Harrisburg Apartment Building with River
For Sale
$995,000
315 N FRONT Street, Harrisburg, PA 17101
MULTI_FAMILY - Other - HARRISBURG, PA
Property Size8,560 SF
Lot Size0.12 Acres
Price / SF$116.24
Days on Market328
Property Features for 315 N FRONT Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking
9
Parking features
Off Street, Garage - Detached
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: Jul 13
Last Checked: Aug 9 at 1:06PM
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-unit apartment building at 315 N. Front St, Harrisburg, PA, features a unit mix of one three-bedroom unit, two two-bedroom units, and five one-bedroom units. The property includes parking and storage, with seven off-street parking spaces and a two-car garage. Situated directly across from City Island, the location offers exceptional river views and is walkable to downtown, restaurants, and commuter routes. Recent improvements include replaced roofs, and interior renovations are underway, presenting value-add potential. The property is not in a flood plain. Over $200,000 in approved tax credits are available to the next owner. The property benefits from consistent rental demand in a prime Harrisburg location. The building size is 8560 square feet and the lot size is 0.12 acres.
Key Highlights
- 8‑unit apartment building with (1) 3‑bedroom unit, (2) 2‑bedroom units, and (5) 1‑bedroom units
- Parking/storage: 7 off‑street parking spaces and a detached 2‑car garage
- Brick construction with forced air heating and central air
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
6.84%
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 6.84%
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 110.91%
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
3,179
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 - 8-unit apartment building with river views and value-add potential.
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 with (1) 3‑bedroom unit, (2) 2‑bedroom units, and (5) 1‑bedroom units; Parking/storage: 7 off‑street parking spaces and a detached 2‑car garage; Brick construction with forced air heating and central air
