Victorian 3-Unit
New
For Sale
$449,000
1423 N Main Street, Honesdale, PA 18431
Residential Income, Honesdale, PA
Property Size3,600 SF
Lot Size0.16 Acres
Price / SF$124.72
Days on Market2
Property Features for 1423 N Main Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Commercial
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Bathroom 2, Bathroom 1, Basement, Bedroom 4, Bedroom 2, Bedroom 1, Bathroom 3, Bedroom 3
Parking features
Garage, Off Street
Interior features
High Ceilings, Laminate Counters
Basement
Block
Appliances
Dishwasher, Refrigerator, Free-Standing Electric Range, Free-Standing Electric Oven
Lot features
Corner Lot, Open Lot, Level
Elementary school district
Wayne Highlands
Middle school district
Wayne Highlands
High school district
Wayne Highlands
Directions
Through honesdale to north main heading towards fair grounds home on right corner of north main (191) and 15th street
Standard status
Active
APN
11-0-0003-0084
Size
3,600 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
5286
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Natural Gas, Radiant, Hot Water(Heating)
Water source
Public
Building Details
Year built
1869
Floors in Building
3
Number of units
3
Flooring type
Hardwood, Vinyl
Building materials
Cedar
Roof type
Fiberglass
Architectural style
Victorian
Listing Agency:
Iron Valley R E Innovate
(570) 390-1500
Listed By:
Joseph A Scarpaci, E-PRO,SFR · License #RS308578
(570) 499-0185
Added: Sep 3
Changed: Sep 4
Last Checked: Sep 4 at 12:06AM
MLS# PW-263077
Copyright © 2026 Pike/Wayne Association 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.
Built in 1869, this Victorian triplex contains 3 apartments within approximately 3,600 square feet on a 0.16-acre lot. Exterior character includes cedar siding, decorative bric-a-brac trim, high ceilings, original hardwood floors, and a sweeping staircase. A new boiler and hot water heater provide updated mechanical infrastructure, while the detached 2-car garage adds parking and storage.
The first-floor residence includes a living room, formal dining room, remodeled kitchen and bath, hardwood flooring, and fresh paint. The second-floor apartment has 2 bedrooms, a large living room, hardwood floors, and an updated bath. The third unit offers 1 bedroom, 1 bath, a living room, and an eat-in kitchen. Public water and sewer serve the property, with natural gas hot-water and radiant heating.
Located at 1423 N Main Street in Honesdale, the property is near restaurants, shopping, boutiques, and antique shops. The configuration supports occupying one apartment while leasing the other two or renting all three units.
The first-floor residence includes a living room, formal dining room, remodeled kitchen and bath, hardwood flooring, and fresh paint. The second-floor apartment has 2 bedrooms, a large living room, hardwood floors, and an updated bath. The third unit offers 1 bedroom, 1 bath, a living room, and an eat-in kitchen. Public water and sewer serve the property, with natural gas hot-water and radiant heating.
Located at 1423 N Main Street in Honesdale, the property is near restaurants, shopping, boutiques, and antique shops. The configuration supports occupying one apartment while leasing the other two or renting all three units.
Key Highlights
- Three apartments in a 3,600‑square‑foot Victorian property built in 1869
- 0.16‑acre lot with a detached 2‑car garage and off‑street parking
- First‑floor unit has a remodeled kitchen and bath, formal dining room, and fresh paint
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
Property Profile
Current Use
Lease Details
3
Residential units
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 - Historic multifamily property with updated interiors, modern mechanical systems, and a detached garage for parking and storage.
Where is this triplex located?
The property is located at 1423 N Main Street 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 apartments in a 3,600‑square‑foot Victorian property built in 1869; 0.16‑acre lot with a detached 2‑car garage and off‑street parking; First‑floor unit has a remodeled kitchen and bath, formal dining room, and fresh paint
