Harrisburg, PA
Property Type: Mixed-UseSize: 27 Apts + 1 Commercial Space
Price: $3,450,000
CAP: 6.59%
Highlights:
- 27 Apartments + 1 Commercial Space in Harrisburg, Dauphin County, Pennsylvania
- Strong Unit Mix with 13 One-Bedroom Units, 8 Two-Bedroom Units & 6 Three-Bedroom Units
- Property Renovated in 2023
- Centrally Located in Proximity to Major Shopping Centers & Amenities
- Value-Add Opportunity Through Increasing the Below-Market Rents
Description:
Marcus & Millichap is pleased to present for sale the Hill Cafe Apartments - 27 apartments + 1 commercial space, located at 1249-1255 Market Street in Harrisburg, Dauphin County, PA.
The Subject Property offers 20,500 SF of leasable space within three buildings. The unit mix is comprised of 27 residential units and 1 commercial unit. The unit mix includes: (13) one-bed, (8) two-bed, and (6) 3-bed units. Current rents at the subject property are well below-market, allowing new owners to increase rents within a short timeframe. Additionally, the buildings are conveniently located with easy access to downtown Harrisburg, retail amenities, and major highways.
Apartment rents in the Harrisburg market have been rising at an annual rate of 2.8%, and have posted an average annual gain of 5.1% over the last 3 years, offering ownership a value-add opportunity through increased rents. The city was also recently ranked one the best places to live in Pennsylvania and ranked no. 61 best place to live in the United States, beating out every other PA city including Philadelphia, Pittsburgh, and Lancaster.
Full Summary:
Download Full PDF Summary File
