1224 N 3rd St - Apartments FOR SALE


Harrisburg, PA 17102- Midtown Harrisburg
$3,750,000 USD
717-554-4881
1224 N 3rd St, Harrisburg, PA for Sale
$3,750,000 USD
Apartments - FOR SALE
1/20
null | 6.71% Cap Rate

1224 N 3rd St
Harrisburg, PA 17102
Midtown Harrisburg


HIGHLIGHTS

  • 25-Unit Mixed-Use Multifamily Asset: Well-balanced unit mix of 20 1BD/1BR units, 4 2BD/1.5BA townhome-style units, and 1 commercial space.
  • Strong In-Place Cash Flow with Value-Add Upside: Current NOI of $251,723 with a projected Pro Forma NOI of $304,183.
  • Compelling Return Profile: 6.71% cap rate with expansion to 8.11% pro forma; projected cash-on-cash return increases to 10.86%.
  • Below-Market Rents with Mark-to-Market Opportunity
  • Favorable Expense Ratio: Pro forma operating expenses projected at 35.4% of EGI, demonstrating efficient management and operational scalability.
  • Attractive Basis: Offered at $150,000 per unit and $194.81 per square foot, presenting a competitive entry point relative to replacement cost.

OVERVIEW

Scope Commercial Real Estate is pleased to present COBA Apartments is a 25-unit mixed-use multifamily asset located at 1224 N 3rd Street in Harrisburg, Pennsylvania. The property contains approximately 19,250 rentable square feet situated on a 0.26-acre parcel and features a well-balanced unit mix of twenty (20) onebedroom apartments, four (4) two-bedroom townhome-style units, and one (1) ground-floor commercial space. Originally constructed in 2012 with recent updates in 2024, the building offers modern layouts averaging approximately 770 square feet per unit. The asset is positioned in a strong residential corridor with close proximity to downtown Harrisburg, employment centers, dining, retail, and public transportation. The property is being offered at $3,750,000, equating to approximately $150,000 per unit and $194.81 per square foot. Current operations generate stable in-place income with additional upside through rent increases toward pro forma projections.

FOR SALE DETAILS

PRICE

$3,750,000 USD

PRICE/SF

$170 USD /SF

# OF UNITS

24

PRICE/UNIT

$156,250

CAP RATE

6.71%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Coba Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Storefront Retail/Residential

TOTAL BUILDING SIZE

-

STORIES

6

YEAR BUILT

1910

PARKING SPACES

14

LAND DETAILS

LAND ACRES

0.26 AC

LAND SF

11,326 SF

ZONING

R

APN/PARCEL ID

05-006-002,05-006-003,05-006-004

ASK ABOUT THIS PROPERTY

Craig DunkleSCOPEMore Info
717-554-4881

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

Craig DunkleSCOPEMore Info
717-554-4881

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