Renovated Three-Unit
New
For Sale
$369,900
503 W MAIN STREET, Mechanicsburg, PA 17055
Three occupied apartments feature varied layouts, updated interiors, outdoor spaces, and tenant-paid heat, hot water, and electricity.
Property Size2,628 SF
Price / SF$140.75
Days on Market3
Property Features for 503 W MAIN STREET
General Information
Standard status
Active
Size
2,628 SF
Property subtype
Triplex
Building Details
Year Built
1903
Listing Agency:
M C Walker Realty
(717) 697-9487
Listed By:
CHRISTINE WALKER · License #RS278850
(717) 579-8554
Source:
Cummingsrealtors
Added: Sep 20
Changed: Sep 22
Last Checked: Sep 21 at 2:42PM
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
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 = 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
$25,004
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
6.76%
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%
$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
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
$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 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%
$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 6.76%
Second Best
Apartment 5plus
$317.1K
$277.5K – $370.0K
NOI $22,197 @ 7.0% cap · market cap 6.00%
Theoretical Best
Office A
$610.5K
$534.2K – $712.2K
NOI $42,733 @ 7.0% cap · market cap 11.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
618
Businesses Nearby
Explore this area
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
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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 $369,900.
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
