Corner-Lot Quadplex with Four
For Sale
$339,000
179-181 McLean Street, Wilkes Barre, PA 18702
Well-maintained quadplex with two 2-bedroom units and two 1-bedroom units, separate gas and electric services, and shared yard.
Days on Market46
Property Features for 179-181 McLean Street
General Information
Standard status
Active
Property subtype
Multi Family
Additional Details
Utilities to Site
Yes
Amenities
shared yard
Building Details
Building Size
3,474 SF
Year Built
1930
Buildings
1
Tenancy
Multi
Listing Agency:
LUXE Homes Real Estate LLC
Listed By:
Que V Tran · License #RB069624
Source:
Luxehomesnepa
Added: Jun 17
Changed: Jul 31
Last Checked: Aug 1 at 10:37AM
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 LUXE Homes Real Estate LLC
Investment Insights
Based on property information with market context.
This well-maintained quadplex on a corner lot provides four rental units configured as two 2-bedroom units and two 1-bedroom units. Units have separate gas and electric services, and tenants are responsible for their own utilities. Heating is split by unit type: the lower 1-bedroom units use electric heat, while the upper 2-bedroom units use gas heat. Shared water service currently serves all four units, and the property is equipped with four separate hot water heaters, offering a path to individually meter water.
The property includes a shared yard and abundant street parking for residents. It was built in 1930 and is being sold AS IS. Separate utility services and the hot water heater setup are key operational details for anyone evaluating day-to-day management and potential improvements.
The property includes a shared yard and abundant street parking for residents. It was built in 1930 and is being sold AS IS. Separate utility services and the hot water heater setup are key operational details for anyone evaluating day-to-day management and potential improvements.
Key Highlights
- Four‑unit quadplex with two 2‑bedroom units and two 1‑bedroom units
- Separate gas and electric services; tenants responsible for their own utilities
- Electric heat for lower 1‑bedroom units and gas heat for upper 2‑bedroom units
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $43.8k | $12.60 |
| − Vacancy | −$3.7k | −$1.07 |
| EGI | $40.1k | $11.53 |
| − OpEx | −$12.0k | −$3.46 |
| NOI | $28.0k | $8.07 |
3,474 SF · lease $12.60/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$400.5K
$350.5K – $467.3K
NOI $28,036 @ 7.0% cap · market cap 8.27%
Second Best
Apartment 5plus
$371.5K
$325.0K – $433.4K
NOI $26,002 @ 7.0% cap · market cap 7.67%
Theoretical Best
Office A
$1.10M
$963.0K – $1.28M
NOI $77,039 @ 7.0% cap · market cap 22.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
474
Businesses Nearby
Explore this area
Business Placement
Demographics for 18702, PA
42,133
Population
19,738
Households
2.1
Avg Household Size
40
Median Age
23%
College-Educated
87%
High-School Grad
78.1 sq mi
ZIP Area
539
Density / Sq Mi
$54,892
Median Household Income
$36,911
Median Earnings
$971
Median Rent
$115,700
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?
Quadplex - Well-maintained quadplex with two 2-bedroom units and two 1-bedroom units, separate gas and electric services, and shared yard.
Where is this quadplex located?
The property is located at 179-181 McLean Street Wilkes Barre, PA.
What is the asking price?
The asking price for this property is $339,000.
What are key features of this property?
This property features: Four‑unit quadplex with two 2‑bedroom units and two 1‑bedroom units; Separate gas and electric services; tenants responsible for their own utilities; Electric heat for lower 1‑bedroom units and gas heat for upper 2‑bedroom units
