27-Unit Student Housing Apartment
New
For Sale
Contact for pricing
232 Ann Street, Middletown, PA 17057
Furnished, all-inclusive residences with one- and two-bedroom layouts near Penn State Harrisburg.
Property Size24,016 SF
Price / SF$206.11
Days on Market5
Property Features for 232 Ann Street
General Information
Standard status
Active
Size
24,016 SF
Class
A
Property subtype
Multifamily
Zoning
R2 - Residential Multi-family
Occupancy
100%
Net Operating Income
$340,994
Building Details
Year Renovated
2009
Buildings
1
Stories
3
Units
27
Tenancy
Multi
Listing Agency:
Landmark Commercial Realty
(717) 731-1990
Listed By:
Chuck Heller · License #PA
Source:
Crexi
Added: Aug 5
Changed: Aug 9
Last Checked: Aug 9 at 11:25AM
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
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 = 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
$191,031
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
3.86%
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%
$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
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
$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 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%
$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.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
491
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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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
