224 Harris StHarrisburg, PA 17102

Property Details for 224 Harris St

Year built

1920

Lot size

0.04 AC

Property size (Sq ft)

2,944 SF

Property type

Residential income properties

Property subtype

Other 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.

• CAP approach

  CAP return

  Valuation

  6%

  $589,504

  6.5%

  $544,158

  7%

  $505,289

• Comparable approach

  Method

  Valuation

  Relative Method

  $416,886

  Geo Method

  $287,071

• Alternative Use

  Use

  Valuation

  Residential

  $544,158

  Hospitality

  $498,446

  Educational

  $414,701

  Medical

  $428,963

  Retail

  $645,090

Location Insight

City

Harrisburg

County

Dauphin

State

Pennsylvania

Latitude

40.2724

Longitude

-76.8928

CBSA code

25420

CBSA name

HARRISBURG-CARLISLE, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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