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    347 Orchard Street Old Forge, PA 18518

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    Pending
    $279,000

    MULTI_FAMILY - Old Forge, PA

    Property size:
    2,500 SF
    Lot size:
    0.43 Acres
    Added:
    Apr 10, 2025
    Days on Market:
    367
    Last Refresh:
    Apr 11 at 12:06 pm

    Property Features for 347 Orchard Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    MF
    Bedrooms
    4
    Bathrooms
    2
    Rooms
    Bedroom 4, Bedroom 2, Bathroom 1, Bedroom 3, Basement, Bedroom 1, Bathroom 2
    Parking features
    On Street, Driveway, Off Street
    Patio and Porch features
    Porch
    Exterior features
    Private Yard
    Basement
    Unfinished
    Standard status
    Pending
    APN
    18408020059
    Size
    2,500 SF
    Lot size
    0.43 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    40X173
    Tax Annual Amount
    4540

    Utilities

    Utilities
    Electricity Available
    Sewer type
    Public Sewer
    Heating system
    Natural Gas
    Water source
    Public

    Building Details

    Year built
    1960
    Floors in Building
    2
    Number of units
    3
    Flooring type
    Wood, Tile
    Building materials
    Brick
    Roof type
    Shingle

    We can help!

    Listing Contact
    Leah Gianacopoulos
    Leah Gianacopoulos

    Listing agent Leah Gianacopoulos License #RS325414

    Listing office ERA One Source Realty 230 Northern Blvd., Clarks Summit, PA

    Listing date Apr 10, 2025

    MLS# SC251580 Listing URL

    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.

    Overview

    Versatile Multifamily Property in Old Forge

    This multifamily property in Old Forge, Pennsylvania, includes a main home, a bungalow, a detached garage, and an additional lot. The main home features a foyer, living room, formal dining room, eat-in kitchen, first-floor laundry, an enclosed porch, three bedrooms, and a bathroom. At the rear of the property, the bungalow contains a living room, kitchen, one bedroom, and one full bath. The detached garage is being sold as-is. The additional lot provides parking and outdoor space. The property is situated on a 0.43-acre lot. The main home and bungalow have separate utilities. The property offers opportunities for homeowners or investors, including living in one unit and renting the other or creating a multigenerational living situation. The property size is approximately 2500 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Single family properties

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Old Forge
    County
    Lackawanna
    State
    Pennsylvania
    Longitude
    -75.7405
    Latitude
    41.3713

    Nearby Similar for Sale

    • $145,000
      2,040 SF

      Old Forge Multifamily Investment Property

      Multifamily property in Old Forge, PA with investment potential.
      618-620 Maple Street, Old Forge, PA 18518
      View Details
    • $2,400,000
      87,000 SF

      Old Forge Warehouse Space

      Warehouse space available off Main St in Old Forge, PA.
      301 1st St, Old Forge, PA 18518
      View Details

    FAQs

    What type of property is this?
    Multifamily property - Multifamily property with main house, bungalow, garage, and lot.
    Where is this multifamily property located?
    The property is located at 347 Orchard Street Old Forge, PA.
    What is the asking price?
    The asking price for this property is $279,000.
    What are key features of this property?
    This property features: Two homes on one property: Main house and separate bungalow offer flexible living arrangements or rental income potential.; Separate utilities: Each dwelling has its own utilities, simplifying management and tenant billing.; Prime Old Forge location: Highly desirable location adds to the property's value and appeal.
    (570) 947-9250
    We can help!
    Listing Contact
    Leah Gianacopoulos
    Leah Gianacopoulos
    Real Estate License ID: RS325414
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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