Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    216 North River St Wilkes Barre, PA 18702

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $5,700,000

    33 apartments, 5,000 SF retail, and parking garage.

    Building Details

    Year built
    2021

    We can help!

    Listing Contact
    Thomas Scatuorchio
    Source: Kislakrealty

    Listing Agent: Thomas Scatuorchio

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Apartment Building with Retail Space

    Courthouse Tower Apartments is a mixed-use property featuring 33 residential units and 5,000 square feet of retail space. Additionally, the property includes a 192-space, 3-story parking garage. The 40,032 square foot building was gut renovated in 2019, converting it from a former office building. The property is located in downtown Wilkes Barre, across the street from the courthouse. The residential component features 25 four-bedroom units. Laundry facilities are available on each floor, and the building is equipped with 24-hour surveillance. The property is within walking distance of Kings College, Wilkes University, and Luzerne County Community College.
    Location Intelligence

    Current Use by Public Records

    Michael J. O'Connor ... Law Firm Gerald C. Sechleer, ... Law Firm Aboutanos Josianne Law Firm Sharon K. Miller, ... Physician Northeastern Pa Veterans ... Advocacy Group

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Wilkes Barre
    County
    Luzerne
    State
    Pennsylvania
    Longitude
    -75.87767
    Latitude
    41.251802

    Nearby Similar for Sale

    • $925,000
      5,800 SF

      Turn-Key Commercial Space Available

      Stunning 5,800 sq ft commercial space in prime location.
      88 S Franklin St, Wilkes Barre, PA 18701
      View Details
    • $349,000
      1,742 SF

      Operating Repair Garage with House

      Turnkey repair garage and adjacent house for sale.
      531 N Pennsylvania Ave, Wilkes Barre, PA 18705
      View Details
    • $250,000
      1,000 SF

      Commercial Building in Wilkes-Barre

      Commercial building for sale, currently operating as a pizza restaurant.
      13 Woodward St, Wilkes Barre, PA 18705
      View Details
    • $399,000
      2,147 SF

      Commercial Units in High-Traffic Location

      Two commercial units with long-term tenants in Wilkes-Barre, PA.
      102 Pittston Blvd, Wilkes Barre, PA 18702
      View Details
    • $899,999
      87,000 SF

      Wilkes-Barre Warehouse Redevelopment Opportunity

      Two-story, 87,000 SF warehouse for renovation or redevelopment.
      173 Gilligan St, Wilkes Barre, PA 18702
      View Details
    • $569,000
      Pending

      Modern Wilkes-Barre Multifamily Investment

      Four-unit building with coin-op laundry and off-street parking.
      75 Melrose Ave, Wilkes Barre, PA 18702
      View Details
    • New
      $399,900
      2,559 SF

      Shavertown Multi-Family Home

      Move-in ready home with in-law suite in Shavertown, PA.
      36 Longdale Ave, Shavertown, PA 18708
      View Details
    • $485,000
      3,350 SF

      Turnkey Restaurant/Bar with Apartments

      Newly renovated restaurant/bar with apartments near Mohegan Sun Casino.
      20 School St, Wilkes Barre, PA 18705
      View Details
    • New
      $750,000
      0.04 Acres

      Fully Occupied Multifamily Property

      Turnkey, cash-flowing 9-unit multifamily property in Wilkes-Barre, PA.
      380 Franklin St, Wilkes Barre, PA 18702
      View Details
    • New
      $214,900
      Pending

      Turnkey Duplex in Wilkes Barre

      Side-by-side duplex with upside potential near schools and transportation.
      10 Beekman St, Wilkes Barre, PA 18702
      View Details
    • New
      $149,900
      2,800 SF

      Wilkes Barre Multifamily Rehab Opportunity

      Multifamily property in Wilkes Barre, PA, ideal for rehabilitation.
      98 Brookside St, Wilkes Barre, PA 18705
      View Details
    • New
      $230,000
      2,723 SF

      MultiFamily Investment Property in Wilkes-Barre

      Multi-family property in Wilkes-Barre, PA, ideal for investment.
      6 Barney St, Wilkes Barre, PA 18702
      View Details

    FAQs

    What type of property is this?
    Apartment building - 33 apartments, 5,000 SF retail, and parking garage.
    Where is this apartment building located?
    The property is located at 216 North River St Wilkes Barre, PA.
    What is the asking price?
    The asking price for this property is $5,700,000.
    What are key features of this property?
    This property features: - Gut renovated in 2019 from a former office building into apartments.; - Excellent downtown Wilkes Barre location, across from the courthouse.; - On-site 192-space parking garage.
    (908) 675-5703
    Request Owner's contact information
    216 North River St Wilkes Barre, PA 18702
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    216 North River St
    Wilkes Barre, PA 18702
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    216 North River St Wilkes Barre, PA 18702
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Thomas Scatuorchio
    (908) 675-5703
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!