-Unit
New
For Sale
$240,000
220 ELM Street, Steelton, PA 17113
Multi-Family, STEELTON, PA
Property Size2,311 SF
Lot Size0.07 Acres
Price / SF$103.85
Days on Market2
Property Features for 220 ELM Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking features
On Street
High school
STEELTON-HIGHSPIRE JR-SR HIGH SCHOOL
Elementary school district
STEELTON-HIGHSPIRE
Middle school district
STEELTON-HIGHSPIRE
High school district
STEELTON-HIGHSPIRE
Standard status
Active
Size
2,311 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
4483
Utilities
Heating system
Forced Air
Building Details
Year built
1900
Number of units
2
Building materials
Frame
Architectural style
Other
Listing Agency:
SERHANT PENNSYLVANIA LLC
(610) 635-9977
Listed By:
Gianni Cavero-Aponte · License #RS348799
(407) 308-9887
Added: Sep 11
Last Checked: Sep 12 at 4:06AM
MLS# PADA2064032
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-unit duplex at 220 ELM Street offers 2,311 square feet on a 0.07-acre lot. The frame-built property dates to 1900 and has undergone renovations, including a new roof and new appliances. Forced-air heating, a basement, and on-street parking are also included.
Located in Steelton, the property is near Harrisburg with access to I-83 and Route 230. Its two-unit layout supports multifamily ownership, while the updated improvements provide a refreshed operating profile for the next owner.
Located in Steelton, the property is near Harrisburg with access to I-83 and Route 230. Its two-unit layout supports multifamily ownership, while the updated improvements provide a refreshed operating profile for the next owner.
Key Highlights
- Two‑unit duplex with 2,311 square feet
- Renovated property with a new roof and new appliances
- Frame construction built in 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
$20,628
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
8.60%
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%
$412,560
$412.6K
Cap Rate 7%
$294,686
$294.7K
Cap Rate 9%
$229,200
$229.2K
Market Conditions
NOI Build-Up for 2,311 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
$31.9K $13.80/SF
− Vacancy
−$2.4K −$1.05/SF
EGI
$29.5K $12.75/SF
− OpEx
−$8.8K −$3.83/SF
NOI
$20.6K $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%
$412,560
Cap Rate 7%
$294,686
Cap Rate 9%
$229,200
Alternative Uses
Best Use
Multifamily LT 5
$294.7K
$257.9K – $343.8K
NOI $20,628 @ 7.0% cap · market cap 8.60%
Second Best
Apartment 5plus
$262.6K
$229.8K – $306.4K
NOI $18,382 @ 7.0% cap · market cap 7.66%
Theoretical Best
Specialty Retail
$4.26M
$3.72M – $4.97M
NOI $297,946 @ 7.0% cap · market cap 124.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
422
Businesses Nearby
Explore this area
Business Placement
Demographics for 17113, PA
11,649
Population
4,955
Households
2.4
Avg Household Size
37
Median Age
15%
College-Educated
88%
High-School Grad
4.2 sq mi
ZIP Area
2,774
Density / Sq Mi
$60,554
Median Household Income
$32,681
Median Earnings
$1,091
Median Rent
$141,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Updated frame property with a new roof, new appliances, and forced-air heating.
Where is this duplex located?
The property is located at 220 ELM Street Steelton, PA.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,311 square feet; Renovated property with a new roof and new appliances; Frame construction built in 1900
