Renovated Three-Unit
503 W MAIN STREET, Mechanicsburg, PA 17055
For Sale
$349,900
Three occupied apartments feature varied layouts, updated interiors, outdoor spaces, and tenant-paid heat, hot water, and electricity.
Property Size2,628 SF
Price / SF$133.14
Days on Market49
Property Features for 503 W MAIN STREET
General Information
Standard status
Size
Property subtype
Building Details
Year Built
Listing Agency:
M C Walker Realty
(717) 697-9487
Listed By:
CHRISTINE WALKER · License #RS278850
(717) 579-8554
Source:
Cummingsrealtors
Added: Sep 20
Changed: Nov 6
Last Checked: Nov 6 at 9:07AM
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 M C Walker Realty
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Investment Insights
Based on property information with market context.
This three-unit triplex contains a 2-bedroom apartment, a 1-bedroom apartment, and an efficiency unit within 2,628 square feet. The first-floor 2-bedroom unit measures approximately 1,000 square feet and includes hardwood flooring, high ceilings, ceiling fans, mostly newer windows, and a kitchen and bathroom remodeled in 2016. The efficiency was fully remodeled in 2017 with shaker-style cabinetry, ceiling fans, and attic storage. The 1-bedroom apartment provides a kitchen, living/dining area, storage closet, and separate bedroom. Outdoor features include off-street parking, a covered side porch, a rear deck, and a covered side balcony with Trex decking.
All three apartments are occupied by long-term tenants under yearly leases. Residents pay their own heat, hot water, and electricity, while the owner pays water, sewer, and trash. The property is located at 503 W Main Street in Mechanicsburg, near downtown restaurants, shopping, schools, and major highways.
All three apartments are occupied by long-term tenants under yearly leases. Residents pay their own heat, hot water, and electricity, while the owner pays water, sewer, and trash. The property is located at 503 W Main Street in Mechanicsburg, near downtown restaurants, shopping, schools, and major highways.
Key Highlights
- Three‑unit property with 2‑bedroom, 1‑bedroom, and efficiency apartments
- 2,628 square feet; built in 1903
- First‑floor 2‑bedroom apartment is approximately 1,000 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,004
Cap Rate
7.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$500,080
$500.1K
Cap Rate 7%
$357,200
$357.2K
Cap Rate 9%
$277,822
$277.8K
Market Conditions
NOI Build-Up for 2,628 SF
Gross rent
$37.8K $14.40/SF
− Vacancy
−$2.1K −$0.81/SF
EGI
$35.7K $13.59/SF
− OpEx
−$10.7K −$4.08/SF
NOI
$25.0K $9.51/SF
Area
Cumberland County, PA
Vacancy
5.61%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$500,080
Cap Rate 7%
$357,200
Cap Rate 9%
$277,822
Alternative Uses
Best Use
Multifamily LT 5
$357.2K
$312.6K – $416.7K
NOI $25,004 @ 7.0% cap · market cap 7.15%
Second Best
Apartment 5plus
$317.1K
$277.5K – $370.0K
NOI $22,197 @ 7.0% cap · market cap 6.34%
Theoretical Best
Office A
$610.5K
$534.2K – $712.2K
NOI $42,733 @ 7.0% cap · market cap 12.21%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
618
Businesses Nearby
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Business Placement
Demographics for 17055, PA
40,353
Population
18,994
Households
2.1
Avg Household Size
42
Median Age
47%
College-Educated
97%
High-School Grad
39.2 sq mi
ZIP Area
1,029
Density / Sq Mi
$95,542
Median Household Income
$55,923
Median Earnings
$1,320
Median Rent
$266,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Three occupied apartments feature varied layouts, updated interiors, outdoor spaces, and tenant-paid heat, hot water, and electricity.
Where is this triplex located?
The property is located at 503 W MAIN STREET Mechanicsburg, PA.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Three‑unit property with 2‑bedroom, 1‑bedroom, and efficiency apartments; 2,628 square feet; built in 1903; First‑floor 2‑bedroom apartment is approximately 1,000 square feet
