5-Unit Apartment
For Sale
$330,000
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$84.18
Days on Market90
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
Listed By:
Aly Diaz
(267) 819-7536
Source:
Nepahousehunt
Added: Jul 17
Changed: Oct 1
Last Checked: Oct 12 at 7:58PM
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 / Yr
$29,340
Cap Rate
8.89%
Suggested Prices Based on Cap Rates
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
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 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 8.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.24M
$1.09M – $1.45M
NOI $86,930 @ 7.0% cap · market cap 26.34%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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 $330,000.
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
