Three-Unit Triplex with New
New
For Sale
$239,000
20-24 Grove Street, Wilkes Barre, PA 18702
Separate utilities place ongoing service costs with each occupant, while exterior improvements remain for a future owner to address.
Property Size2,290 SF
Days on Market7
Property Features for 20-24 Grove Street
General Information
Standard status
Active
Size
2,290 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$1,687
Building Details
Building Size
2,290 SF
Year Built
1950
Listing Agency:
RE/MAX Home Team
(570) 254-2244
Listed By:
Brittany Tuzze · License #RS360126
Source:
Luxehomesnepa
Added: Aug 18
Changed: Aug 23
Last Checked: Aug 23 at 7:50AM
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 RE/MAX Home Team
Investment Insights
Based on property information with market context.
Built in 1950, this triplex contains three residential units, each arranged with two bedrooms and one bathroom. Separate utility service allows occupants to handle their own utility costs. The property has a new roof, while portions of the exterior require updating to improve the building’s appearance.
Located at 20-24 Grove Street in Wilkes-Barre, Pennsylvania, the property has previously been operated as a rental. Its three-unit layout and individual utility arrangement provide a straightforward multifamily configuration for continued residential income use.
Located at 20-24 Grove Street in Wilkes-Barre, Pennsylvania, the property has previously been operated as a rental. Its three-unit layout and individual utility arrangement provide a straightforward multifamily configuration for continued residential income use.
Key Highlights
- Three residential units, each with 2 bedrooms and 1 bathroom
- Separate utilities; tenants pay their own utility costs
- New roof completed
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
$18,481
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
7.73%
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%
$369,620
$369.6K
Cap Rate 7%
$264,014
$264.0K
Cap Rate 9%
$205,344
$205.3K
Market Conditions
NOI Build-Up for 2,290 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
$28.9K $12.60/SF
− Vacancy
−$2.5K −$1.07/SF
EGI
$26.4K $11.53/SF
− OpEx
−$7.9K −$3.46/SF
NOI
$18.5K $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%
$369,620
Cap Rate 7%
$264,014
Cap Rate 9%
$205,344
Alternative Uses
Best Use
Multifamily LT 5
$264.0K
$231.0K – $308.0K
NOI $18,481 @ 7.0% cap · market cap 7.73%
Second Best
Apartment 5plus
$244.9K
$214.3K – $285.7K
NOI $17,140 @ 7.0% cap · market cap 7.17%
Theoretical Best
Office A
$725.5K
$634.8K – $846.4K
NOI $50,783 @ 7.0% cap · market cap 21.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
49
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?
Triplex - Separate utilities place ongoing service costs with each occupant, while exterior improvements remain for a future owner to address.
Where is this triplex located?
The property is located at 20-24 Grove Street Wilkes Barre, PA.
What is the asking price?
The asking price for this property is $239,000.
What are key features of this property?
This property features: Three residential units, each with 2 bedrooms and 1 bathroom; Separate utilities; tenants pay their own utility costs; New roof completed
