Mixed-Use Property with Two
For Sale
$400,000
2448 Walnut St, Harrisburg, PA 17103
First-floor commercial space is paired with two one-bedroom residential units.
Property Size2,600 SF
Price / SF$153.85
Days on Market20
Property Features for 2448 Walnut St
General Information
Standard status
Active
Size
2,600 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$5,218
Amenities
shared powder room
shared washer/dryer
Building Details
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty
(717) 761-4800
Listed By:
LORETTA CAMPBELL
(717) 503-4999
Source:
Exprealty
Added: Aug 15
Changed: Sep 2
Last Checked: Sep 2 at 1:21AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This 2,600 SF mixed-use property combines commercial and residential occupancy within a multi-level building. The first floor contains commercial leased space with a shared powder room for patrons. Two residential leases occupy the upper level, with each unit configured as a one-bedroom apartment.
A parking lot accommodates 6+ customers at a time, with additional off-street parking also available. The basement is accessible to all occupants and includes shared washer and dryer facilities. The property also has long-term tenants in place across the commercial and residential spaces.
A parking lot accommodates 6+ customers at a time, with additional off-street parking also available. The basement is accessible to all occupants and includes shared washer and dryer facilities. The property also has long-term tenants in place across the commercial and residential spaces.
Key Highlights
- 2,600 SF mixed‑use property at 2448 Walnut St, Harrisburg, PA
- First‑floor commercial leases with shared patron powder room
- Two upstairs residential leases, each with 1 bedroom
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
$31,590
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
7.90%
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%
$631,800
$631.8K
Cap Rate 7%
$451,286
$451.3K
Cap Rate 9%
$351,000
$351.0K
Market Conditions
NOI Build-Up for 2,600 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
$56.2K $21.60/SF
− Vacancy
−$5.6K −$2.16/SF
EGI
$50.5K $19.44/SF
− OpEx
−$19.0K −$7.29/SF
NOI
$31.6K $12.15/SF
Area
Dauphin County, PA
Vacancy
10.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$631,800
Cap Rate 7%
$451,286
Cap Rate 9%
$351,000
Alternative Uses
Best Use
Mixed Use
$451.3K
$394.9K – $526.5K
NOI $31,590 @ 7.0% cap · market cap 7.90%
Second Best
Multifamily LT 5
$331.5K
$290.1K – $386.8K
NOI $23,207 @ 7.0% cap · market cap 5.80%
Theoretical Best
Specialty Retail
$4.79M
$4.19M – $5.59M
NOI $335,205 @ 7.0% cap · market cap 83.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
562
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?
Mixed-use property - First-floor commercial space is paired with two one-bedroom residential units.
Where is this mixed-use property located?
The property is located at 2448 Walnut St Harrisburg, PA.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 2,600 SF mixed‑use property at 2448 Walnut St, Harrisburg, PA; First‑floor commercial leases with shared patron powder room; Two upstairs residential leases, each with 1 bedroom
