Mixed-Use Building with
For Sale
Contact for pricing
900 N 3rd Street, Harrisburg, PA 17102
Historic mixed-use property offers ground-floor retail with six residential units in a walkable Midtown location.
Property Size5,364 SF
Price / SF$110.92
Days on Market61
Property Features for 900 N 3rd Street
General Information
Standard status
Active
Size
5,364 SF
Class
B
Property subtype
Multifamily, Mixed Use
Zoning
Commercial Neighborhood
Net Operating Income
$42,615
Additional Details
Multifamily Units
6
Building Details
Year Built
1900
Stories
3
Units
6
Tenancy
Multi
Listing Agency:
Landmark Commercial Realty
(717) 731-1990
Listed By:
Daniel Scott · License #RS379464
Source:
Crexi
Added: Jun 30
Changed: Aug 25
Last Checked: Aug 28 at 11:37AM
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 Landmark Commercial Realty
Investment Insights
Based on property information with market context.
900 N 3rd Street is a historic mixed-use building in Harrisburg that combines ground-floor retail with six total residential units. The residential mix includes four one-bedroom apartments and two studio units. An on-site one-car garage adds further utility to the property.
The property is positioned in the Midtown district and is described as being within Harrisburg’s Historic District. Public remarks indicate it sits at the corner of North 3rd and Forster Streets and is about one block from the Pennsylvania State Capitol Complex, supporting a highly visible, walkable urban setting.
For buyers, this configuration can appeal to investors or operators seeking a live-and-work style income stream with both retail and residential components. The unit mix of one-bedroom apartments plus studios can support a tenant base that may want different layout options, while the ground-floor retail provides a separate usage track within the same building. The one-car garage further supports the overall functionality of the property.
The property is positioned in the Midtown district and is described as being within Harrisburg’s Historic District. Public remarks indicate it sits at the corner of North 3rd and Forster Streets and is about one block from the Pennsylvania State Capitol Complex, supporting a highly visible, walkable urban setting.
For buyers, this configuration can appeal to investors or operators seeking a live-and-work style income stream with both retail and residential components. The unit mix of one-bedroom apartments plus studios can support a tenant base that may want different layout options, while the ground-floor retail provides a separate usage track within the same building. The one-car garage further supports the overall functionality of the property.
Key Highlights
- Historic mixed‑use property built in 1900 with 6 residential units plus ground‑floor retail space.
- Residential unit mix includes four 1‑bedroom apartments and two studio units.
- Ground‑floor retail is at the corner of N 3rd and Forster Streets.
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
$53,788
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
9.04%
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%
$1,075,760
$1.1M
Cap Rate 7%
$768,400
$768.4K
Cap Rate 9%
$597,644
$597.6K
Market Conditions
NOI Build-Up for 5,364 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
$80.5K $15.00/SF
− Vacancy
−$3.6K −$0.68/SF
EGI
$76.8K $14.33/SF
− OpEx
−$23.1K −$4.30/SF
NOI
$53.8K $10.03/SF
Area
Dauphin County, PA
Vacancy
4.50%
Lease Rate
$15.00 /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%
$1,075,760
Cap Rate 7%
$768,400
Cap Rate 9%
$597,644
Alternative Uses
Best Use
Retail
$768.4K
$672.4K – $896.5K
NOI $53,788 @ 7.0% cap · market cap 9.04%
Second Best
Apartment 5plus
$609.5K
$533.3K – $711.1K
NOI $42,667 @ 7.0% cap · market cap 7.17%
Theoretical Best
Specialty Retail
$9.88M
$8.64M – $11.53M
NOI $691,554 @ 7.0% cap · market cap 116.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
3,051
Businesses Nearby
Explore this area
Business Placement
Demographics for 17102, PA
7,989
Population
5,105
Households
1.6
Avg Household Size
37
Median Age
50%
College-Educated
91%
High-School Grad
0.8 sq mi
ZIP Area
9,986
Density / Sq Mi
$55,369
Median Household Income
$47,544
Median Earnings
$1,062
Median Rent
$172,900
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?
Apartment building - Historic mixed-use property offers ground-floor retail with six residential units in a walkable Midtown location.
Where is this apartment building located?
The property is located at 900 N 3rd Street Harrisburg, PA.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Historic mixed‑use property built in 1900 with 6 residential units plus ground‑floor retail space.; Residential unit mix includes four 1‑bedroom apartments and two studio units.; Ground‑floor retail is at the corner of N 3rd and Forster Streets.
