Brick Two-Unit
New
For Sale
$220,000
221 REILY STREET, Harrisburg, PA 17102
Brick townhouse with separate one- and three-bedroom apartments.
Property Size1,878 SF
Price / SF$117.15
Days on Market5
Property Features for 221 REILY STREET
General Information
Standard status
Active
Size
1,878 SF
Property subtype
Duplex
Units
Unit Mix
1 x 1-bedroom, 1 x 3-bedroom
Multifamily Units
2
Building Details
Year Built
1900
Buildings
1
Construction
brick
Listing Agency:
Iron Valley Real Estate of Central PA
(717) 996-4600
Listed By:
AARON RISSINGER
(717) 979-1443
Source:
Cummingsrealtors
Added: Sep 18
Changed: Sep 21
Last Checked: Sep 21 at 6:08AM
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 Iron Valley Real Estate of Central PA
Investment Insights
Based on property information with market context.
Built in 1900, this 1,878-square-foot brick townhouse contains two residential units: one apartment with one bedroom and another with three bedrooms. The configuration supports separate living spaces within a single attached building and may suit an owner-occupant or rental-property operator.
The property is in Midtown Harrisburg at 221 Reily Street, two blocks from the Susquehanna River. Midtown Cinema is directly across the street, while Broad Street Market is three blocks away. Shops, restaurants, entertainment, parks, and other neighborhood amenities are also identified within walking distance.
The property is in Midtown Harrisburg at 221 Reily Street, two blocks from the Susquehanna River. Midtown Cinema is directly across the street, while Broad Street Market is three blocks away. Shops, restaurants, entertainment, parks, and other neighborhood amenities are also identified within walking distance.
Key Highlights
- Two‑unit brick townhouse with a 1‑bedroom apartment and a 3‑bedroom apartment
- 1,878 square feet of residential space
- 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
$16,763
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
7.62%
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%
$335,260
$335.3K
Cap Rate 7%
$239,471
$239.5K
Cap Rate 9%
$186,256
$186.3K
Market Conditions
NOI Build-Up for 1,878 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
$25.9K $13.80/SF
− Vacancy
−$2.0K −$1.05/SF
EGI
$23.9K $12.75/SF
− OpEx
−$7.2K −$3.83/SF
NOI
$16.8K $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%
$335,260
Cap Rate 7%
$239,471
Cap Rate 9%
$186,256
Alternative Uses
Best Use
Multifamily LT 5
$239.5K
$209.5K – $279.4K
NOI $16,763 @ 7.0% cap · market cap 7.62%
Second Best
Apartment 5plus
$213.4K
$186.7K – $249.0K
NOI $14,938 @ 7.0% cap · market cap 6.79%
Theoretical Best
Specialty Retail
$3.46M
$3.03M – $4.04M
NOI $242,121 @ 7.0% cap · market cap 110.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,689
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Brick townhouse with separate one- and three-bedroom apartments.
Where is this duplex located?
The property is located at 221 REILY STREET Harrisburg, PA.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: Two‑unit brick townhouse with a 1‑bedroom apartment and a 3‑bedroom apartment; 1,878 square feet of residential space; Built in 1900
