6-Unit Multifamily
For Sale
$349,900
Pending
224 N River Street, Olyphant, PA 18447
Two-building rental asset with upgraded units and month-to-month occupancy near the Lackawanna River.
Property Size4,153 SF
Days on Market55
Property Features for 224 N River Street
General Information
Standard status
Pending
Size
4,153 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$3,421
Building Details
Building Size
4,153 SF
Year Built
1930
Buildings
2
Listing Agency:
Keller Williams Real Estate-Clarks Summit
Listed By:
Nicole Donato · License #RS327250
(570) 687-8649
Source:
Luxehomesnepa
Added: Sep 1
Changed: Oct 21
Last Checked: Oct 24 at 10:33PM
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 Keller Williams Real Estate-Clarks Summit
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Investment Insights
Based on property information with market context.
This 6-unit multifamily property includes a 4-unit building at the front of the site and a separate 2-unit building behind it. The buildings total 4,153 square feet, and many units have been upgraded. The property is described as well maintained, with existing month-to-month tenants in place.
Located at 224 River St in Olyphant, the property sits along the Lackawanna River and near walking trails, restaurants, and shops. Its two-building layout provides distinct residential components within one multifamily asset.
Located at 224 River St in Olyphant, the property sits along the Lackawanna River and near walking trails, restaurants, and shops. Its two-building layout provides distinct residential components within one multifamily asset.
Key Highlights
- Six total units across two buildings: a 4‑unit front building and a 2‑unit rear building
- 4,153 square feet of total property size
- Many units have been upgraded
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$32,017
Cap Rate
9.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$640,340
$640.3K
Cap Rate 7%
$457,386
$457.4K
Cap Rate 9%
$355,744
$355.7K
Market Conditions
NOI Build-Up for 4,153 SF
Gross rent
$61.8K $14.88/SF
− Vacancy
−$3.6K −$0.86/SF
EGI
$58.2K $14.02/SF
− OpEx
−$26.2K −$6.31/SF
NOI
$32.0K $7.71/SF
Area
Lackawanna County, PA
Vacancy
5.80%
Lease Rate
$14.88 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$640,340
Cap Rate 7%
$457,386
Cap Rate 9%
$355,744
Alternative Uses
Best Use
Apartment 5plus
$457.4K
$400.2K – $533.6K
NOI $32,017 @ 7.0% cap · market cap 9.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.05M
$922.4K – $1.23M
NOI $73,788 @ 7.0% cap · market cap 21.09%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
734
Businesses Nearby
Explore this area
Business Placement
Demographics for 18447, PA
10,362
Population
4,799
Households
2.2
Avg Household Size
45
Median Age
28%
College-Educated
96%
High-School Grad
19.9 sq mi
ZIP Area
521
Density / Sq Mi
$64,276
Median Household Income
$42,470
Median Earnings
$971
Median Rent
$194,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Multifamily property - Two-building rental asset with upgraded units and month-to-month occupancy near the Lackawanna River.
Where is this multifamily property located?
The property is located at 224 N River Street Olyphant, PA.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Six total units across two buildings: a 4‑unit front building and a 2‑unit rear building; 4,153 square feet of total property size; Many units have been upgraded
