Historic Triplex with Detached
For Sale
$449,000
1423 N Main St, Honesdale, PA 18431
Period character, updated mechanical systems, and a detached two-car garage support the three-unit residential layout.
Property Size3,600 SF
Price / SF$124.72
Days on Market10
Property Features for 1423 N Main St
General Information
Standard status
Active
Size
3,600 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$5,286
Listing Agency:
Iron Valley R E Innovate
(570) 390-1500
Listed By:
Joseph A Scarpaci, E-PRO, SFR · License #RS308578
(570) 499-0185
Source:
Exprealty
Added: Sep 3
Changed: Sep 11
Last Checked: Sep 12 at 1:34PM
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 Iron Valley R E Innovate
Investment Insights
Based on property information with market context.
Built in 1869, this 3,600-square-foot triplex combines historic architectural details with several modern updates. Cedar siding, decorative trim, high ceilings, original hardwood flooring, and a sweeping staircase define the interior character. A new boiler and hot water heater add updated mechanical infrastructure, while the detached two-car garage provides on-site parking and storage.
The first-floor apartment includes a living room, formal dining room, remodeled kitchen and bath, hardwood floors, high ceilings, and fresh paint. The second-floor residence offers two bedrooms, a large living room, hardwood flooring, and an updated bath. The third apartment contains one bedroom, one bath, a living room, and an eat-in kitchen. The property is located on N Main St in Honesdale, near restaurants, shops, boutiques, and antique stores.
The first-floor apartment includes a living room, formal dining room, remodeled kitchen and bath, hardwood floors, high ceilings, and fresh paint. The second-floor residence offers two bedrooms, a large living room, hardwood flooring, and an updated bath. The third apartment contains one bedroom, one bath, a living room, and an eat-in kitchen. The property is located on N Main St in Honesdale, near restaurants, shops, boutiques, and antique stores.
Key Highlights
- Three‑unit residential property built in 1869
- 3,600 square feet with three separate apartments
- Detached two‑car garage for parking and storage
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
$39,161
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
8.72%
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%
$783,220
$783.2K
Cap Rate 7%
$559,443
$559.4K
Cap Rate 9%
$435,122
$435.1K
Market Conditions
NOI Build-Up for 3,600 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
$60.5K $16.80/SF
− Vacancy
−$4.5K −$1.26/SF
EGI
$55.9K $15.54/SF
− OpEx
−$16.8K −$4.66/SF
NOI
$39.2K $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%
$783,220
Cap Rate 7%
$559,443
Cap Rate 9%
$435,122
Alternative Uses
Best Use
Multifamily LT 5
$559.4K
$489.5K – $652.7K
NOI $39,161 @ 7.0% cap · market cap 8.72%
Second Best
Apartment 5plus
$484.6K
$424.0K – $565.3K
NOI $33,919 @ 7.0% cap · market cap 7.55%
Theoretical Best
Office A
$877.8K
$768.1K – $1.02M
NOI $61,448 @ 7.0% cap · market cap 13.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
637
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?
Triplex - Period character, updated mechanical systems, and a detached two-car garage support the three-unit residential layout.
Where is this triplex located?
The property is located at 1423 N Main St Honesdale, PA.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Three‑unit residential property built in 1869; 3,600 square feet with three separate apartments; Detached two‑car garage for parking and storage
