Renovated Multifamily Property in
For Sale
Contact for pricing
273 New Hancock St, Wilkes Barre, PA 18702
Five-unit property with income potential in Wilkes-Barre, Pennsylvania.
Property Size5,100 SF
Price / SF$98.04
Days on Market149
Property Features for 273 New Hancock St
General Information
Standard status
Active
Size
5,100 SF
Property subtype
Multifamily, Hospitality
Zoning
Multi-Family
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$54,530
Building Details
Year Renovated
2024
Buildings
1
Stories
3
Units
5
Tenancy
Multi
Listing Agency:
Jonathan J. Nelson Real Estate
(570) 614-9694
Listed By:
Matthew Nelson · License #RS372694
Source:
Crexi
Added: Mar 21
Changed: Aug 8
Last Checked: Aug 16 at 3:11PM
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 Jonathan J. Nelson Real Estate
Investment Insights
Based on property information with market context.
This five-unit multifamily property is located in Wilkes-Barre. The property has undergone recent renovations and offers stable in-place income. Currently, four units are leased, with one unit scheduled for move-in on April 1st. The unit mix includes one, two, and three-bedroom apartments. Tenants are responsible for covering their own utility expenses. The property provides existing cash flow with opportunities to increase income. This property is part of a thirteen-unit portfolio and can be purchased individually or as part of the complete portfolio. The property size is 5100 square feet.
Key Highlights
- Stable in‑place income from a multi‑family property.
- Recent renovations enhance property value and appeal.
- Tenants pay their own utilities, reducing landlord expenses.
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
$38,172
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
7.63%
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%
$763,440
$763.4K
Cap Rate 7%
$545,314
$545.3K
Cap Rate 9%
$424,133
$424.1K
Market Conditions
NOI Build-Up for 5,100 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
$75.3K $14.76/SF
− Vacancy
−$5.9K −$1.15/SF
EGI
$69.4K $13.61/SF
− OpEx
−$31.2K −$6.12/SF
NOI
$38.2K $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%
$763,440
Cap Rate 7%
$545,314
Cap Rate 9%
$424,133
Alternative Uses
Best Use
Apartment 5plus
$545.3K
$477.2K – $636.2K
NOI $38,172 @ 7.0% cap · market cap 7.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.62M
$1.41M – $1.88M
NOI $113,098 @ 7.0% cap · market cap 22.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,069
Businesses Nearby
Explore this area
Business Placement
Demographics for 18702, PA
42,133
Population
19,738
Households
2.1
Avg Household Size
40
Median Age
23%
College-Educated
87%
High-School Grad
78.1 sq mi
ZIP Area
539
Density / Sq Mi
$54,892
Median Household Income
$36,911
Median Earnings
$971
Median Rent
$115,700
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 - Five-unit property with income potential in Wilkes-Barre, Pennsylvania.
Where is this apartment building located?
The property is located at 273 New Hancock St Wilkes Barre, PA.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Stable in‑place income from a multi‑family property.; Recent renovations enhance property value and appeal.; Tenants pay their own utilities, reducing landlord expenses.
