Two-Story Office Building with
For Sale
$995,000
403-405 N 2nd Street, Harrisburg, PA 17101
Two-story office building with newly renovated floors, glass walls, and covered parking in an attached gated garage.
Property Size6,702 SF
Days on Market48
Property Features for 403-405 N 2nd Street
General Information
Standard status
Active
Size
6,702 SF
Class
C
Property subtype
Office
Building Details
Building Size
6,702 SF
Year Built
1975
Listing Agency:
NAI CIR
Listed By:
Amber Corbo
(717) 395-1804
Source:
Circommercial
Added: Jul 18
Changed: Aug 19
Last Checked: Sep 2 at 2:09PM
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 NAI CIR
Investment Insights
Based on property information with market context.
This two-story office building offers newly renovated office space on both floors. The first floor includes two conference rooms, four private offices, and a reception area. The second floor provides multiple private offices, two conference rooms, an executive office with kitchenette, a cubical area, an eat-in kitchen, and a reception/lounging area, with modern finishes and glass walls that bring in natural light.
The property includes an attached gated garage with 23 private parking spaces, along with on-site covered parking. A new roof is noted in the public remarks.
For a practical layout, the building is configured with a mix of private offices and common gathering spaces, supporting either single-tenant use or an owner-user approach with additional income-producing suites, depending on how space is occupied.
The property includes an attached gated garage with 23 private parking spaces, along with on-site covered parking. A new roof is noted in the public remarks.
For a practical layout, the building is configured with a mix of private offices and common gathering spaces, supporting either single-tenant use or an owner-user approach with additional income-producing suites, depending on how space is occupied.
Key Highlights
- Two‑story office building (1975) with 10,000 SF total and newly renovated floors
- First floor (3,300 SF): 2 conference rooms, 4 private offices, and a reception area
- Second floor (6,700 SF): 14 private offices, 2 conference rooms, executive office with kitchenette, cubical area, eat‑in kitchen, and reception/lounge
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
$86,125
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
8.66%
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%
$1,722,500
$1.7M
Cap Rate 7%
$1,230,357
$1.2M
Cap Rate 9%
$956,944
$956.9K
Market Conditions
NOI Build-Up for 6,702 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
$134.3K $20.04/SF
− Vacancy
−$19.5K −$2.91/SF
EGI
$114.8K $17.13/SF
− OpEx
−$28.7K −$4.28/SF
NOI
$86.1K $12.85/SF
Area
Dauphin County, PA
Vacancy
14.50%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
25.00%
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%
$1,722,500
Cap Rate 7%
$1,230,357
Cap Rate 9%
$956,944
Alternative Uses
Best Use
Office B
$1.23M
$1.08M – $1.44M
NOI $86,125 @ 7.0% cap · market cap 8.66%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$12.34M
$10.80M – $14.40M
NOI $864,055 @ 7.0% cap · market cap 86.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-story office building with newly renovated floors, glass walls, and covered parking in an attached gated garage.
Where is this office building located?
The property is located at 403-405 N 2nd 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: Two‑story office building (1975) with 10,000 SF total and newly renovated floors; First floor (3,300 SF): 2 conference rooms, 4 private offices, and a reception area; Second floor (6,700 SF): 14 private offices, 2 conference rooms, executive office with kitchenette, cubical area, eat‑in kitchen, and reception/lounge
