122 State St
Harrisburg, PA 17101
Multifamily Property For Sale · 3 Units

SCOPE Commercial Real Estate Services, LLC (“SCOPE”) is pleased to exclusively present for sale 122 State Street. Located in the heart of Harrisburg, PA, 122 State Street is a prime investment opportunity featuring a diverse unit mix comprising three long-term rental residential units, including two 2-bedroom, 1-bath units and one 1-bedroom, 1-bath unit. The 2-bedroom units have an average square footage of 1,200 SF, while the 1-bedroom unit has 1,184 SF.
This premium Class A, 5-star multifamily and long-term rental product offers a unique blend of historic charm and modern amenities, catering to both luxury long-term tenants and high-incomeshort-term visitors. The property showcases premium finishes and thoughtful upgrades that meet the demands of modern tenants and align with current market expectations. Its prime location along the picturesque Susquehanna River and proximity to downtown Harrisburg further enhance its appeal.
The property, spanning 3,552 SF on a 1,307 SF (0.03 acres), was originally built in 1920. Zoned within Harrisburg City's Riverfront District (RF), the property is strategically located to take advantage of its proximity to State Capitol Complex and Riverfront Park. The zoning recognizes the historical importance of Riverfront Park and aims to preserve the character of development along Front Street and State Street. Development standards, signage, and off-street parking requirements are designed to minimize impacts and are more restrictive than other zoning districts. This zoning flexibility allows for a unique combination of residential and commercial use, maximizing investment potential. Area amenities add to the property's desirability. Riverfront Park, directly across the street, provides scenic views, walking and biking paths, and hosts numerous events and festivals throughout the year. Cultural landmarks such as the Whitaker Center for Science and the Arts, the Susquehanna Art Museum, and the State Capitol Complex are within walking distance. The vibrant downtown offers an array of dining, shopping, and entertainment options, while the property’s proximity to public transportation, including the Harrisburg Transportation Center, ensures easy connectivity. Nearby educational institutions, including Harrisburg University of Science and Technology and Temple University Harrisburg, further contribute to the area’s vibrant atmosphere.
Harrisburg’s East Shore/Central Multifamily Market provides strong support for the property’s value proposition. The submarket has a five-year average vacancy rate of 6.7%, and year-over-year rent growth of 3.5%, exceeding the metro average. Recent high-end developments have achieved premium rents, highlighting the demand for luxury rental products.