Naomi Brown, CCIM was pleased to represent the sale of 115 S 24th St in Camp Hill, Pennsylvania.
Background
115 S 24th Street is a 6-unit multifamily property located in the heart of Camp Hill, directly across from Camp Hill High School. The building consists of four 3-bedroom, 2-bath units and two 2-bedroom, 1-bath units, with long-term tenants and significant updates completed throughout the years.
The property had been meticulously maintained by the longtime owners, with major components such as the roof, windows, electric panels, deck and stairs, water heater, and several heat units all updated within the last several years.
The sellers had spent years carefully improving and maintaining the building, but had reached a point where they were ready to slow down and spend more time in Florida.
Listing Period
The sellers had received several off-market offers over time, but felt the pricing and terms were not favorable. They understood that bringing the property fully to market would create stronger competition among buyers and ultimately lead to a better outcome.
The property attracted immediate attention because of its location, condition, and long-term upside potential. However, some investors initially questioned whether the current income supported the asking price. To help investors fully understand the value of the asset, we prepared comprehensive underwriting materials, detailed rent comps, and financial analysis showing the future income potential of the property.
We also highlighted the excellent condition of the building and the opportunity to continue increasing rents over time with minimal additional work required.
Sale
The buyer was looking for a quality multifamily asset that could serve as a stable, passive investment.
Thanks to the strong marketing process and detailed financial information provided upfront, the property generated substantial interest shortly after hitting the market. Investors appreciated having organized underwriting information that made it easy to evaluate the opportunity and move quickly.
The response ultimately led to seven offers within only ten days on the market.
“We had worked hard to update and care for this building, and were very pleased at the price we were able to secure for the property, which was a great payoff for our long term work. Naomi was able to help negotiate the best deal possible for us, and produced 7 offers in only a short period of time.”
Sellers
Result
Capstone was able to secure a full asking price sale for the property while creating a smooth process for both parties.
The sellers were pleased that the years of careful ownership and improvements translated into a strong result at closing. The buyer acquired a well-maintained, turnkey asset in one of the most desirable multifamily locations in the Camp Hill area.
