27-Unit Student Housing Apartment
232 Ann Street, Middletown, PA 17057
For Sale
Contact for pricing
Furnished, all-inclusive residences with one- and two-bedroom layouts near Penn State Harrisburg.
Property Size24,016 SF
Price / SF$206.11
Days on Market96
Property Features for 232 Ann Street
General Information
Standard status
Size
Class
Property subtype
Zoning
Occupancy
Net Operating Income
Building Details
Year Renovated
Buildings
Stories
Units
Tenancy
Listing Agency:
Landmark Commercial Realty
Listed By:
Chuck Heller · License #PA
(717) 979-5619
Source:
Crexi
Added: Aug 5
Changed: Nov 5
Last Checked: Nov 6 at 5:48AM
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 Landmark Commercial Realty
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Schoolhouse Lofts is a 24,016-square-foot apartment property with 27 units configured for student housing. The community includes furnished one- and two-bedroom residences leased on a by-the-bed basis, with all-inclusive rents and separately metered utilities. Solid wood cabinetry and granite countertops are among the interior finishes, and the building was converted to multifamily use in 2009.
The property is located at 232 Ann Street in Middletown, Pennsylvania, with walkable proximity to Penn State Harrisburg. On-site parking supports the current residential operation. Occupancy has remained at 100% since the multifamily conversion, and existing leases extend through Summer 2027. The property is zoned R2 - Residential Multi-family, and its current layout can be adapted to traditional multifamily tenancy.
The property is located at 232 Ann Street in Middletown, Pennsylvania, with walkable proximity to Penn State Harrisburg. On-site parking supports the current residential operation. Occupancy has remained at 100% since the multifamily conversion, and existing leases extend through Summer 2027. The property is zoned R2 - Residential Multi-family, and its current layout can be adapted to traditional multifamily tenancy.
Key Highlights
- 27‑unit student housing community serving Penn State Harrisburg
- 24,016‑square‑foot apartment property converted to multifamily use in 2009
- 100% occupancy maintained since the multifamily conversion
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$191,031
Cap Rate
3.86%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,820,620
$3.8M
Cap Rate 7%
$2,729,014
$2.7M
Cap Rate 9%
$2,122,567
$2.1M
Market Conditions
NOI Build-Up for 24,016 SF
Gross rent
$377.5K $15.72/SF
− Vacancy
−$30.2K −$1.26/SF
EGI
$347.3K $14.46/SF
− OpEx
−$156.3K −$6.51/SF
NOI
$191.0K $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 Rate 5%
$3,820,620
Cap Rate 7%
$2,729,014
Cap Rate 9%
$2,122,567
Alternative Uses
Best Use
Apartment 5plus
$2.73M
$2.39M – $3.18M
NOI $191,031 @ 7.0% cap · market cap 3.86%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$44.23M
$38.70M – $51.60M
NOI $3,096,263 @ 7.0% cap · market cap 62.55%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Location Intelligence
Trade Area within ½ mile
489
Businesses Nearby
Explore this area
Business Placement
Demographics for 17057, PA
23,112
Population
10,513
Households
2.2
Avg Household Size
39
Median Age
27%
College-Educated
94%
High-School Grad
31.1 sq mi
ZIP Area
743
Density / Sq Mi
$70,536
Median Household Income
$42,948
Median Earnings
$1,122
Median Rent
$187,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Apartment buildings in Dauphin County, PA
Properties on Market for Apartment buildings in Dauphin County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Furnished, all-inclusive residences with one- and two-bedroom layouts near Penn State Harrisburg.
Where is this apartment building located?
The property is located at 232 Ann Street Middletown, PA.
What is the asking price?
The asking price for this property is $4,950,000.
What are key features of this property?
This property features: 27‑unit student housing community serving Penn State Harrisburg; 24,016‑square‑foot apartment property converted to multifamily use in 2009; 100% occupancy maintained since the multifamily conversion
