Apartment Building with River
For Sale
$900,000
315 N FRONT Street, Harrisburg, PA 17101
Multi-Family, HARRISBURG, PA
Property Size8,560 SF
Lot Size0.12 Acres
Price / SF$105.14
Days on Market362
Property Features for 315 N FRONT Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking
9
Parking features
Garage - Detached, Off Street
Subdivision
RIVER FRONT DISTRICT
High school
HARRISBURG HIGH SCHOOL
Elementary school district
HARRISBURG CITY
Middle school district
HARRISBURG CITY
High school district
HARRISBURG CITY
Standard status
Active
Size
8,560 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Annual Amount
24607
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1850
Number of units
4
Building materials
Brick
Architectural style
Other
Listing Agency:
Iron Valley Real Estate of Central PA
(717) 745-2929
Listed By:
Wendell Hoover · License #AB069340
(717) 269-7777
Added: Sep 16, 2025
Changed: Aug 29
Last Checked: Sep 12 at 3:06AM
MLS# PADA2049430
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 8,560-square-foot brick apartment property contains eight units: one three-bedroom unit, two two-bedroom units, and five one-bedroom units. The building dates to 1850 and includes forced-air heating, central air, basement space, seven off-street parking spaces, and a detached two-car garage. All eight units require some level of work before they are rent ready, with interior renovations already in progress and additional work remaining. The roofs have been replaced.
Located at 315 N. Front Street in Harrisburg, the property sits directly across from City Island and offers river views. Downtown, restaurants, and commuter routes are described as walkable from the building. The site encompasses 0.12 acres and is outside the flood plain.
Located at 315 N. Front Street in Harrisburg, the property sits directly across from City Island and offers river views. Downtown, restaurants, and commuter routes are described as walkable from the building. The site encompasses 0.12 acres and is outside the flood plain.
Key Highlights
- Eight‑unit apartment building with one three‑bedroom, two two‑bedroom, and five one‑bedroom units
- 8,560 square feet on a 0.12‑acre site
- Seven off‑street parking spaces plus a detached 2‑car garage
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
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Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
3,281
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Eight-unit brick property with off-street parking, a detached garage, and interior renovation work underway.
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: Eight‑unit apartment building with one three‑bedroom, two two‑bedroom, and five one‑bedroom units; 8,560 square feet on a 0.12‑acre site; Seven off‑street parking spaces plus a detached 2‑car garage
