1022 Chambers StHarrisburg, PA 17113

  • Residential income properties
  • 5,920 SF
For Sale
$1,495,000 View listing

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
1022 Chambers St, Harrisburg, Pennsylvania

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$7,379
$60,000
$200,400
$260,400
-
$60,000
$200,400
$260,400

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