Duplex with Multi-Car
For Sale
$299,000
Pending
105 Centre St, Freeland, PA 18224
Two residential units accompany garage space, storage or a waiting area, and R-2 zoning in Freeland.
Property Size2,430 SF
Days on Market94
Property Features for 105 Centre St
General Information
Standard status
Pending
Size
2,430 SF
Property subtype
Multi-Family
Zoning
R-2
Listing Agency:
Century 21 Select Group
(570) 401-2372
Listed By:
Brian McCardle
Source:
Nepahousehunt
Added: May 31
Changed: Aug 31
Last Checked: Sep 1 at 7:42PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Century 21 Select Group
Investment Insights
Based on property information with market context.
This duplex includes two residential sides, each arranged with four bedrooms, one bathroom, a living room, and a dining area. The property also includes garages accommodating 8 plus cars, along with a waiting room or storage area. Newer furnaces provide oil heat to the homes.
Both units are currently rented. The property is zoned R-2, while automotive repair, tire-center, inspection, title, and notary uses would require a variance. Located at 105 Centre St in Freeland, Pennsylvania, the property combines residential occupancy with substantial enclosed garage capacity.
Both units are currently rented. The property is zoned R-2, while automotive repair, tire-center, inspection, title, and notary uses would require a variance. Located at 105 Centre St in Freeland, Pennsylvania, the property combines residential occupancy with substantial enclosed garage capacity.
Key Highlights
- Duplex with two residential units, each offering 4 bedrooms and 1 bath
- 8 plus car garages with an additional waiting room or storage area
- Newer furnaces with oil heat
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
$19,611
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
6.56%
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%
$392,220
$392.2K
Cap Rate 7%
$280,157
$280.2K
Cap Rate 9%
$217,900
$217.9K
Market Conditions
NOI Build-Up for 2,430 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
$30.6K $12.60/SF
− Vacancy
−$2.6K −$1.07/SF
EGI
$28.0K $11.53/SF
− OpEx
−$8.4K −$3.46/SF
NOI
$19.6K $8.07/SF
Area
Luzerne County, PA
Vacancy
8.50%
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%
$392,220
Cap Rate 7%
$280,157
Cap Rate 9%
$217,900
Alternative Uses
Best Use
Multifamily LT 5
$280.2K
$245.1K – $326.9K
NOI $19,611 @ 7.0% cap · market cap 6.56%
Second Best
Apartment 5plus
$259.8K
$227.4K – $303.1K
NOI $18,188 @ 7.0% cap · market cap 6.08%
Theoretical Best
Office A
$769.8K
$673.6K – $898.1K
NOI $53,888 @ 7.0% cap · market cap 18.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
272
Businesses Nearby
Explore this area
Business Placement
Demographics for 18224, PA
6,377
Population
3,072
Households
2.1
Avg Household Size
42
Median Age
18%
College-Educated
93%
High-School Grad
14.3 sq mi
ZIP Area
446
Density / Sq Mi
$57,361
Median Household Income
$40,821
Median Earnings
$922
Median Rent
$114,900
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 accompany garage space, storage or a waiting area, and R-2 zoning in Freeland.
Where is this duplex located?
The property is located at 105 Centre St Freeland, PA.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Duplex with two residential units, each offering 4 bedrooms and 1 bath; 8 plus car garages with an additional waiting room or storage area; Newer furnaces with oil heat
