Three-Unit Apartment
For Sale
$335,000
537 North 2nd Street, Harrisburg, PA 17113
Residential triplex with two one-bedroom units, one two-bedroom unit, and an unfinished basement.
Property Size1,996 SF
Price / SF$167.84
Days on Market173
Property Features for 537 North 2nd Street
General Information
Standard status
Active
Size
1,996 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RESIDENTIAL
Units
Unit Mix
2 x 1BR, 1 x 2BR
Multifamily Units
3
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$2,757
Amenities
No
2+ Access Exits
No Pool
Above Grade, Below Grade
Building Details
Year Built
1887
Buildings
1
Listing Agency:
Inch & Co. Real Estate, LLC
(717) 574-1798
Listed By:
Nicki Brantner · License #RS357365
(717) 574-1798
Source:
Compass
Added: Mar 12
Changed: Aug 30
Last Checked: Aug 31 at 1:54AM
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 Inch & Co. Real Estate, LLC
Investment Insights
Based on property information with market context.
This 1,996 SF triplex contains three apartments: two one-bedroom residences and one two-bedroom residence. The two-bedroom unit spans two stories, while the property also includes a full unfinished basement with exterior access. Two apartments are occupied, and the remaining unit is vacant for a new tenant or owner-occupant. Built in 1887, the building has 2+ access exits and is zoned RESIDENTIAL.
The property is located at 537 North 2nd Street in Harrisburg, within Swatara Twp and the Central Dauphin School District. The owner covers water, sewer, trash, and gas expenses. The Central Dauphin East high school serves the property.
The property is located at 537 North 2nd Street in Harrisburg, within Swatara Twp and the Central Dauphin School District. The owner covers water, sewer, trash, and gas expenses. The Central Dauphin East high school serves the property.
Key Highlights
- Three‑unit layout with 2 one‑bedroom apartments and 1 two‑bedroom apartment
- Apartment C is a 2 story Two Bedroom apartment
- Apartments B & C are currently occupied; Apartment A is vacant
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
$17,816
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
5.32%
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%
$356,320
$356.3K
Cap Rate 7%
$254,514
$254.5K
Cap Rate 9%
$197,956
$198.0K
Market Conditions
NOI Build-Up for 1,996 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
$27.5K $13.80/SF
− Vacancy
−$2.1K −$1.05/SF
EGI
$25.5K $12.75/SF
− OpEx
−$7.6K −$3.83/SF
NOI
$17.8K $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%
$356,320
Cap Rate 7%
$254,514
Cap Rate 9%
$197,956
Alternative Uses
Best Use
Multifamily LT 5
$254.5K
$222.7K – $296.9K
NOI $17,816 @ 7.0% cap · market cap 5.32%
Second Best
Apartment 5plus
$226.8K
$198.5K – $264.6K
NOI $15,877 @ 7.0% cap · market cap 4.74%
Theoretical Best
Specialty Retail
$3.68M
$3.22M – $4.29M
NOI $257,334 @ 7.0% cap · market cap 76.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Paved road access
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?
Triplex - Residential triplex with two one-bedroom units, one two-bedroom unit, and an unfinished basement.
Where is this triplex located?
The property is located at 537 North 2nd Street Harrisburg, PA.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: Three‑unit layout with 2 one‑bedroom apartments and 1 two‑bedroom apartment; Apartment C is a 2 story Two Bedroom apartment; Apartments B & C are currently occupied; Apartment A is vacant
