Mixed-Use Property with
For Sale
$750,000
2515 Woodlawn Street, Harrisburg, PA 17111
Income property combines residential, office, and storage components with separately metered apartment utilities.
Property Size4,788 SF
Days on Market195
Property Features for 2515 Woodlawn Street
General Information
Standard status
Active
Size
4,788 SF
Property subtype
MultiFamily Apartments
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Self-Storage Units
16
Office Units
1
Building Details
Building Size
4,788 SF
Year Built
1962
Tenancy
Multi
Listing Agency:
SVN | LATUS
(717) 819-2825
Listed By:
Naomi BROWN · License #RM425406
(717) 819-2825
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 4:40AM
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 SVN | LATUS
Investment Insights
Based on property information with market context.
This mixed-use property includes 4 apartments, 1 office space, and 16 storage units. The apartments feature oak flooring, solid doors, updated windows, maintained fixtures, and individual basement storage rooms with laundry hookups. Off-street parking is available for tenants, while the storage component provides an additional use within the property.
Apartment utilities are separately metered for gas and electric, with water sub-metering that supports tenant billing. Each apartment has its own gas boiler and gas hot water heater. The property was built in 1962 and has received ongoing improvements, including low-maintenance landscaping and updates to major building components.
Located on Woodlawn Street in Harrisburg, the property is near Downtown Harrisburg and provides access to I-83, I-81, the Pennsylvania Turnpike, and I-78.
Apartment utilities are separately metered for gas and electric, with water sub-metering that supports tenant billing. Each apartment has its own gas boiler and gas hot water heater. The property was built in 1962 and has received ongoing improvements, including low-maintenance landscaping and updates to major building components.
Located on Woodlawn Street in Harrisburg, the property is near Downtown Harrisburg and provides access to I-83, I-81, the Pennsylvania Turnpike, and I-78.
Key Highlights
- 4 apartments, 1 office space, and 16 storage units
- Apartments have separate gas and electric meters with water sub‑metering
- Each apartment includes a basement storage room with laundry hookups
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
$58,174
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
7.76%
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%
$1,163,480
$1.2M
Cap Rate 7%
$831,057
$831.1K
Cap Rate 9%
$646,378
$646.4K
Market Conditions
NOI Build-Up for 4,788 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
$103.4K $21.60/SF
− Vacancy
−$10.3K −$2.16/SF
EGI
$93.1K $19.44/SF
− OpEx
−$34.9K −$7.29/SF
NOI
$58.2K $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%
$1,163,480
Cap Rate 7%
$831,057
Cap Rate 9%
$646,378
Alternative Uses
Best Use
Warehouse
$5.55M
$4.86M – $6.48M
NOI $388,596 @ 7.0% cap · market cap 51.81%
Second Best
Mixed Use
$831.1K
$727.2K – $969.6K
NOI $58,174 @ 7.0% cap · market cap 7.76%
Theoretical Best
Specialty Retail
$8.82M
$7.72M – $10.29M
NOI $617,293 @ 7.0% cap · market cap 82.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
705
Businesses Nearby
Explore this area
Business Placement
Demographics for 17111, PA
36,557
Population
14,880
Households
2.5
Avg Household Size
40
Median Age
33%
College-Educated
90%
High-School Grad
18.4 sq mi
ZIP Area
1,987
Density / Sq Mi
$84,314
Median Household Income
$47,256
Median Earnings
$1,309
Median Rent
$225,500
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Income property combines residential, office, and storage components with separately metered apartment utilities.
Where is this mixed-use property located?
The property is located at 2515 Woodlawn Street Harrisburg, PA.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 4 apartments, 1 office space, and 16 storage units; Apartments have separate gas and electric meters with water sub‑metering; Each apartment includes a basement storage room with laundry hookups
