1022 Chambers StHarrisburg, PA 17113

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

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.

• 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

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