Six-Unit Apartment Building with Two
For Sale
$675,000
256-260 E Grove Street, Pringle, PA 18704
MULTI_FAMILY - Pringle, PA
Property Size6,450 SF
Lot Size0.24 Acres
Price / SF$104.65
Days on Market47
Property Features for 256-260 E Grove Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bedrooms
15
Bathrooms
7
Full bathrooms
7
Rooms
Bedroom 6, Bedroom 8, Bedroom 3, Bathroom 1, Bathroom 4, Bathroom 6, Basement, Bedroom 1, Bedroom 10, Bedroom 5, Bathroom 3, Bathroom 2, Bedroom 11, Bedroom 9, Bedroom 13, Bedroom 4, Bedroom 2, Bedroom 14, Bathroom 5, Bedroom 15, Bedroom 12, Bedroom 7, Bathroom 7
Parking features
Off Street
Exterior features
Brick, Vinyl, Stucco
Basement
Concrete
Elementary school district
Wyoming Valley West
Middle school district
Wyoming Valley West
High school district
Wyoming Valley West
Directions
Make a L off Union Street onto Evans Street, Evans Street turns into E Grove Street, the property is on the R side about halfway down E Grove Street. There is a front building and a rear building.
Subdivision
Kingston Surrounds
Standard status
Active
APN
52-G9S1-015-018
Size
6,450 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Tenant's Personal Property
Tax Annual Amount
5264
Legal Description
Tenant's Personal Property
Utilities
Heating system
Steam
Cooling system
Window Unit(s)
Water source
Public
Building Details
Roof type
Shingle
Listing Agency:
Christian Saunders Real Estate
(570) 335-9000
Listed By:
Marc Vincent Rodriguez-Douglas · License #RS372387
(570) 709-1180
Added: Jul 21
Changed: Aug 4
Last Checked: Sep 5 at 11:06PM
MLS# 26-3548
Copyright © 2026 Luzerne County Association of REALTORS®. 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.
Six-unit apartment building featuring two buildings on one parcel under one deed. The property is currently configured with five fully renovated, occupied units and additional units within the same multi-family setup. Reported operating performance includes a 9% cap rate, based on current in-place occupancy.
The buildings are set on a 0.2424-acre lot and include approximately 6,450 square feet of total building area. Exterior finishes include brick, vinyl, and stucco. Heating is provided by steam, and cooling is via window unit(s). Off-street parking is available, and the property receives water from public sources. The roof is shingle.
Zoned for residential use, this is a straightforward multi-family holding in the Pringle/Kingston area with an in-place, partially renovated unit mix.
The buildings are set on a 0.2424-acre lot and include approximately 6,450 square feet of total building area. Exterior finishes include brick, vinyl, and stucco. Heating is provided by steam, and cooling is via window unit(s). Off-street parking is available, and the property receives water from public sources. The roof is shingle.
Zoned for residential use, this is a straightforward multi-family holding in the Pringle/Kingston area with an in-place, partially renovated unit mix.
Key Highlights
- 6 units across two buildings on one parcel under one deed
- 9% cap rate based on current in‑place performance
- Five fully renovated, occupied units
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
$48,277
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
7.15%
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%
$965,540
$965.5K
Cap Rate 7%
$689,671
$689.7K
Cap Rate 9%
$536,411
$536.4K
Market Conditions
NOI Build-Up for 6,450 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
$95.2K $14.76/SF
− Vacancy
−$7.4K −$1.15/SF
EGI
$87.8K $13.61/SF
− OpEx
−$39.5K −$6.12/SF
NOI
$48.3K $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%
$965,540
Cap Rate 7%
$689,671
Cap Rate 9%
$536,411
Alternative Uses
Best Use
Apartment 5plus
$689.7K
$603.5K – $804.6K
NOI $48,277 @ 7.0% cap · market cap 7.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.04M
$1.79M – $2.38M
NOI $143,035 @ 7.0% cap · market cap 21.19%
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
533
Businesses Nearby
Explore this area
Business Placement
Demographics for 18704, PA
31,138
Population
14,531
Households
2.1
Avg Household Size
43
Median Age
29%
College-Educated
95%
High-School Grad
10.1 sq mi
ZIP Area
3,083
Density / Sq Mi
$62,907
Median Household Income
$39,349
Median Earnings
$935
Median Rent
$154,600
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 - Six-unit apartment building on one parcel with two buildings, Residential zoning, and off-street parking.
Where is this apartment building located?
The property is located at 256-260 E Grove Street Pringle, PA.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 6 units across two buildings on one parcel under one deed; 9% cap rate based on current in‑place performance; Five fully renovated, occupied units
