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Single-Tenant Office

The Federal Building - Multifamily Conversion

228 Walnut St, Harrisburg, PA 17101

Listing Price: $22,000,000

Gross SF
251,179
Rentable SF
251,179
Price/Gross SF
$87.59
Lot Size
0.71 acres
Year Built
1966

Investment Overview

Marcus & Millichap is pleased to exclusively present 228 Walnut Street, Harrisburg, PA 17101, formerly known as the Ronald Regan Federal Building. The Subject Property is an eleven-story, 251,179 SF office building located in the heart of Downtown Harrisburg. Previously, the property served as the home to several government tenants such as the U.S. Judiciary, Department of Justice, and the Department of the Treasury. The property was initially built in 1966 and has remained a government office building since it was initially constructed. A new Federal Courthouse is currently being built just a few blocks away and, upon its completion, will become the new home for these several tenants. The building is perfectly positioned in the Downtown Center Zoning, which would allow any value-add investor to pursue a redevelopment opportunity. The Downtown Center zoning district was created to promote a balanced mix of retail, office, service, entertainment, institutional, and high-density residential uses. Also, to encourage expansion of the Downtown Center around the Harrisburg Transportation Center and further east along Market Street. The Downtown Center Zoning District is the most permissive concerning on-site development with no setbacks permitting 100% impervious coverage. This designated zoning district also has no off-street parking requirement, which eliminates the need for any additional parking. In addition to the building, the property also includes a 55-space, below-grade parking lot, providing an investor with additional cash flow. Given the size of the asset and the highly desirable location, this property is an ideal conversion play. The Downtown Center Zoning District is also classified as a Federal Opportunity Zone, providing developers with many tax incentives.

Investment Highlights

  • Total Building Area of 251,179 SF - Assumes Under Ground Parking Lot
  • Local Parking Space Sales Comp. $36,843.68 Sold in 2013
  • Favorable Zone: Downtown Center (D.C.) Zoning Designation Most Permissive Usage
  • Highest and Best Use - Mixed-Use Residential & Ground Floor Commercial

Exclusively Listed By

Financing By

Single-Tenant Office

The Federal Building - Multifamily Conversion

Listing Price: $22,000,000

Gross SF
251,179
Rentable SF
251,179
Price/Gross SF
$87.59
Lot Size
0.71 acres
Year Built
1966

Investment Highlights

  • Total Building Area of 251,179 SF - Assumes Under Ground Parking Lot
  • Local Parking Space Sales Comp. $36,843.68 Sold in 2013
  • Favorable Zone: Downtown Center (D.C.) Zoning Designation Most Permissive Usage
  • Highest and Best Use - Mixed-Use Residential & Ground Floor Commercial

Investment Overview

Marcus & Millichap is pleased to exclusively present 228 Walnut Street, Harrisburg, PA 17101, formerly known as the Ronald Regan Federal Building. The Subject Property is an eleven-story, 251,179 SF office building located in the heart of Downtown Harrisburg. Previously, the property served as the home to several government tenants such as the U.S. Judiciary, Department of Justice, and the Department of the Treasury. The property was initially built in 1966 and has remained a government office building since it was initially constructed. A new Federal Courthouse is currently being built just a few blocks away and, upon its completion, will become the new home for these several tenants. The building is perfectly positioned in the Downtown Center Zoning, which would allow any value-add investor to pursue a redevelopment opportunity. The Downtown Center zoning district was created to promote a balanced mix of retail, office, service, entertainment, institutional, and high-density residential uses. Also, to encourage expansion of the Downtown Center around the Harrisburg Transportation Center and further east along Market Street. The Downtown Center Zoning District is the most permissive concerning on-site development with no setbacks permitting 100% impervious coverage. This designated zoning district also has no off-street parking requirement, which eliminates the need for any additional parking. In addition to the building, the property also includes a 55-space, below-grade parking lot, providing an investor with additional cash flow. Given the size of the asset and the highly desirable location, this property is an ideal conversion play. The Downtown Center Zoning District is also classified as a Federal Opportunity Zone, providing developers with many tax incentives.

Exclusively Listed By

Financing By

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