Three-Unit Triplex with New
New
For Sale
$239,000
Pending
20-24 Grove Street, Wilkes Barre, PA 18702
Residential Income, Wilkes-Barre, PA
Property Size2,290 SF
Lot Size0.09 Acres
Days on Market6
Property Features for 20-24 Grove Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Bedroom 2, Bedroom 6, Bathroom 2, Bedroom 4, Bedroom 1, Basement, Bathroom 3, Bedroom 3, Bathroom 1
Parking features
Alley
Patio and Porch features
Porch
Basement
Unfinished
Lot features
Rectangular Lot
Elementary school district
Wilkes-Barre Area
Middle school district
Wilkes-Barre Area
High school district
Wilkes-Barre Area
Directions
W-B Blvd to end onto abbott left onto grove
Standard status
Pending
APN
73-I9NE2-034-005
Size
2,290 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
24 Grove St
Tax Annual Amount
1687
Legal Description
24 Grove St
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Building Details
Year built
1950
Floors in Building
2
Number of units
3
Flooring type
Vinyl, Tile, Wood
Roof type
Shingle
Listing Agency:
RE/MAX Home Team · RE/MAX International
(570) 254-2244
Listed By:
Brittany Tuzze · License #RS360126
(570) 575-1077
Added: Aug 18
Changed: Aug 23
Last Checked: Aug 23 at 9:06PM
MLS# SC264078
Copyright © 2026 Greater Scranton Board 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.
This 2,290-square-foot triplex contains three residential units, each arranged with two bedrooms and one bathroom. The building dates to 1950 and has a new shingle roof, wood, tile, and vinyl flooring, along with electric heating. A basement, porch, and alley parking are also included.
Each unit has separately metered utilities, with occupants responsible for their own utility service. The property sits on a 0.09-acre lot and is served by public sewer. Multi-Family zoning supports its existing residential configuration. Exterior improvements are needed, providing a defined scope for future maintenance and curb-appeal work.
Each unit has separately metered utilities, with occupants responsible for their own utility service. The property sits on a 0.09-acre lot and is served by public sewer. Multi-Family zoning supports its existing residential configuration. Exterior improvements are needed, providing a defined scope for future maintenance and curb-appeal work.
Key Highlights
- Three‑unit property with three 2‑bedroom, 1‑bath apartments
- 2,290 square feet on a 0.09‑acre lot
- New shingle roof
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
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,122
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three two-bedroom apartments have separate utilities, individual electric heat, and access to a shared porch.
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‑unit property with three 2‑bedroom, 1‑bath apartments; 2,290 square feet on a 0.09‑acre lot; New shingle roof
