1022 Chambers StHarrisburg, PA 17113
- Residential income properties
- 5,920 SF
Property Details for 1022 Chambers St
- Year built
- 1974
- Construction
- FRAME
- Lot size
- 0.34 AC
- Property size (Sq ft)
- 5,920 SF
- Property type
- Residential income properties
- Property subtype
- Other apartment buildings
- APN
- 63-060-081
- APU
- 63060081
Description
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.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $1,185,416
- 6.5%
- $1,094,230
- 7%
- $1,016,071
-
Comparable approach
- Method
- Valuation
- Relative Method
- $838,303
- Geo Method
- $577,262
-
Alternative Use
- Use
- Valuation
- Residential
- $1,094,230
- Hospitality
- $1,002,309
- Educational
- $833,909
- Medical
- $862,589
- Retail
- $1,297,192
Location Insight
- City
- Steelton
- County
- Dauphin
- State
- Pennsylvania
- Latitude
- 40.2362
- Longitude
- -76.8151
- CBSA code
- 25420
- CBSA name
- HARRISBURG-CARLISLE, PA METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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