Harrisburg Multifamily Investment
For Sale
Contact for pricing
301 Market St, Harrisburg, PA 17101
Renovated nine-story building with 38 units in downtown Harrisburg.
Property Size38,676 SF
Price / SF$152.55
Days on Market531
Property Features for 301 Market St
General Information
Standard status
Active
Size
38,676 SF
Property subtype
Multifamily
Building Details
Year Built
1920
Year Renovated
2012
Buildings
1
Stories
9
Units
38
Listing Agency:
Horvath & Tremblay
(215) 302-4400
Listed By:
Craig Dunkle · License #PA RS324418
Source:
Crexi
Added: Feb 28, 2025
Changed: Aug 8
Last Checked: Aug 12 at 11:06AM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
Located in Harrisburg, PA, the nine-story building at 301 Market Street, formerly Market View Place, was originally constructed 100 years ago and fully renovated in 2013, converting it from an office building to student housing for Harrisburg University of Science & Technology. In 2024, the 38,676 SF property underwent updates and repositioning as a market-rate apartment community. The building features 38 units, including studios, one-bedroom, and two-bedroom floor plans. Recent upgrades include contemporary interior finishes, updated common areas, and secure building access. The property is operating as a market-rate asset with value-add potential, and leasing efforts are underway. The seller guarantees 95% occupancy for the first year. A property management firm is in place to support operations and maintain occupancy levels. Situated in Harrisburg’s downtown district, the property is near the Pennsylvania State Capitol Complex, the Whitaker Center, and Strawberry Square. Residents have access to dining, entertainment, shopping, Riverfront Park, and City Island. Major employment centers, including state government offices and healthcare institutions, are nearby. The East Shore/Central multifamily submarket has a first-quarter 2025 vacancy rate of 7.1%, with 78 units under construction in a submarket of approximately 7,700 units. Over the past year, $28.1 million in multifamily sales occurred across seven transactions. Rents in East Shore/Central average $1,320 per month, exhibiting a 4.4% year-over-year increase. The property is located within a Federal Qualified Opportunity Zone.
Key Highlights
- 95% occupancy guarantee for the first year.
- Fully renovated in 2024** as a market‑rate apartment community.
- Located in the heart of Harrisburg's downtown, steps from the Pennsylvania State Capitol Complex.
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
$307,641
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
5.21%
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%
$6,152,820
$6.2M
Cap Rate 7%
$4,394,871
$4.4M
Cap Rate 9%
$3,418,233
$3.4M
Market Conditions
NOI Build-Up for 38,676 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
$608.0K $15.72/SF
− Vacancy
−$48.6K −$1.26/SF
EGI
$559.3K $14.46/SF
− OpEx
−$251.7K −$6.51/SF
NOI
$307.6K $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%
$6,152,820
Cap Rate 7%
$4,394,871
Cap Rate 9%
$3,418,233
Alternative Uses
Best Use
Apartment 5plus
$4.39M
$3.85M – $5.13M
NOI $307,641 @ 7.0% cap · market cap 5.21%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$71.23M
$62.33M – $83.11M
NOI $4,986,303 @ 7.0% cap · market cap 84.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,404
Businesses Nearby
Explore this area
Business Placement
Demographics for 17101, PA
2,901
Population
2,190
Households
1.3
Avg Household Size
36
Median Age
46%
College-Educated
96%
High-School Grad
0.5 sq mi
ZIP Area
5,802
Density / Sq Mi
$70,100
Median Household Income
$59,114
Median Earnings
$984
Median Rent
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 - Renovated nine-story building with 38 units in downtown Harrisburg.
Where is this apartment building located?
The property is located at 301 Market St Harrisburg, PA.
What is the asking price?
The asking price for this property is $5,900,000.
What are key features of this property?
This property features: 95% occupancy guarantee for the first year.; Fully renovated in 2024** as a market‑rate apartment community.; Located in the heart of Harrisburg's downtown, **steps from the Pennsylvania State Capitol Complex**.
