11-Unit Residential Income
For Sale
$679,000
292 S Franklin St, Wilkes Barre, PA 18701
Apartment building with a mix of studio and one-bedroom units, offered for sale as a residential income property.
Property Size6,800 SF
Price / SF$99.85
Days on Market52
Property Features for 292 S Franklin St
General Information
Standard status
Active
Size
6,800 SF
Additional Details
Multifamily Units
11
Taxes and HOA fees
Annual Taxes
$7,223
Building Details
Tenancy
Multi
Listing Agency:
ERA ONE SOURCE REALTY
(941) 426-5000
Listed By:
Sunita Arora · License #RM061605A
(570) 510-5840
Source:
Exprealty
Added: Jul 16
Changed: Sep 4
Last Checked: Sep 4 at 11:38AM
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 ERA ONE SOURCE REALTY
Investment Insights
Based on property information with market context.
This for-sale residential income property features 11 apartment units with a mix of studio and one-bedroom layouts. The building is configured as a small multifamily asset designed to serve a range of apartment needs within the same structure.
The property is located close to downtown and near shops and schools, with the public remarks also citing proximity to Wilkes University.
As presented, the key tenant-occupancy offering is a diversified unit mix across studios and one-bedroom apartments within an 11-unit residential building.
The property is located close to downtown and near shops and schools, with the public remarks also citing proximity to Wilkes University.
As presented, the key tenant-occupancy offering is a diversified unit mix across studios and one-bedroom apartments within an 11-unit residential building.
Key Highlights
- 11‑unit apartment building offered for sale as a residential income property
- Unit mix includes studio and one‑bedroom apartments
- Located close to Wilkes University, downtown, shops, and schools
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
Multi-tenant
Tenancy
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Apartment building with a mix of studio and one-bedroom units, offered for sale as a residential income property.
Where is this apartment building located?
The property is located at 292 S Franklin St 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 offered for sale as a residential income property; Unit mix includes studio and one‑bedroom apartments; Located close to Wilkes University, downtown, shops, and schools
