11-Unit Apartment
For Sale
$679,000
292 S Franklin Street, Wilkes Barre, PA 18701
Commercial Sale, Wilkes-Barre, PA
Property Size6,800 SF
Lot Size0.20 Acres
Price / SF$99.85
Days on Market51
Property Features for 292 S Franklin Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Multi-Family
Zoning description
Multi-Family
Rooms
Basement
Parking
10
Basement
Unfinished
Lot features
Corner Lot, Level
Elementary school district
Wilkes-Barre Area
Middle school district
Wilkes-Barre Area
High school district
Wilkes-Barre Area
Directions
From Center City take S. Main and make right onto Ross .Building at corner of Ross and S. Franklin. Near Wilkes University.
Standard status
Active
APN
H9SSE301800173
Size
6,800 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7224
Utilities
Sewer type
Public Sewer
Heating system
Steam, Natural Gas
Water source
Public
Building Details
Year built
1930
Floors in Building
3
Number of units
11
Flooring type
Wood, Vinyl, Carpet
Building materials
Brick, Wood Siding
Roof type
Wood, Composition
Listing Agency:
ERA One Source Realty · ERA Real Estate
(570) 587-9999
Listed By:
Sunita Arora · License #RM061605A
(570) 510-5840
Added: Jul 15
Changed: Sep 2
Last Checked: Sep 3 at 6:06PM
MLS# SC263448
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 11-unit apartment building contains a combination of one-bedroom and studio apartments within 6,800 square feet. The property dates to 1930 and includes a basement, wood, vinyl, and carpet flooring, plus natural gas and steam heating. Exterior construction combines brick and wood siding, with wood and composition roofing.
Set on 0.2 acres at 292 S Franklin Street in Wilkes-Barre, the property is near Wilkes University, downtown, shops, and schools. Public water and public sewer serve the building, and the zoning is Multi-Family.
Set on 0.2 acres at 292 S Franklin Street in Wilkes-Barre, the property is near Wilkes University, downtown, shops, and schools. Public water and public sewer serve the building, and the zoning is Multi-Family.
Key Highlights
- 11‑unit apartment building with one‑bedroom and studio layouts
- 6,800 square feet on a 0.2‑acre parcel
- Multi‑Family zoning
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
$50,897
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
7.50%
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%
$1,017,940
$1.0M
Cap Rate 7%
$727,100
$727.1K
Cap Rate 9%
$565,522
$565.5K
Market Conditions
NOI Build-Up for 6,800 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
$100.4K $14.76/SF
− Vacancy
−$7.8K −$1.15/SF
EGI
$92.5K $13.61/SF
− OpEx
−$41.6K −$6.12/SF
NOI
$50.9K $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%
$1,017,940
Cap Rate 7%
$727,100
Cap Rate 9%
$565,522
Alternative Uses
Best Use
Apartment 5plus
$727.1K
$636.2K – $848.3K
NOI $50,897 @ 7.0% cap · market cap 7.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.15M
$1.88M – $2.51M
NOI $150,797 @ 7.0% cap · market cap 22.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
1,744
Businesses Nearby
Explore this area
Business Placement
Demographics for 18701, PA
4,658
Population
1,513
Households
3.1
Avg Household Size
27
Median Age
25%
College-Educated
87%
High-School Grad
0.5 sq mi
ZIP Area
9,316
Density / Sq Mi
$32,417
Median Household Income
$6,479
Median Earnings
$842
Median Rent
$245,700
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 - Brick-and-wood construction with mixed apartment layouts, public utilities, and a basement.
Where is this apartment building located?
The property is located at 292 S Franklin Street Wilkes Barre, PA.
What is the asking price?
The asking price for this property is $679,000.
What are key features of this property?
This property features: 11‑unit apartment building with one‑bedroom and studio layouts; 6,800 square feet on a 0.2‑acre parcel; Multi‑Family zoning
