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    224 Harris St Harrisburg, PA 17102-2430

    • Apartment buildings
    • 2,944 SF
    • 0.04 lot acres
    OFF-MARKET
    Last Sale
    Oct 16, 2024
    $527,500
    Value Estimations
    $520,000
    Show details
    Cap Rate Potential
    4.4%
    Apartment buildings
    Location Intelligence
    Property ID
    US73-2449999
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Apartment buildings

    Property Details for 224 Harris St

    Year built
    1920
    Lot size
    0.04 lot acres
    Property size
    2,944 SF
    Property type
    Apartment buildings
    APN
    12-008-052
    APU
    12008052

    Description

    This exceptional 5-unit apartment building, located in the heart of Harrisburg's Midtown, presents a compelling investment opportunity. The property boasts 2,950 square feet across three stories, situated on a 1,831 square foot lot (APN: 12-008-052). Built in 1919 and renovated in 2022, this Class B building offers a strong 7.67% cap rate with a current NOI of $45,670. Currently 100% occupied since May 1, 2023, the property features a healthy mix of long-term and new tenants, with rental income exceeding $45,670 annually. Three units have undergone complete renovations. The asking price is $595,125 ($119,025 per unit), and the property is zoned S-1. Its prime Midtown location provides easy access to waterfront parks, upscale restaurants, cinemas, and vibrant nightlife. The potential for increased rental income is significant, with over 10% upside available to the new owner. The addition of coin-operated laundry facilities in the basement presents a further opportunity to enhance cash flow. This turn-key property is ideal for investors seeking a stable, high-yield asset in a desirable location. Proof of funds and loan pre-qualification are required for showing appointments.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $530,000
      ML approach
      $530,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $390,000
      6.5%
      $360,000
      7%
      $335,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Harrisburg
    County
    Dauphin
    State
    Pennsylvania
    Longitude
    -76.8928
    Latitude
    40.2724
    CBSA code
    25420
    CBSA name
    HARRISBURG-CARLISLE, PA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $2,757
    $6,300
    $53,800
    $60,100
    -
    $6,300
    $53,800
    $60,100

    Comparable in this City

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      255 Briggs St

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      View Details
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      11,574 SF

      2020 3rd St

      APARTMENT HOUSE (5+ UNITS) • 11,574 SF
      2020 3rd St, Harrisburg, PA 17102-1807
      View Details
    • Value Estimation
      $250,000
      2,700 SF

      1622 3rd St

      APARTMENT HOUSE (5+ UNITS) • 2,700 SF
      1622 3rd St, Harrisburg, PA 17102-1957
      View Details
    • Value Estimation
      $12,990,000
      94,263 SF

      1201 Frnt St

      APARTMENT HOUSE (5+ UNITS) • 94,263 SF
      1201 Frnt St, Harrisburg, PA 17102-2821
      View Details
    • Value Estimation
      $465,000
      3,378 SF

      1121 Frnt St

      APARTMENT HOUSE (5+ UNITS) • 3,378 SF
      1121 Frnt St, Harrisburg, PA 17102-3309
      View Details
    • Value Estimation
      $230,000
      2,431 SF

      1915 2nd St

      APARTMENT HOUSE (5+ UNITS) • 2,431 SF
      1915 2nd St, Harrisburg, PA 17102-2205
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

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      Office building or space for lease with on-site parking.
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      View Details
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    224 Harris St
    Harrisburg, PA 17102-2430
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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