Landmark Commercial Realty agents invest in Harrisburg mixed-use property
Two agents from Landmark Commercial Realty Inc. — operating as 921 Home LLC — have decided to not only list apartment buildings in Harrisburg but also to invest in them.
Partners Drew Bobincheck and Chuck Heller have acquired 921 N. Third St., a mixed-use parcel with 17 apartment units and three commercial storefronts, not far from the state Capitol complex.
Dauphin County deed records show a purchase price of $715,000. The Cumberland County company bought the property from Lam & Cheng Properties LLC, a New York-based investment company.
Two of the three storefronts are occupied. The third is on the market for lease.
"We are trying to attract a commercial tenant that will increase the value of that area," Bobincheck said.
All but one of the apartments are currently occupied.
The partners plan to replace the roof and paint the building, Bobincheck said. As apartments turn over, the plan is to renovate kitchens and flooring.
The majority of the units, which are more than 1,000 square feet each, have two bedrooms.
"We want to build up the area," he said.
They are not alone there. During the last four years, Bobincheck said, he has listed 10 apartment properties in the city that had gotten very little interest.
"All of my city apartments are under contract right now," he said.
He believes there is more optimism about the capital city's recovery. The city's fiscal emergency status and state-appointed receiver are going away Saturday as it enters the next phase of its rebound under the "Harrisburg Strong Plan."
Bobincheck said the location was too good to pass up.
"With upgrades, there is an opportunity to increase rents there," he said, citing current prices of $550 to $600 per month.
The apartment building is not far from the COBA Apartments, a redevelopment of the historic Furlow Building.
"We're piggybacking on them," Bobincheck said, also crediting other local investors for paving the way. "Now that most of the (city) problems are kind of solved, and understood, I think there is going to be a lot more interest in the city."