Renovated Three-Unit Apartment
For Sale
$265,000
311 South 2nd Street, Steelton, PA 17113
Semi-detached residential income property with separately metered apartments and one unit expected to be vacant at settlement.
Property Size2,340 SF
Price / SF$113.25
Days on Market258
Property Features for 311 South 2nd Street
General Information
Standard status
Active
Size
2,340 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RESIDENTIAL
Units
Unit Mix
3 x 1BR/1BA
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$2,430
Amenities
No Pool
Above Grade
Building Details
Year Built
1900
Buildings
1
Tenancy
Multi
Listing Agency:
Keller Williams Platinum Realty - Schuylkill
(570) 391-2862
Listed By:
Kaylee Kelly · License #RS376621
(570) 391-2862
Source:
Compass
Added: Dec 17, 2025
Changed: Aug 30
Last Checked: Aug 30 at 9:11PM
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 Keller Williams Platinum Realty - Schuylkill
Investment Insights
Based on property information with market context.
This semi-detached triplex contains three one-bedroom, one-bathroom apartments within 2,340 square feet. Recent interior renovations support the building’s current residential configuration, and each apartment has its own electric meter. The property was built in 1900 and is located in Steelton Borough under RESIDENTIAL zoning.
Two apartments are occupied under month-to-month leases, while the third is expected to be vacant at settlement because it is currently owner-occupied. The property is in Dauphin County and served by the Steelton-Highspire School District, with Steelton-Highspire Junior/Senior High School identified in the property information.
Two apartments are occupied under month-to-month leases, while the third is expected to be vacant at settlement because it is currently owner-occupied. The property is in Dauphin County and served by the Steelton-Highspire School District, with Steelton-Highspire Junior/Senior High School identified in the property information.
Key Highlights
- Three one‑bedroom, one‑bathroom apartments
- 2,340‑square‑foot semi‑detached triplex
- Recent interior renovations
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
$20,886
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
7.88%
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%
$417,720
$417.7K
Cap Rate 7%
$298,371
$298.4K
Cap Rate 9%
$232,067
$232.1K
Market Conditions
NOI Build-Up for 2,340 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
$32.3K $13.80/SF
− Vacancy
−$2.5K −$1.05/SF
EGI
$29.8K $12.75/SF
− OpEx
−$9.0K −$3.83/SF
NOI
$20.9K $8.93/SF
Area
Dauphin County, PA
Vacancy
7.60%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$417,720
Cap Rate 7%
$298,371
Cap Rate 9%
$232,067
Alternative Uses
Best Use
Multifamily LT 5
$298.4K
$261.1K – $348.1K
NOI $20,886 @ 7.0% cap · market cap 7.88%
Second Best
Apartment 5plus
$265.9K
$232.7K – $310.2K
NOI $18,613 @ 7.0% cap · market cap 7.02%
Theoretical Best
Specialty Retail
$4.31M
$3.77M – $5.03M
NOI $301,685 @ 7.0% cap · market cap 113.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
411
Businesses Nearby
Explore this area
Business Placement
Demographics for 17113, PA
11,649
Population
4,955
Households
2.4
Avg Household Size
37
Median Age
15%
College-Educated
88%
High-School Grad
4.2 sq mi
ZIP Area
2,774
Density / Sq Mi
$60,554
Median Household Income
$32,681
Median Earnings
$1,091
Median Rent
$141,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Semi-detached residential income property with separately metered apartments and one unit expected to be vacant at settlement.
Where is this triplex located?
The property is located at 311 South 2nd Street Steelton, PA.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: Three one‑bedroom, one‑bathroom apartments; 2,340‑square‑foot semi‑detached triplex; Recent interior renovations
