6-Unit Apartment
New
For Sale
$349,900
224 N River Street, Olyphant, PA 18447
Residential Income, Olyphant, PA
Property Size4,153 SF
Lot Size0.17 Acres
Price / SF$84.25
Days on Market4
Property Features for 224 N River Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi Family
Zoning description
Multi-Family
Bedrooms
8
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 1, Bedroom 3, Bathroom 1, Bathroom 3, Bedroom 5, Bathroom 4, Bathroom 2, Bathroom 6, Bedroom 8, Bathroom 5, Bedroom 2, Bedroom 4, Basement, Bedroom 7, Bedroom 6
Parking features
On Street, Off Street, Driveway
Patio and Porch features
Porch
Interior features
Eat-in Kitchen
Exterior features
Balcony, Private Yard
Basement
Unfinished, Full
Appliances
Gas Oven, Water Heater, Refrigerator, Gas Range
Lot features
Back Yard, City Lot
Elementary school district
Mid Valley
Middle school district
Mid Valley
High school district
Mid Valley
Directions
Coming from Main Street in Dickson City turn right on W Lackawanna Ave, then take a left on Willow, left on Grant, & then a right on N River.
Standard status
Active
APN
11406060010
Size
4,153 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
3421
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Water front
1
Building Details
Year built
1930
Floors in Building
2
Number of units
6
Flooring type
Combination
Roof type
Shingle
Architectural style
Other
Additional Structures
Residence
Listing Agency:
Keller Williams Real Estate-Clarks Summit · Keller Williams Realty
(570) 585-5800
Listed By:
Nicole Donato · License #RS327250
(570) 687-8649
Added: Sep 1
Last Checked: Sep 4 at 2:06AM
MLS# SC264338
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 6-unit apartment property includes a 4-unit front building and a separate 2-unit rear building on a 0.17-acre parcel. The buildings contain 4,153 square feet and include a mix of upgraded units, eat-in kitchens, balconies, porches, and a private yard. Appliances include gas ovens, gas ranges, refrigerators, and water heaters. Heating is provided by forced-air natural gas, with public water and public sewer serving the property. Parking is available on the street, off the street, and in the driveway.
The property is located at 224 N River Street in Olyphant, along the Lackawanna River and near walking trails, restaurants, and shops. The property is zoned Multi Family and was built in 1930. Long-term month-to-month tenants occupy the units, while several apartments have already received upgrades.
The property is located at 224 N River Street in Olyphant, along the Lackawanna River and near walking trails, restaurants, and shops. The property is zoned Multi Family and was built in 1930. Long-term month-to-month tenants occupy the units, while several apartments have already received upgrades.
Key Highlights
- 6‑unit property with a 4‑unit front building and 2‑unit rear building
- 4,153 square feet on a 0.17‑acre parcel
- Multi Family zoning in Olyphant, PA
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
$32,017
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
9.15%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
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
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?
Apartment building - Two buildings include upgraded units, balconies, private outdoor space, and natural-gas forced-air heating.
Where is this apartment building 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: 6‑unit property with a 4‑unit front building and 2‑unit rear building; 4,153 square feet on a 0.17‑acre parcel; Multi Family zoning in Olyphant, PA
