Up-Down Duplex with Detached
For Sale
$329,000
307 Grove Street, Honesdale, PA 18431
MULTI_FAMILY - Other - Honesdale, PA
Property Size1,650 SF
Lot Size0.29 Acres
Price / SF$199.39
Days on Market368
Property Features for 307 Grove Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Basement, Bedroom 1, Bedroom 5, Bedroom 4, Bedroom 3, Bathroom 1, Bedroom 2
Parking features
Parking Lot, Driveway
Patio and Porch features
Porch
Exterior features
Balcony
Basement
Unfinished, Walk-Out Access
Appliances
Microwave, Oven, Refrigerator
Elementary school district
Wayne Highlands
Middle school district
Wayne Highlands
High school district
Wayne Highlands
Directions
From Honesdale, Take Terrace Street towards the School. Left onto Grove St., House on Left.
Standard status
Active
APN
11-0-0012-0023
Size
1,650 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Annual Amount
3475
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Baseboard, Hot Water(Heating)
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Carpet
Architectural style
Other
Listing Agency:
SIX PM LLC
Listed By:
Jeremy J Watson · License #RM425357
(570) 352-5162
Added: Sep 2, 2025
Changed: Jun 10
Last Checked: Sep 4 at 3:06AM
MLS# PW-252918
Copyright © 2026 Pike/Wayne Association 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.
This up-and-down duplex includes two separate residential units: one 2-bedroom and one 3-bedroom. Both units have enclosed back porches that can serve as additional year-round space or storage. The upstairs unit features a front-facing balcony, and the kitchen is described as brand new with granite countertops and newer appliances. The lower unit offers a front porch and ample living space for comfortable day-to-day living. The property sits on a recessed lot and includes a large backyard, ample parking, and a detached garage. The garage is noted as needing some work, but may be suitable for additional on-site utility depending on a buyer’s plans.
The duplex is located at 307 Grove Street in Honesdale, in Wayne County, Pennsylvania. The public remarks indicate the property is within a short walk to downtown Honesdale and minutes from local schools.
For tenants and buyers, this configuration supports a practical live-in-and-rent scenario or an income-focused residential holding. The enclosed porches, outdoor areas, and parking can help improve everyday usability, while the detached garage provides flexibility for storage or potential enclosed parking, subject to the buyer’s and lender’s assessment of condition.
The duplex is located at 307 Grove Street in Honesdale, in Wayne County, Pennsylvania. The public remarks indicate the property is within a short walk to downtown Honesdale and minutes from local schools.
For tenants and buyers, this configuration supports a practical live-in-and-rent scenario or an income-focused residential holding. The enclosed porches, outdoor areas, and parking can help improve everyday usability, while the detached garage provides flexibility for storage or potential enclosed parking, subject to the buyer’s and lender’s assessment of condition.
Key Highlights
- Charming up‑and‑down duplex in Honesdale built in 1900
- Two units: one 2‑bedroom unit and one 3‑bedroom unit
- Each unit features an enclosed back porch for extra storage or year‑round use
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
$17,949
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
5.46%
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%
$358,980
$359.0K
Cap Rate 7%
$256,414
$256.4K
Cap Rate 9%
$199,433
$199.4K
Market Conditions
NOI Build-Up for 1,650 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
$27.7K $16.80/SF
− Vacancy
−$2.1K −$1.26/SF
EGI
$25.6K $15.54/SF
− OpEx
−$7.7K −$4.66/SF
NOI
$17.9K $10.88/SF
Area
Wayne County, PA
Vacancy
7.50%
Lease Rate
$16.80 /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%
$358,980
Cap Rate 7%
$256,414
Cap Rate 9%
$199,433
Alternative Uses
Best Use
Multifamily LT 5
$256.4K
$224.4K – $299.2K
NOI $17,949 @ 7.0% cap · market cap 5.46%
Second Best
Apartment 5plus
$222.1K
$194.3K – $259.1K
NOI $15,546 @ 7.0% cap · market cap 4.73%
Theoretical Best
Office A
$402.3K
$352.1K – $469.4K
NOI $28,164 @ 7.0% cap · market cap 8.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
472
Businesses Nearby
Explore this area
Business Placement
Demographics for 18431, PA
12,602
Population
6,217
Households
2
Avg Household Size
47
Median Age
24%
College-Educated
90%
High-School Grad
134.8 sq mi
ZIP Area
93
Density / Sq Mi
$55,323
Median Household Income
$33,298
Median Earnings
$1,013
Median Rent
$222,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units feature enclosed back porches, with a detached garage and backyard for added tenant storage or parking.
Where is this duplex located?
The property is located at 307 Grove Street Honesdale, PA.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: Charming up‑and‑down duplex in Honesdale built in 1900; Two units: one 2‑bedroom unit and one 3‑bedroom unit; Each unit features an enclosed back porch for extra storage or year‑round use
