122 State St - Apartments FOR SALE


Harrisburg, PA 17101- Capital District
$900,000 USD
717-554-4881
122 State St, Harrisburg, PA for Sale
$900,000 USD
Apartments - FOR SALE
1/12
null | 7.18% Cap Rate

122 State St
Harrisburg, PA 17101
Capital District


HIGHLIGHTS

  • Three units: two 2-bedroom and one1-bedroom long-term rentals, fully renovated in 2023.
  • Premium finishes and modern amenities.
  • Situated in the heart of Harrisburg, along the Susquehanna River.
  • Close proximity to downtown, State Capitol Complex, and Riverfront Park
  • Walking distance to cultural landmarks, dining, shopping, and entertainment options.
  • Potential to convert units to short-term rentals to capture increased demand.

OVERVIEW

SCOPE Commercial Real Estate Services, LLC (“SCOPE”) is pleased to exclusively present for sale 122 State Street. Located in the heart of Harrisburg, PA, 122 State Street is a prime investment opportunity featuring a diverse unit mix comprising three long-term rental residential units, including two 2-bedroom, 1-bath units and one 1-bedroom, 1-bath unit. The 2-bedroom units have an average square footage of 1,200 SF, while the 1-bedroom unit has 1,184 SF. This premium Class A, 5-star multifamily and long-term rental product offers a unique blend of historic charm and modern amenities, catering to both luxury long-term tenants and high-incomeshort-term visitors. The property showcases premium finishes and thoughtful upgrades that meet the demands of modern tenants and align with current market expectations. Its prime location along the picturesque Susquehanna River and proximity to downtown Harrisburg further enhance its appeal. The property, spanning 3,552 SF on a 1,307 SF (0.03 acres), was originally built in 1920. Zoned within Harrisburg City's Riverfront District (RF), the property is strategically located to take advantage of its proximity to State Capitol Complex and Riverfront Park. The zoning recognizes the historical importance of Riverfront Park and aims to preserve the character of development along Front Street and State Street. Development standards, signage, and off-street parking requirements are designed to minimize impacts and are more restrictive than other zoning districts. This zoning flexibility allows for a unique combination of residential and commercial use, maximizing investment potential. Area amenities add to the property's desirability. Riverfront Park, directly across the street, provides scenic views, walking and biking paths, and hosts numerous events and festivals throughout the year. Cultural landmarks such as the Whitaker Center for Science and the Arts, the Susquehanna Art Museum, and the State Capitol Complex are within walking distance. The vibrant downtown offers an array of dining, shopping, and entertainment options, while the property’s proximity to public transportation, including the Harrisburg Transportation Center, ensures easy connectivity. Nearby educational institutions, including Harrisburg University of Science and Technology and Temple University Harrisburg, further contribute to the area’s vibrant atmosphere. Harrisburg’s East Shore/Central Multifamily Market provides strong support for the property’s value proposition. The submarket has a five-year average vacancy rate of 6.7%, and year-over-year rent growth of 3.5%, exceeding the metro average. Recent high-end developments have achieved premium rents, highlighting the demand for luxury rental products.

FOR SALE DETAILS

PRICE

$900,000 USD

PRICE/SF

$253 USD /SF

# OF UNITS

3

PRICE/UNIT

$300,000

CAP RATE

7.18%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1920

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.03 AC

LAND SF

1,461 SF

ZONING

RF

APN/PARCEL ID

04-026-010

ASK ABOUT THIS PROPERTY

Craig DunkleSCOPEMore Info
717-554-4881

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Craig DunkleSCOPEMore Info
717-554-4881

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.