Two-Unit Residential
For Sale
$280,000
132 134 Penn Avenue, Exeter, PA 18643
MULTI_FAMILY - Exeter, PA
Property Size2,323 SF
Lot Size0.08 Acres
Price / SF$120.53
Days on Market49
Property Features for 132 134 Penn Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R1
Zoning description
Residential
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Bedroom 1, Bedroom 2, Basement, Bathroom 1, Bathroom 2
Parking features
On Street
Fencing
Fenced
Basement
Unfinished
Appliances
Dishwasher, Refrigerator, Gas Oven
Lot features
Level
Elementary school district
Wyoming Area
Middle school district
Wyoming Area
High school district
Wyoming Area
Directions
Heading Northeast On Route 11 (Wyoming Ave) towards Pittston from Exeter, Penn Ave is a left hand turn off Wyoming Ave, and the property is located diagonally across from the intersection at Cherry Ave, and Penn Ave, near where the intersection of Penn Ave and Cedar St converge.
Standard status
Active
APN
16-E11NW3-001-009
Size
2,323 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
16-2-125-1 132 Penn St
Tax Annual Amount
1706
Legal Description
16-2-125-1 132 Penn St
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Baseboard, Natural Gas
Water source
Public
Amenities
fenced-in yard
Building Details
Year built
1940
Floors in Building
2
Number of units
2
Roof type
Shingle
Listing Agency:
EXP Realty LLC
(888) 397-7352
Listed By:
Alexsis McGhee · License #RS366599
(570) 520-8867
Added: Jul 7
Changed: Aug 13
Last Checked: Aug 24 at 4:06AM
MLS# SC263250
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.
This two-unit duplex at 132–134 Penn Avenue in Exeter offers two bedrooms plus bonus rooms in each unit, with storage space throughout. The property includes a fenced yard that adds private, usable outdoor space. Utilities are split between the two units, supporting flexibility for an owner-occupant setup with rental offset or for steady rental income.
Built in 1940, the duplex is served by public water and public sewer. Heating is provided via natural gas with hot water baseboard systems. Appliances include a dishwasher, refrigerator, and gas oven. Parking is available on-street, and the roof is shingle.
Each unit’s layout includes multiple bedrooms and bathrooms, with a basement area also listed among the rooms, supporting everyday residential living and tenant functionality.
Built in 1940, the duplex is served by public water and public sewer. Heating is provided via natural gas with hot water baseboard systems. Appliances include a dishwasher, refrigerator, and gas oven. Parking is available on-street, and the roof is shingle.
Each unit’s layout includes multiple bedrooms and bathrooms, with a basement area also listed among the rooms, supporting everyday residential living and tenant functionality.
Key Highlights
- Two‑unit duplex at 132–134 Penn Avenue
- Each unit has 2 bedrooms plus bonus rooms
- Fenced yard for added private outdoor space
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
$18,747
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
6.70%
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%
$374,940
$374.9K
Cap Rate 7%
$267,814
$267.8K
Cap Rate 9%
$208,300
$208.3K
Market Conditions
NOI Build-Up for 2,323 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
$29.3K $12.60/SF
− Vacancy
−$2.5K −$1.07/SF
EGI
$26.8K $11.53/SF
− OpEx
−$8.0K −$3.46/SF
NOI
$18.7K $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%
$374,940
Cap Rate 7%
$267,814
Cap Rate 9%
$208,300
Alternative Uses
Best Use
Multifamily LT 5
$267.8K
$234.3K – $312.5K
NOI $18,747 @ 7.0% cap · market cap 6.70%
Second Best
Apartment 5plus
$248.4K
$217.3K – $289.8K
NOI $17,387 @ 7.0% cap · market cap 6.21%
Theoretical Best
Office A
$735.9K
$643.9K – $858.6K
NOI $51,515 @ 7.0% cap · market cap 18.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
368
Businesses Nearby
Explore this area
Business Placement
Demographics for 18643, PA
12,165
Population
6,321
Households
1.9
Avg Household Size
46
Median Age
25%
College-Educated
95%
High-School Grad
18.3 sq mi
ZIP Area
665
Density / Sq Mi
$61,685
Median Household Income
$43,129
Median Earnings
$956
Median Rent
$156,900
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 - R1-zoned two-unit duplex with fenced yard, public utilities, and on-street parking in the Wyoming Area School District.
Where is this duplex located?
The property is located at 132 134 Penn Avenue Exeter, PA.
What is the asking price?
The asking price for this property is $280,000.
What are key features of this property?
This property features: Two‑unit duplex at 132–134 Penn Avenue; Each unit has 2 bedrooms plus bonus rooms; Fenced yard for added private outdoor space
