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Parktowne Apartments 3800 Elmerton Ave 21 Unit Apartment Building $2,625,000 ($125,000/Unit) 6.33% Cap Rate Harrisburg, PA 17109
INVESTMENT HIGHLIGHTS
- 21 Units in Harrisburg, Pennsylvania
- Delivered Free and Clear of Debt
- Convenient Location: Proximate to I-81, I-83, Shopping, and Dining
- Value Add Opportunity Through Rent Increases
- Spacious Floorplans & Favorable Unit Mix Consisting of Over 75% Two-Bedroom Units
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to present for sale the Parktowne Apartments – A 21-unit community located in Harrisburg, Pennsylvania. The property consists of two brick buildings with pitched roofs on an attractive site.
Parktowne is located conveniently near I-81 and I-83. Numerous shopping and dining opportunities are just a short drive away.
The list price of $2,625,000 is well below replacement cost. The unit mix consists of five one-bedroom units and 16 two-bedroom units. Each building has laundry facilities and off-street parking.
An investor has the ability to increase rents with unit upgrades. The buildings will be delivered free and clear of debt, allowing an investor to use new debt.
Parktowne represents a unique opportunity to purchase a stable apartment community with upside at a great basis. Harrisburg apartment fundamentals are strong, as evidenced by the rents achieved in the comparable properties.
Parktowne is located conveniently near I-81 and I-83. Numerous shopping and dining opportunities are just a short drive away.
The list price of $2,625,000 is well below replacement cost. The unit mix consists of five one-bedroom units and 16 two-bedroom units. Each building has laundry facilities and off-street parking.
An investor has the ability to increase rents with unit upgrades. The buildings will be delivered free and clear of debt, allowing an investor to use new debt.
Parktowne represents a unique opportunity to purchase a stable apartment community with upside at a great basis. Harrisburg apartment fundamentals are strong, as evidenced by the rents achieved in the comparable properties.
DATA ROOM Click Here to Access
PROPERTY FACTS
| Price | $2,625,000 | Apartment Style | Low-Rise |
| Price Per Unit | $125,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 3.66 AC |
| Cap Rate | 6.33% | Building Size | 19,550 SF |
| Gross Rent Multiplier | 8.99 | No. Stories | 3 |
| No. Units | 21 | Year Built | 1964 |
| Property Type | Multifamily | Parking Ratio | 1.05/1,000 SF |
| Property Subtype | Apartment |
| Price | $2,625,000 |
| Price Per Unit | $125,000 |
| Sale Type | Investment |
| Cap Rate | 6.33% |
| Gross Rent Multiplier | 8.99 |
| No. Units | 21 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 3.66 AC |
| Building Size | 19,550 SF |
| No. Stories | 3 |
| Year Built | 1964 |
| Parking Ratio | 1.05/1,000 SF |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Dishwasher
- Disposal
- Heating
- Tile Floors
- Kitchen
- Refrigerator
- Oven
- Range
- Carpet
- Patio
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 5 | $1,063 | 750 |
| 2+1 | 15 | $1,168 | 987 |
| 2+2 | 1 | $1,270 | 1,000 |
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PROPERTY TAXES
| Parcel Number | 62-025-003 | Improvements Assessment | $434,400 |
| Land Assessment | $242,800 | Total Assessment | $677,200 |
PROPERTY TAXES
Parcel Number
62-025-003
Land Assessment
$242,800
Improvements Assessment
$434,400
Total Assessment
$677,200
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Parktowne Apartments | 3800 Elmerton Ave
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