Renovated 8-Unit Apartment
For Sale
$699,900
31-33 South 18th Street, Harrisburg, PA 17104
Corner-lot multifamily property with mixed unit configurations and updated kitchens and baths.
Property Size5,660 SF
Price / SF$123.66
Days on Market300
Property Features for 31-33 South 18th Street
General Information
Standard status
Active
Size
5,660 SF
Property subtype
Multi-Family / Fee Simple
Zoning
MULTI
Additional Details
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$2,072
Amenities
Refrigerator, Stove
Dining Area, Efficiency, Family Room Off Kitchen, Floor Plan - Open, Floor Plan - Traditional, Kitchen - Country, Kitchen - Eat-In, Kitchen - Efficiency, Kitchen - Galley, Recessed Lighting, Studio
Other
No Pool
Balcony, Porch(es)
Building Details
Year Built
1910
Buildings
1
Listing Agency:
Pagoda Realty ERA Powered
Listed By:
Jimmy Thelusca · License #RS333622
(610) 927-7466
Source:
Compass
Added: Nov 6, 2025
Changed: Sep 2
Last Checked: Aug 31 at 10:11PM
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 Pagoda Realty ERA Powered
Investment Insights
Based on property information with market context.
This 8-unit apartment property at 31-33 South 18th Street includes 5,660 square feet and was built in 1910. The unit mix combines 2-bedroom/1-bath apartments, 1-bedroom/1-bath apartments, and studio units. Improvements across most of the property include refreshed flooring, neutral paint, recessed lighting, and updated kitchen and bathroom finishes. Interior features include refrigerators, stoves, dining areas, open and traditional floor plans, and efficiency-style kitchens. Balconies and porches provide additional exterior features.
The building occupies a corner lot in Harrisburg, Pennsylvania, within the City of Harrisburg school district and near everyday services and transportation routes. Zoning is MULTI. Tenants pay electricity and electric heat, while ownership covers water, sewer, and trash.
The building occupies a corner lot in Harrisburg, Pennsylvania, within the City of Harrisburg school district and near everyday services and transportation routes. Zoning is MULTI. Tenants pay electricity and electric heat, while ownership covers water, sewer, and trash.
Key Highlights
- 8‑unit apartment property with 5,660 square feet
- Unit mix includes 2‑bedroom/1‑bath, 1‑bedroom/1‑bath, and studio apartments
- Most of the property has updated flooring, paint, lighting, kitchens, and bathrooms
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
$45,021
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
6.43%
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%
$900,420
$900.4K
Cap Rate 7%
$643,157
$643.2K
Cap Rate 9%
$500,233
$500.2K
Market Conditions
NOI Build-Up for 5,660 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
$89.0K $15.72/SF
− Vacancy
−$7.1K −$1.26/SF
EGI
$81.9K $14.46/SF
− OpEx
−$36.8K −$6.51/SF
NOI
$45.0K $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%
$900,420
Cap Rate 7%
$643,157
Cap Rate 9%
$500,233
Alternative Uses
Best Use
Apartment 5plus
$643.2K
$562.8K – $750.4K
NOI $45,021 @ 7.0% cap · market cap 6.43%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$10.42M
$9.12M – $12.16M
NOI $729,716 @ 7.0% cap · market cap 104.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
933
Businesses Nearby
Explore this area
Business Placement
Demographics for 17104, PA
20,058
Population
8,700
Households
2.3
Avg Household Size
32
Median Age
17%
College-Educated
80%
High-School Grad
3.4 sq mi
ZIP Area
5,899
Density / Sq Mi
$42,113
Median Household Income
$31,319
Median Earnings
$953
Median Rent
$102,200
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 - Corner-lot multifamily property with mixed unit configurations and updated kitchens and baths.
Where is this apartment building located?
The property is located at 31-33 South 18th Street Harrisburg, PA.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: 8‑unit apartment property with 5,660 square feet; Unit mix includes 2‑bedroom/1‑bath, 1‑bedroom/1‑bath, and studio apartments; Most of the property has updated flooring, paint, lighting, kitchens, and bathrooms
