Renovated Mixed-Use
For Sale
$695,000
2 Airy St, Wilkes Barre, PA 18702
Renovated brick property combines occupied apartments with commercial space and a rented garage.
Property Size5,848 SF
Price / SF$118.84
Days on Market149
Property Features for 2 Airy St
General Information
Standard status
Active
Size
5,848 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
6
Building Details
Construction
brick
Listing Agency:
Wychock Real Estate, LLC
(570) 453-9879
Listed By:
Jacqui Martinez
Source:
Nepahousehunt
Added: Apr 4
Changed: Aug 30
Last Checked: Aug 30 at 4:06PM
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 Wychock Real Estate, LLC
Investment Insights
Based on property information with market context.
Located at 2 Airy St in Wilkes-Barre, this 5,848-square-foot brick mixed-use building has undergone a full renovation. The property contains 7 income-producing units, comprising 6 residential apartments and 1 commercial space. The apartments are fully rented, while the commercial component provides additional occupancy within the building.
A separate garage is also rented, adding another income-producing component. The asset brings together residential, commercial, and garage space in one renovated property, with improvements completed throughout the building.
A separate garage is also rented, adding another income-producing component. The asset brings together residential, commercial, and garage space in one renovated property, with improvements completed throughout the building.
Key Highlights
- 5,848‑square‑foot renovated brick mixed‑use building
- 7 income‑producing units, including 6 residential apartments and 1 commercial space
- 6 fully rented residential apartments
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
$57,895
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
8.33%
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%
$1,157,900
$1.2M
Cap Rate 7%
$827,071
$827.1K
Cap Rate 9%
$643,278
$643.3K
Market Conditions
NOI Build-Up for 5,848 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
$105.3K $18.00/SF
− Vacancy
−$12.6K −$2.16/SF
EGI
$92.6K $15.84/SF
− OpEx
−$34.7K −$5.94/SF
NOI
$57.9K $9.90/SF
Area
Luzerne County, PA
Vacancy
12.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,157,900
Cap Rate 7%
$827,071
Cap Rate 9%
$643,278
Alternative Uses
Best Use
Mixed Use
$827.1K
$723.7K – $964.9K
NOI $57,895 @ 7.0% cap · market cap 8.33%
Second Best
Retail
$694.7K
$607.9K – $810.5K
NOI $48,632 @ 7.0% cap · market cap 7.00%
Theoretical Best
Office A
$1.85M
$1.62M – $2.16M
NOI $129,685 @ 7.0% cap · market cap 18.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
847
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?
Mixed-use property - Renovated brick property combines occupied apartments with commercial space and a rented garage.
Where is this mixed-use property located?
The property is located at 2 Airy St Wilkes Barre, PA.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: 5,848‑square‑foot renovated brick mixed‑use building; 7 income‑producing units, including 6 residential apartments and 1 commercial space; 6 fully rented residential apartments
