Fully Occupied Two-Unit
For Sale
$230,000
Pending
1202 Mine Street, Old Forge, PA 18518
Residential Income, Old Forge, PA
Property Size2,024 SF
Lot Size0.15 Acres
Days on Market41
Property Features for 1202 Mine Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R2
Zoning description
Residential
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 2, Bathroom 1, Bedroom 4, Bathroom 2, Bedroom 1, Bedroom 3
Parking
4
Parking features
Off Street, On Street
Patio and Porch features
Porch
Basement
Dirt Floor
Appliances
Oven, Refrigerator
Lot features
Back Yard, Corner Lot, City Lot
Elementary school district
Old Forge
Middle school district
Old Forge
High school district
Old Forge
Directions
Keyser Ave to Mine st. Home on left
Standard status
Pending
APN
1750701001401
Size
2,024 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
45X150 Bldg & Land W-02 B- L- P-
Tax Annual Amount
1570
Legal Description
45X150 Bldg & Land W-02 B- L- P-
Utilities
Heating system
Natural Gas, Forced Air
Amenities
large yard
Building Details
Year built
1950
Floors in Building
2
Number of units
2
Flooring type
Carpet, Vinyl, Laminate
Building materials
Vinyl Siding
Architectural style
Other
Listing Agency:
C21 Jack Ruddy Real Estate · Century 21 Real Estate
(570) 344-6724
Listed By:
Sherri Hoban
(570) 561-6741
Added: Aug 17
Changed: Sep 12
Last Checked: Sep 26 at 11:06PM
MLS# SC264058
Copyright © 2026 Greater Scranton Board of Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 1202 Mine Street in Old Forge, this two-unit duplex contains 2,024 square feet and is currently fully occupied. The layout includes two bathrooms, four bedrooms, a basement, and separate living units, with a porch providing additional exterior space.
The property occupies a 0.15-acre lot with both off-street and on-street parking. Improvements include vinyl siding, natural gas forced-air heat, and a mix of carpet, vinyl, and laminate flooring. Each unit is equipped with an oven and refrigerator. Built in 1950, the property is designated R2.
The property occupies a 0.15-acre lot with both off-street and on-street parking. Improvements include vinyl siding, natural gas forced-air heat, and a mix of carpet, vinyl, and laminate flooring. Each unit is equipped with an oven and refrigerator. Built in 1950, the property is designated R2.
Key Highlights
- Two‑unit duplex with both units currently occupied
- 2,024 square feet on a 0.15‑acre lot
- Four bedrooms, two bathrooms, and a basement
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$16,691
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.26%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$333,820
$333.8K
Cap Rate 7%
$238,443
$238.4K
Cap Rate 9%
$185,456
$185.5K
Market Conditions
NOI Build-Up for 2,024 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$25.5K $12.60/SF
− Vacancy
−$1.7K −$0.82/SF
EGI
$23.8K $11.78/SF
− OpEx
−$7.2K −$3.53/SF
NOI
$16.7K $8.25/SF
Area
Lackawanna County, PA
Vacancy
6.50%
Lease Rate
$12.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$333,820
Cap Rate 7%
$238,443
Cap Rate 9%
$185,456
Alternative Uses
Best Use
Multifamily LT 5
$238.4K
$208.6K – $278.2K
NOI $16,691 @ 7.0% cap · market cap 7.26%
Second Best
Apartment 5plus
$222.9K
$195.1K – $260.1K
NOI $15,604 @ 7.0% cap · market cap 6.78%
Theoretical Best
Office A
$513.7K
$449.5K – $599.4K
NOI $35,961 @ 7.0% cap · market cap 15.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
102
Businesses Nearby
Explore this area
Business Placement
Demographics for 18518, PA
8,497
Population
3,949
Households
2.2
Avg Household Size
46
Median Age
32%
College-Educated
94%
High-School Grad
4.0 sq mi
ZIP Area
2,124
Density / Sq Mi
$73,258
Median Household Income
$44,586
Median Earnings
$862
Median Rent
$169,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - R2-zoned duplex with separate units, off-street parking, and a porch.
Where is this duplex located?
The property is located at 1202 Mine Street Old Forge, PA.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: Two‑unit duplex with both units currently occupied; 2,024 square feet on a 0.15‑acre lot; Four bedrooms, two bathrooms, and a basement
