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    Property profile & analytics

    45 Progress Ave Harrisburg, PA 17109-3550

    • Strip malls
    • 41,168 SF
    • 2.21 lot acres
    OFF-MARKET
    Value Estimations
    $630,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-1836705
    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

    • Yazmine Dance Studio / Dance School

    Property Details for 45 Progress Ave

    Year built
    1966
    Lot size
    2.21 lot acres
    Property size
    41,168 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    62-033-218
    APU
    62033218

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $665,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $593,000
      Market price range: $446k - $1.71M

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

    Location Insight

    • Map
    • Local Demand
    City
    Harrisburg
    County
    Dauphin
    State
    Pennsylvania
    Longitude
    -76.8423
    Latitude
    40.2861
    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
    $49,229
    $540,000
    $1,027,300
    $1,567,300
    -
    $540,000
    $1,027,300
    $1,567,300

    Comparable in this City

    • Value Estimation
      $3,735,000
      284,737 SF

      3903 Un Deposit Rd

      SHOPPING CENTER, STRIP CENTER • 284,737 SF
      3903 Un Deposit Rd, Harrisburg, PA 17109-5922
      View Details
    • Value Estimation
      $13,720,000
      29,204 SF

      4811 Jonestown Rd

      SHOPPING CENTER, STRIP CENTER • 29,204 SF
      4811 Jonestown Rd, Harrisburg, PA 17109-1745
      View Details
    • Value Estimation
      $950,000
      92,665 SF

      4600 Jonestown Rd

      SHOPPING CENTER, STRIP CENTER • 92,665 SF
      4600 Jonestown Rd, Harrisburg, PA 17109-6205
      View Details
    • Value Estimation
      $2,210,000
      24,970 SF

      4907 Jonestown Rd

      SHOPPING CENTER, STRIP CENTER • 24,970 SF
      4907 Jonestown Rd, Harrisburg, PA 17109-1705
      View Details
    • Value Estimation by Request
      207,012 SF

      3830 Un Deposit Rd

      SHOPPING CENTER, STRIP CENTER • 207,012 SF
      3830 Un Deposit Rd, Harrisburg, PA 17109-5919
      View Details
    • Value Estimation
      $13,800,000
      30,704 SF

      4813 Jonestown Rd

      SHOPPING CENTER, STRIP CENTER • 30,704 SF
      4813 Jonestown Rd, Harrisburg, PA 17109-1748
      View Details

    Similar Nearby for Sale

    • $699,000
      3,860 SF

      Jonestown Road Mixed-Use Building

      Harrisburg retail investment opportunity. High traffic area.
      4814 Jonestown Rd, Harrisburg, PA 17109
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    • $749,000
      10,000 SF

      Retail/Flex Building on Acre Lot

      10,000 SF retail/flex building for sale near Union Deposit Road.
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    • $1,500,000
      4,828 SF

      Freestanding Restaurant Building in Harrisburg

      Freestanding restaurant building with parking and high traffic visibility.
      4014 Jonestown Rd, Harrisburg, PA 17109
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    • $2,300,000
      3,382 SF

      S&T Bank Ground Lease Asset

      3,382 SF S&T Bank ground lease in Harrisburg, PA.
      301 Colonial Rd, Harrisburg, PA 17109
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    • $699,000
      0.14 Acres

      Harrisburg Retail Investment Opportunity

      High-traffic retail building with apartment.
      4814 Jonestown Rd, Harrisburg, PA 17109
      View Details
    • Contact for pricing

      Freestanding Retail Building Available

      Freestanding retail building with 9,472 SF and 50 parking spots.
      4949 Jonestown Rd, Harrisburg, PA 17109
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,990 SF

      Retail Space in Harrisburg, PA

      Neighborhood strip center with excellent accessibility and strong retail corridor.
      4907 Jonestown Rd, Harrisburg, PA 17109
      View Details
    • Contact for pricing
      11,000 SF

      Progress Plaza Retail Space

      11,000 sq ft Retail Space Available
      99 Progress Ave, Harrisburg, PA 17109
      View Details
    • Contact for pricing
      215,735 SF

      Dauphin Plaza Retail Center

      High-demand Harrisburg retail space.
      3812 Union Deposit Rd, Progress, PA 17109
      View Details
    • Contact for pricing
      3,500 SF

      Retail Space at Union Deposit

      Retail space available in Harrisburg, Pennsylvania with high visibility.
      3823-3915 Union Deposit Rd, Harrisburg, PA 17109
      View Details
    • $14 SF/Yr
      3,000 SF

      Harrisburg Executive Office Suite

      1,718 SF Office Space Available
      3301 Schoolhouse Ln, Harrisburg, PA 17109
      View Details
    • Contact for pricing
      262,333 SF

      Harrisburg Retail Center Investment

      Prime Harrisburg retail space available.
      4023 Union Deposit Rd, Harrisburg, PA 17109
      View Details
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    45 Progress Ave
    Harrisburg, PA 17109-3550
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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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