Neighborhood Shopping
New
For Sale
$5,914,765
99 N Progress Ave, Harrisburg, PA 17109
Established retail center with additional space remaining and access to major retailers along a prominent regional corridor.
Property Size36,686 SF
Price / SF$161.23
Days on Market2
Property Features for 99 N Progress Ave
General Information
Standard status
Active
Size
36,686 SF
Property subtype
Commercial
Investment Type
Multi Tenant
Net Operating Income
$443,607
Building Details
Tenancy
Multi
Listing Agency:
Bennett Williams Commercial
Listed By:
Justin Willits · License #RS330371
(717) 858-0066
Source:
Bennettwilliams
Added: Sep 2
Last Checked: Sep 2 at 2:19PM
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 Bennett Williams Commercial
Investment Insights
Based on property information with market context.
Progress Plaza is a 36,686-square-foot neighborhood shopping center at 99 N Progress Ave in Harrisburg, Pennsylvania. The property includes a small amount of remaining space that may support additional leasing within the center. Existing tenant leases may also offer an opportunity for conversion to NNN structures, subject to lease terms and execution.
The center is positioned just off Route 22, a major Central Pennsylvania retail corridor. Nearby retailers include Dick’s Sporting Goods, At Home, Target, Costco, and Home Depot. The surrounding five-mile area is identified as having approximately 84,000 rooftops and 198,000 people, providing a substantial nearby residential base for retail operations.
The center is positioned just off Route 22, a major Central Pennsylvania retail corridor. Nearby retailers include Dick’s Sporting Goods, At Home, Target, Costco, and Home Depot. The surrounding five-mile area is identified as having approximately 84,000 rooftops and 198,000 people, providing a substantial nearby residential base for retail operations.
Key Highlights
- 36,686‑square‑foot neighborhood shopping center
- Located at 99 N Progress Ave, Harrisburg, PA 17109
- Positioned just off Route 22 in Central Pennsylvania
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
$367,869
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
6.22%
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%
$7,357,380
$7.4M
Cap Rate 7%
$5,255,271
$5.3M
Cap Rate 9%
$4,087,433
$4.1M
Market Conditions
NOI Build-Up for 36,686 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
$550.3K $15.00/SF
− Vacancy
−$24.8K −$0.68/SF
EGI
$525.5K $14.33/SF
− OpEx
−$157.7K −$4.30/SF
NOI
$367.9K $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%
$7,357,380
Cap Rate 7%
$5,255,271
Cap Rate 9%
$4,087,433
Alternative Uses
Best Use
Retail
$5.26M
$4.60M – $6.13M
NOI $367,869 @ 7.0% cap · market cap 6.22%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$67.57M
$59.12M – $78.83M
NOI $4,729,743 @ 7.0% cap · market cap 79.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
579
Businesses Nearby
23k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 68%
Shops & Services 23%
Electronics 10%
Wendy's
Dining
12,895 visits/mo
0.2 miles
Mobil
Shops & Services
3,889 visits/mo
0.2 miles
SUBWAY
Dining
2,756 visits/mo
0.1 miles
Cricket Wireless Authorized Retailer
Electronics
2,216 visits/mo
0.3 miles
Monro Auto Service and Tire Centers
Shops & Services
1,356 visits/mo
0.2 miles
Demographics for 17109, PA
25,232
Population
11,808
Households
2.1
Avg Household Size
39
Median Age
29%
College-Educated
92%
High-School Grad
7.0 sq mi
ZIP Area
3,605
Density / Sq Mi
$70,618
Median Household Income
$42,908
Median Earnings
$1,234
Median Rent
$203,200
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Progress Plaza — 1-13 N Progress Ave, Harrisburg, PA 17109
- Route 22 Plaza — 3960-3990 Jonestown Rd, Harrisburg, PA 17109
Frequently Asked Questions
What type of property is this?
Shopping center - Established retail center with additional space remaining and access to major retailers along a prominent regional corridor.
Where is this shopping center located?
The property is located at 99 N Progress Ave Harrisburg, PA.
What is the asking price?
The asking price for this property is $5,914,765.
What are key features of this property?
This property features: 36,686‑square‑foot neighborhood shopping center; Located at 99 N Progress Ave, Harrisburg, PA 17109; Positioned just off Route 22 in Central Pennsylvania
