Spring Street Multifamily Portfolio

The Spring St Apartments offer an enticing opportunity for investors looking to capitalize on the growing Harrisburg market. As the capital city of Pennsylvania, Harrisburg is experiencing a 4.9% population growth projection between 2022 and 2027, indicating a burgeoning demand for housing. The city’s central location within the Golden Triangle of Pennsylvania makes it an ideal place to live, work, and play, with its rich history, vibrant arts scene, and diverse cultural attractions. With an average household income of $76,189 in the Harrisburg-Carlisle metro area, the region boasts a strong economic foundation that supports the demand for quality rental housing. Moreover, Harrisburg’s real estate market has demonstrated resilience and potential for growth. The median home value in Harrisburg is $230,686, and the cost of living is 91, which is 0.9x lower than the national average, making the city an affordable and attractive option for residents.SCOPE Commercial Real Estate Services is pleased to exclusively present for sale The Chamber St. Multifamily Portfolio, a portfolio of two apartment buildings, on Chambers Street in Pennsylvania's state capital, Harrisburg. 1022 and 1082 Chambers, built in 1944 and 1974, feature 14 apartments, four storage units, and one garage. The units include one-, two-, and three-bedroom configurations. An additional parcel offers the opportunity for development or parking income. The properties are situated on a total lot size of 0.70 acres, offering both privacy and convenience with easy access to Harrisburg’s urban amenities. Ownership recently invested $80,000 in CapEx for a new roof, windows, and HVAC units. Currently, rents are achieving a below-market average of $969 across the portfolio offering a potential increase of 12.81% to meet market rents. Located along Chambers Street, the subject property is located just 1.5 miles from I-283 connecting to I-83 the the surrounding Harrisburg region. Tenants have access to numerous neighborhood/regional shopping centers as well as dining, entertainment, and all Downtown Harrisburg has to offer.