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Coba Apartments 1224 N 3rd St 24 Unit Apartment Building $3,750,000 ($156,250/Unit) 6.71% Cap Rate Harrisburg, PA 17102
Investment 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.
- Compelling Return Profile: 6.71% cap rate with expansion to 8.11% pro forma; projected cash-on-cash return increases to 10.86%.
- Favorable Expense Ratio: Pro forma operating expenses projected at 35.4% of EGI, demonstrating efficient management and operational scalability.
- Strong In-Place Cash Flow with Value-Add Upside: Current NOI of $251,723 with a projected Pro Forma NOI of $304,183.
- Below-Market Rents with Mark-to-Market Opportunity
- Attractive Basis: Offered at $150,000 per unit and $194.81 per square foot, presenting a competitive entry point relative to replacement cost.
Executive Summary
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.
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.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Microwave
- Washer/Dryer
- Washer/Dryer Hookup
- Kitchen
- High Speed Internet Access
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Views
- Carpet
- Window Coverings
Site Amenities
- Controlled Access
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 20 | - | 750 |
| 2+1.5 | 4 | - | 900 |
1 1
Walk Score®
Walker's Paradise (94)
Property Taxes
| Parcel Numbers | Improvements Assessment | $846,200 | |
| Land Assessment | $59,400 | Total Assessment | $905,600 |
Property Taxes
Parcel Numbers
Land Assessment
$59,400
Improvements Assessment
$846,200
Total Assessment
$905,600
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Coba Apartments | 1224 N 3rd St
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