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The Steel Works Apartments 230 Front St 41 Unit Apartment Building $6,350,000 ($154,878/Unit) 7.36% Cap Rate Steelton, PA 17113
INVESTMENT HIGHLIGHTS
- New Construction (2023) | Modern 41-unit Class B multifamily asset with high-end finishes and amenities.
- Prime Location | Scenic riverfront setting along the Susquehanna River in Steelton, PA, minutes from Downtown Harrisburg and major employers.
- Diverse Unit Mix | 20 One-Bedroom Units (Avg. 825 SF), 21 Studio Units (Avg. 662 SF) & 2,860 SF Retail Suite + Management Office.
EXECUTIVE SUMMARY
SCOPE Commercial Real Estate Services is pleased to present The Steel Works Apartments, a newly constructed 41-unit Class B multifamily asset located in the heart of Steelton, PA, just minutes from downtown Harrisburg. Completed in 2023, the building includes 20 one-bedroom units, 21 studios, a 2,860 SF retail suite, and an on-site management office, all situated on a 0.56-acre site along the Susquehanna River. Zoned C-2 (Secondary Commercial District), the property offers flexible use options ideal for mixed-use or value-add strategies. The local South Dauphin County multifamily market supports strong investment potential with a 2.5% average vacancy rate, $1,420/month average rent, and 4.6% annual rent growth. With no new multifamily construction in the pipeline and recent comparable sales topping $180,000 per unit, this asset presents an exceptional opportunity for long-term income and appreciation.
DATA ROOM Click Here to Access
- Offering Memorandum
PROPERTY FACTS Under Contract
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Range
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Smoke Free
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 21 | - | - |
| 1+1 | 20 | - | - |
1 1
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $1,734,400 | |
| Land Assessment | $437,300 | Total Assessment | $2,171,700 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$437,300
Improvements Assessment
$1,734,400
Total Assessment
$2,171,700
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The Steel Works Apartments | 230 Front St
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