224 Harris StHarrisburg, PA 17102

For Sale
$595,125

100% occupied, high-return multifamily investment.

Overview

Added:
Dec 11, 2024
Days on market:
94
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.

Highlights

  • Exceptional, established investment opportunity.
  • Fully leased, commencing May 1, 2023.
  • Significant rental upside potential exceeding 10%.
  • Diverse tenant base with strong lease terms.
  • Three units boast recent, complete renovations.
  • Prime location near waterfront amenities, upscale dining, entertainment, and nightlife.

Property Details for 224 Harris St

Property type
Multifamily properties, Apartment buildings
Square Feet
2,950 SF
Class
B
Year Built/Renovated
103/1
Buildings
1
Stories
3
Units
5

Location Insight

City
Harrisburg
County
Dauphin
State
Pennsylvania
Latitude
40.27232942233
Longitude
-76.892549505567
224 Harris St, Harrisburg, Pennsylvania

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224 Harris St
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