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    Eight-Unit Apartment Building with Garage Title is generated by Realmo AI

    315 N Front Street, Harrisburg, PA 17101

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    For Sale
    $995,000

    Eight-unit multifamily with off-street parking, a 2-car garage, and recent roof replacements.

    Type:Multi-family
    Property size:
    8,560 SF
    Price / SF:
    $116/SF
    Added:
    Jul 13, 2025
    Days on Market:
    328
    Last Refresh:
    Jun 5 at 2:07 am

    Property Features for 315 N Front Street

    General Information

    Standard status
    Active
    Size
    8,560 SF
    Property subtype
    Multi-family

    Building Details

    Year Built
    1850

    We can help!

    Listing Contact
    Wendell Hoover

    Listing agent Wendell Hoover

    Listing office Iron Valley Real Estate of Central PA

    Listing date Jul 13, 2025

    Source Deepcreeklake

    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 Iron Valley Real Estate of Central PA

    HighLights

    • 8‑unit apartment building (1 three‑bedroom, 2 two‑bedroom, 5 one‑bedroom units)
    • 7 off‑street parking spaces plus a 2‑car garage
    • Roofs replaced; interior renovations underway with some still needing completion
    • Not in the flood plain and directly across from City Island
    • Over $200,000 in approved tax credits available to the next owner
    • Exceptional river views with walkable access to downtown, restaurants, and commuter routes

    Overview

    This property is an eight-unit apartment building featuring a unit mix of three-bedroom, two-bedroom, and one-bedroom homes. The building includes parking and storage with seven off-street parking spaces, plus a 2-car garage. Recent capital work includes replacement of all roofs, and interior renovations are underway with some units still requiring completion.

    Located at 315 N Front Street in Harrisburg, the property is not in the flood plain and offers exceptional river views. It sits directly across from City Island and is walkable to downtown, restaurants, and commuter routes.

    For owners or operators seeking a well-defined income property, the combination of updated roofing and ongoing interior renovation work can support leasing and unit turnover goals. The listing also notes that more than $200,000 in approved tax credits are available to the next owner.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $134.6k $15.72
    − Vacancy −$10.8k −$1.26
    EGI $123.8k $14.46
    − OpEx −$55.7k −$6.51
    NOI $68.1k $7.95
    8,560 SF · lease $15.72/SF/yr · vacancy 8.00% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $972.7K
    $851.1K – $1.13M (±1% cap)
    NOI $68,089 @ 7.0% cap · market cap 6.84%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Specialty Retail
    $15.77M
    $13.79M – $18.39M (±1% cap)
    NOI $1,103,598 @ 7.0% cap · market cap 110.91%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Kevin D. Gillespie, ... Law Firm Grossman Bruce J Law Firm Vanguard (Bike/Boat/Book/etc) Store Young Professionals of Color--Greater ... Community Center Hurston Manor Corporate Office

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Harrisburg
    County
    Dauphin
    State
    Pennsylvania
    Longitude
    -76.887078
    Latitude
    40.261785

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    FAQs

    What type of property is this?
    Apartment building - Eight-unit multifamily with off-street parking, a 2-car garage, and recent roof replacements.
    Where is this apartment building located?
    The property is located at 315 N Front Street Harrisburg, PA.
    What is the asking price?
    The asking price for this property is $995,000.
    What are key features of this property?
    This property features: 8‑unit apartment building (1 three‑bedroom, 2 two‑bedroom, 5 one‑bedroom units); 7 off‑street parking spaces plus a 2‑car garage; Roofs replaced; interior renovations underway with some still needing completion
    We can help!
    Listing Contact
    Wendell Hoover
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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