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    Harrisburg Retail and Office Spaces Title is generated by Realmo AI

    2360 Colonial Rd, Harrisburg, PA 17112

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    Under construction neighborhood center with retail, office, and restaurant spaces.

    Type:Retail, Office, Restaurant
    Property size:
    70,000 SF
    Added:
    Jan 24, 2023
    Days on Market:
    1222
    Last Refresh:
    May 12 at 10:46 pm

    Property Features for 2360 Colonial Rd

    General Information

    Standard status
    Active
    Size
    70,000 SF
    Property subtype
    Retail, Office, Restaurant

    Building Details

    Year Built
    2023

    Spaces For Lease

    at 2360 Colonial Rd Contact us

    4-2 $27/Mo

    Size
    11,200 SF
    Type
    Retail, Office, Restaurant
    To be built building to be built within Forest Hills Commons. Ideal for retail, professional...
    show more
    Contact us

    3 $27/Mo

    Size
    2,440 SF
    Type
    Retail, Office, Restaurant
    Brand new 9,678 SF building within Forest Hills Commons. Only Suite C remaining -...
    show more
    Contact us

    4-4 $27/Mo

    Size
    10,712 SF
    Type
    Retail, Office, Restaurant
    Future Building to be built within Forest Hills Commons. Ideal for retail, professional...
    show more
    Contact us

    4-1 $27/Mo

    Size
    12,600 SF
    Type
    Retail, Office, Restaurant
    New Building to be built within Forest Hills Commons - ground to be broken in July/August...
    show more
    Contact us

    4-3 $27/Mo

    Size
    11,200 SF
    Type
    Retail, Office, Restaurant
    Future Building to be built within Forest Hills Commons. Ideal for retail, professional...
    show more
    Contact us
    Show more

    We can help!

    Listing Contact
    Jeff Koury

    Listing agent Jeff Koury License #PA RS324065

    Listing office RSR Realtors

    Listing date Jan 24, 2023

    Source Crexi

    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 RSR Realtors

    HighLights

    • High‑traffic location on Linglestown Road (±21,000 VPD), a primary retail corridor.
    • Signalized ingress/egress on Colonial Road provides convenient access.
    • Strong demographics: 268,155+ people with $78,222+ average household income within a 15‑minute drive.
    • New construction: A 70,000+\/- square‑foot neighborhood center built in 2023.
    • Anchored by a newly built daycare center and veterinary clinic.
    • Flexible space options: inline spaces up to +/- 40,000 square feet and smaller pads available.

    Overview

    Forest Hills Commons is leasing an under construction 70,000+/- square-foot anchored neighborhood center. It is centrally located in Harrisburg, Pennsylvania, and suitable for professional services, medical, restaurant, and retail tenants. The project is situated along Linglestown Road (±21,000 VPD) and Colonial Road and features signalized ingress/egress along Colonial Road. A newly built daycare center and veterinary clinic are already part of the center. Inline spaces can accommodate tenants up to +/- 40,000 square-feet, and smaller pads are available for small shop or free-standing tenants. Forest Hills Commons has frontage along Linglestown Road and benefits from high traffic flow. Linglestown Road acts as one of the focal points for retail in Harrisburg, with a trade area that extends more than 10 miles. The location has a 15-minute drive time demographic of over 268,155 people with household incomes of more than $78,222 and daytime employment demographics equally as strong with 196,894. The demographics within a 10-mile radius include 298,518 people in 126,590 homes, a labor force of 245,630 with an average household income of $81,095. The area’s growth since 2000 has increased over 12.4% with 15,695 new homes.
    Property Profile Location Intelligence

    Current Use by Public Records

    Momentum Hearing Aid ... Hearing Aid Store Blue Mountain Veterinary ... Veterinary Clinic

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Nail Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Patton Place Shopping Center — 2308 Patton Rd, Harrisburg, PA 17112
    • Forest Hills Commons — 4220 Linglestown Rd, Harrisburg, PA 17112

    Location Insight

    • Map
    • Local Demand
    City
    Harrisburg
    County
    Dauphin
    State
    Pennsylvania
    Longitude
    -76.827293
    Latitude
    40.339541

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    FAQs

    What type of property is this?
    Shopping center - Under construction neighborhood center with retail, office, and restaurant spaces.
    Where is this shopping center located?
    The property is located at 2360 Colonial Rd Harrisburg, PA.
    What is the lease rate?
    The lease rate is $27 SF/Yr.
    What are key features of this property?
    This property features: High‑traffic location on Linglestown Road (±21,000 VPD), a primary retail corridor.; Signalized ingress/egress on Colonial Road provides convenient access.; Strong demographics: 268,155+ people with $78,222+ average household income within a 15‑minute drive.
    (717) 763-1212 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Jeff Koury
    Real Estate License ID: PA RS324065
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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.

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