Eight-Unit Apartment Building with
For Sale
$900,000
315 N Front Street, Harrisburg, PA 17101
Eight-unit multifamily with off-street parking, a 2-car garage, and recent roof replacements.
Property Size8,560 SF
Price / SF$105.14
Days on Market363
Property Features for 315 N Front Street
General Information
Standard status
Active
Size
8,560 SF
Total Parking Spaces
7
Property subtype
Multi-family
Lease Term
[]
Additional Details
Multifamily Units
8
Building Details
Year Built
1850
Tenancy
Multi
Listing Agency:
Iron Valley Real Estate of Central PA
Listed By:
Wendell Hoover · License #AB069340
(717) 269-7777
Source:
Deepcreeklake
Added: Sep 9, 2025
Changed: Sep 5
Last Checked: Sep 5 at 8:59AM
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
Investment Insights
Based on property information with market context.
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.
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.
Key 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
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
$68,089
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
7.57%
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%
$1,361,780
$1.4M
Cap Rate 7%
$972,700
$972.7K
Cap Rate 9%
$756,544
$756.5K
Market Conditions
NOI Build-Up for 8,560 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
$134.6K $15.72/SF
− Vacancy
−$10.8K −$1.26/SF
EGI
$123.8K $14.46/SF
− OpEx
−$55.7K −$6.51/SF
NOI
$68.1K $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%
$1,361,780
Cap Rate 7%
$972,700
Cap Rate 9%
$756,544
Alternative Uses
Best Use
Apartment 5plus
$972.7K
$851.1K – $1.13M
NOI $68,089 @ 7.0% cap · market cap 7.57%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$15.77M
$13.79M – $18.39M
NOI $1,103,598 @ 7.0% cap · market cap 122.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,096
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 - 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 $900,000.
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
