Quadplex with Separately Leased
For Sale
$489,900
502 2ND Street, Harrisburg, PA 17113
Multi-Family, HARRISBURG, PA
Property Size4,267 SF
Lot Size0.25 Acres
Price / SF$114.81
Days on Market93
Property Features for 502 2ND Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Rooms
Basement
Parking
8
Parking features
Off Street, On Street, Driveway
Interior features
Attic, Bathroom - Tub Shower, Carpet, Pantry, Upgraded Countertops
Fireplace
1
Appliances
Microwave, Oven/Range - Electric, Refrigerator
High school
CENTRAL DAUPHIN EAST
Elementary school district
CENTRAL DAUPHIN
Middle school district
CENTRAL DAUPHIN
High school district
CENTRAL DAUPHIN
Standard status
Active
Size
4,267 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Annual Amount
5390
Utilities
Heating system
Heat Pump (Heating), Baseboard, Hot Water(Heating)
Cooling system
Window Unit(s)
Building Details
Year built
1880
Number of units
4
Building materials
Frame, Masonry
Architectural style
Other
Listing Agency:
Keller Williams Elite · Keller Williams Realty
(717) 553-2500
Listed By:
Christen Tribbitt · License #RS353502
(717) 621-8404
Added: May 22
Changed: Aug 19
Last Checked: Aug 22 at 3:06PM
MLS# PADA2059952
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 fully occupied quadplex includes four residential units on a single parcel, featuring several renovations completed in 2019. The property also has an additional source of revenue through a separately leased garage. Interior features include an attic, pantry, upgraded countertops, and bathrooms with tub/shower fixtures. Heating includes hot water (heating), baseboard, and a heat pump, with window unit cooling. Parking is available via on-street and off-street options, including a driveway. Construction is a mix of frame and masonry, and the property has a fireplace and a basement.
The units are located within the same offering at 502 2nd Street and 65 Boyer Street.
Built in 1880, this income-oriented property is positioned for investors seeking a multi-unit asset with both residential rental streams and a separately leased garage.
The units are located within the same offering at 502 2nd Street and 65 Boyer Street.
Built in 1880, this income-oriented property is positioned for investors seeking a multi-unit asset with both residential rental streams and a separately leased garage.
Key Highlights
- Four residential units on one parcel
- Several unit renovations completed in 2019
- Separately leased garage provides additional revenue
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
$38,087
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
7.77%
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%
$761,740
$761.7K
Cap Rate 7%
$544,100
$544.1K
Cap Rate 9%
$423,189
$423.2K
Market Conditions
NOI Build-Up for 4,267 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
$58.9K $13.80/SF
− Vacancy
−$4.5K −$1.05/SF
EGI
$54.4K $12.75/SF
− OpEx
−$16.3K −$3.83/SF
NOI
$38.1K $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%
$761,740
Cap Rate 7%
$544,100
Cap Rate 9%
$423,189
Alternative Uses
Best Use
Multifamily LT 5
$544.1K
$476.1K – $634.8K
NOI $38,087 @ 7.0% cap · market cap 7.77%
Second Best
Apartment 5plus
$484.9K
$424.3K – $565.7K
NOI $33,941 @ 7.0% cap · market cap 6.93%
Theoretical Best
Specialty Retail
$7.86M
$6.88M – $9.17M
NOI $550,123 @ 7.0% cap · market cap 112.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
273
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?
Quadplex - Four-unit, fully occupied quadplex on one parcel, with several 2019 renovations and an additional separately leased garage for income.
Where is this quadplex located?
The property is located at 502 2ND Street Harrisburg, PA.
What is the asking price?
The asking price for this property is $489,900.
What are key features of this property?
This property features: Four residential units on one parcel; Several unit renovations completed in 2019; Separately leased garage provides additional revenue
