5-Unit Apartment
For Sale
$350,000
22 Lee Park Ave, Wilkes Barre, PA 18706
Includes a recently vacant four-bedroom unit, ownership-paid water, and dedicated parking area.
Property Size3,920 SF
Price / SF$89.29
Days on Market43
Property Features for 22 Lee Park Ave
General Information
Standard status
Active
Size
3,920 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
5
Listing Agency:
Avanti Real Estate Group
(267) 819-7536
Listed By:
Aly Diaz
Source:
Nepahousehunt
Added: Jul 19
Changed: Aug 29
Last Checked: Aug 25 at 7:22AM
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 Avanti Real Estate Group
Investment Insights
Based on property information with market context.
This 5-unit apartment building includes a recently vacant four-bedroom unit that is ready for a new tenant. The property also features a dry basement and updated electrical panels installed last month. Water service is paid by ownership, providing a defined operating arrangement for the building.
Located at 22 Lee Park Avenue in Wilkes-Barre, Pennsylvania, the property includes a 4,000-square-foot parking lot. The dedicated parking area adds an uncommon physical feature for a multi-unit property in the area. The combination of five residential units, on-site parking, basement storage, and a currently available four-bedroom unit creates a straightforward multifamily configuration.
Located at 22 Lee Park Avenue in Wilkes-Barre, Pennsylvania, the property includes a 4,000-square-foot parking lot. The dedicated parking area adds an uncommon physical feature for a multi-unit property in the area. The combination of five residential units, on-site parking, basement storage, and a currently available four-bedroom unit creates a straightforward multifamily configuration.
Key Highlights
- Five‑unit apartment building
- 4,000‑square‑foot parking lot
- Recently vacant four‑bedroom unit ready for a new tenant
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
$29,340
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
8.38%
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%
$586,800
$586.8K
Cap Rate 7%
$419,143
$419.1K
Cap Rate 9%
$326,000
$326.0K
Market Conditions
NOI Build-Up for 3,920 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
$57.9K $14.76/SF
− Vacancy
−$4.5K −$1.15/SF
EGI
$53.3K $13.61/SF
− OpEx
−$24.0K −$6.12/SF
NOI
$29.3K $7.48/SF
Area
Luzerne County, PA
Vacancy
7.80%
Lease Rate
$14.76 /SF/Yr
Expense Ratio
45.00%
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%
$586,800
Cap Rate 7%
$419,143
Cap Rate 9%
$326,000
Alternative Uses
Best Use
Apartment 5plus
$419.1K
$366.8K – $489.0K
NOI $29,340 @ 7.0% cap · market cap 8.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.24M
$1.09M – $1.45M
NOI $86,930 @ 7.0% cap · market cap 24.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
756
Businesses Nearby
Explore this area
Business Placement
Demographics for 18706, PA
16,338
Population
7,675
Households
2.1
Avg Household Size
43
Median Age
20%
College-Educated
91%
High-School Grad
26.3 sq mi
ZIP Area
621
Density / Sq Mi
$57,546
Median Household Income
$38,381
Median Earnings
$883
Median Rent
$121,900
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?
Apartment building - Includes a recently vacant four-bedroom unit, ownership-paid water, and dedicated parking area.
Where is this apartment building located?
The property is located at 22 Lee Park Ave Wilkes Barre, PA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Five‑unit apartment building; 4,000‑square‑foot parking lot; Recently vacant four‑bedroom unit ready for a new tenant
