Skip to main content

Multifamily

Monticello Heights

2787 Monticello Ln, Harrisburg, PA 17112

Listing Price: $6,000,000

Cap Rate
5.17%
Number of Units
20
Occupancy
100.0%
Price/Unit
$300,000

Investment Overview

Marcus & Millichap is pleased to exclusively present The Monticello Heights Townhomes, located at 2787-2789 Monticello Lane, Harrisburg, PA 17112. The Subject Property consists of 21 townhomes. Construction originally started in 2010 when the first three clusters of buildings were completed and leased. In 2016 -2018, the final two buildings were completed and leased. The unit mix consists of 3 Bedrooms/ 2 Full Bathrooms/ & 2 Half Bathrooms 3 Bedrooms/ 2 Full Bathrooms/ & 1 Half Bathroom and 3 Bedrooms/ 3 Full Bathrooms/ & 1 Half Bathroom. Despite the increased demand for larger townhome units, ownership has not raised rents providing any value-add investor with significant upside. Each unit was built with impeccable construction standards with larger floor plates than any competing townhome in the market. The Subject Properties are located within the East Shore Market within the Harrisburg MSA. The apartment inventory didn't change materially over the past year, which continues a prolonged stretch of limited development activity. New supply will remain minimal in the near-term as nothing is currently underway. Rents have increased by an impressive 6.4% over the past year, which is the strongest annual performance recorded here in more than 10 years. The East Shore Market has a vacancy rate of 3.2%. The apartment inventory didn't change materially over the past year, which continues a prolonged stretch of limited development activity. New supply will remain minimal in the near-term as nothing is currently underway. Rents have increased by an impressive 6.4% over the past year, which is the strongest annual performance recorded here in more than 10 years.

Investment Highlights

  • Significantly Below Market Rents - Unit 2776 Just Leased - $2,900 a Month
  • Newer Construction Townhomes
  • Affluent Suburban Location
  • Increased Demand for Townhome Units

Exclusively Listed By

Financing By

Listing Price: $6,000,000

Cap Rate
5.17%
Number of Units
20
Occupancy
100.0%
Price/Unit
$300,000

Investment Highlights

  • Significantly Below Market Rents - Unit 2776 Just Leased - $2,900 a Month
  • Newer Construction Townhomes
  • Affluent Suburban Location
  • Increased Demand for Townhome Units

Investment Overview

Marcus & Millichap is pleased to exclusively present The Monticello Heights Townhomes, located at 2787-2789 Monticello Lane, Harrisburg, PA 17112. The Subject Property consists of 21 townhomes. Construction originally started in 2010 when the first three clusters of buildings were completed and leased. In 2016 -2018, the final two buildings were completed and leased. The unit mix consists of 3 Bedrooms/ 2 Full Bathrooms/ & 2 Half Bathrooms 3 Bedrooms/ 2 Full Bathrooms/ & 1 Half Bathroom and 3 Bedrooms/ 3 Full Bathrooms/ & 1 Half Bathroom. Despite the increased demand for larger townhome units, ownership has not raised rents providing any value-add investor with significant upside. Each unit was built with impeccable construction standards with larger floor plates than any competing townhome in the market. The Subject Properties are located within the East Shore Market within the Harrisburg MSA. The apartment inventory didn't change materially over the past year, which continues a prolonged stretch of limited development activity. New supply will remain minimal in the near-term as nothing is currently underway. Rents have increased by an impressive 6.4% over the past year, which is the strongest annual performance recorded here in more than 10 years. The East Shore Market has a vacancy rate of 3.2%. The apartment inventory didn't change materially over the past year, which continues a prolonged stretch of limited development activity. New supply will remain minimal in the near-term as nothing is currently underway. Rents have increased by an impressive 6.4% over the past year, which is the strongest annual performance recorded here in more than 10 years.

Exclusively Listed By

Financing By

MM Texture Background
MM Textured Background Lower