1022 Chambers StHarrisburg, PA 17113

For Sale
$1,495,000

14-unit apartment complex, value-add opportunity

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional multifamily investment opportunity consists of a 14-unit apartment building portfolio located at 1022 Chambers St, Harrisburg, PA 17113. The property comprises four buildings, totaling 12,300 square feet on a 0.7-acre lot, featuring a mix of one, two, and three-bedroom units, along with four storage units and one garage. Built in 1944 and 1974, the Class B property boasts 100% occupancy and a current NOI of $118,341, representing a 7.92% cap rate. A pro-forma NOI of $130,125 projects an 8.70% cap rate. Recent capital expenditures totaling $80,000 have upgraded roofs, windows, and HVAC systems. Currently, rents average $969 per unit, significantly below market rates, presenting a substantial value-add opportunity with a potential 12.81% rent increase. The property benefits from its convenient location, just 1.5 miles from I-283 and I-83, providing easy access to downtown Harrisburg and the surrounding region. The strong demographics, with a projected 4.9% population growth, further enhance the investment potential. The asking price is $1,495,000, or $106,785.71 per unit, and the property is offered fee simple. The permitted zoning is residential.

Highlights

  • 14-unit multifamily portfolio in Harrisburg, PA, including 1 garage and 4 storage units.
  • Significant value-add opportunity with rents averaging 11% below market rates.
  • $80,000 in recent capital improvements including new roofs, windows, and HVAC systems.
  • Strong demographics and projected 4.9% population growth.
  • Excellent location with easy access to I-283 and I-83, and proximity to downtown Harrisburg.

Property Details for 1022 Chambers St

Property type
Multifamily properties, Apartment buildings
Square Feet
12,300 SF
Class
B
Year Built
1944
Buildings
4
Stories
2
Lot Size (sq. ft)
30,492 SF
Units
14

Location Insight

City
Harrisburg
County
Dauphin
State
Pennsylvania
Latitude
40.236371858607
Longitude
-76.815287623135
1022 Chambers St, Harrisburg, Pennsylvania

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
1022 Chambers St
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message