Two-Unit Duplex
For Sale
$125,000
Pending
358-360 MULBERRY STREET, Steelton, PA 17113
Package includes two rental properties with upper-level apartments, garages, and recent mechanical and roofing upgrades.
Property Size1,214 SF
Days on Market12
Property Features for 358-360 MULBERRY STREET
General Information
Standard status
Pending
Size
1,214 SF
Property subtype
Duplex
Building Details
Year Built
1933
Listing Agency:
Bering Real Estate Co.
(717) 641-3210
Listed By:
Ashlee N. Stutzman · License #RS332168
(717) 224-9966
Source:
Cummingsrealtors
Added: Aug 22
Changed: Sep 2
Last Checked: Sep 1 at 4:37PM
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 Bering Real Estate Co.
Investment Insights
Based on property information with market context.
This offering combines two rental properties in one package, with each property providing a second-floor one-bedroom apartment and one garage. Two additional garages are also part of the property and are rented to neighboring residents. Recent improvements include a new roof, new furnaces, and new water heaters across the package. The assets were built in 1933 and are located at 358-360 Mulberry Street in Steelton, Pennsylvania. Long-term tenancy is in place, providing an established rental profile for an investor seeking a small multifamily holding.
Key Highlights
- Two rental properties offered together at 358‑360 Mulberry Street, Steelton, PA 17113
- Each property includes a second‑floor 1‑bedroom apartment
- 1 garage included with each property
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
$10,836
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
8.67%
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%
$216,720
$216.7K
Cap Rate 7%
$154,800
$154.8K
Cap Rate 9%
$120,400
$120.4K
Market Conditions
NOI Build-Up for 1,214 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
$16.8K $13.80/SF
− Vacancy
−$1.3K −$1.05/SF
EGI
$15.5K $12.75/SF
− OpEx
−$4.6K −$3.83/SF
NOI
$10.8K $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%
$216,720
Cap Rate 7%
$154,800
Cap Rate 9%
$120,400
Alternative Uses
Best Use
Multifamily LT 5
$154.8K
$135.5K – $180.6K
NOI $10,836 @ 7.0% cap · market cap 8.67%
Second Best
Apartment 5plus
$138.0K
$120.7K – $161.0K
NOI $9,657 @ 7.0% cap · market cap 7.73%
Theoretical Best
Specialty Retail
$2.24M
$1.96M – $2.61M
NOI $156,515 @ 7.0% cap · market cap 125.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
451
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
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Frequently Asked Questions
What type of property is this?
Duplex - Package includes two rental properties with upper-level apartments, garages, and recent mechanical and roofing upgrades.
Where is this duplex located?
The property is located at 358-360 MULBERRY STREET Steelton, PA.
What is the asking price?
The asking price for this property is $125,000.
What are key features of this property?
This property features: Two rental properties offered together at 358‑360 Mulberry Street, Steelton, PA 17113; Each property includes a second‑floor 1‑bedroom apartment; 1 garage included with each property
