Mixed-Use Building with
For Sale
$549,900
304 Drinker Turnpike, Covington Twp, PA 18424
CommercialSale, Covington Twp, PA
Property Size6,042 SF
Lot Size1.93 Acres
Price / SF$91.01
Days on Market133
Property Features for 304 Drinker Turnpike
General Information
Property type
Commercial Sale
Property subtype
Apartment
Zoning
Commercial
Parking
10
Parking features
Parking Lot, Off Street, Driveway
Exterior features
PropaneTankLeased
Elementary school district
North Pocono
Middle school district
North Pocono
High school district
North Pocono
Directions
On US-22 E, take PA-33 N toward Stroudsburg. Continue on PA-33 N/US 209-N. Merge onto I-80 W toward Hazelton. Take exit 293 for I-380 N toward Scranton. Take exit 13 for PA-435/PA-507 toward Gouldsboro. Follow PA-435 N to property on left.
Subdivision
575 - Covington Township
Standard status
Active
APN
22701010004
Size
6,042 SF
Lot size
1.93 Acres
Taxes and HOA fees
Tax Annual Amount
8397
Utilities
Sewer type
Septic Tank, Public Sewer
Heating system
Electric (Heating), Propane (Heating), Oil
Cooling system
Ceiling Fan(s), Window Unit(s), Central Air
Water source
Well
Building Details
Year built
1987
Number of units
5
Building materials
AluminumSiding, Block, Concrete, Stucco, VinylSiding
Listing Agency:
Keller Williams Allentown · Keller Williams Realty
(610) 435-1800
Listed By:
Chris Troxell · License #RS340308
(484) 350-8630
Added: Apr 11
Changed: Aug 19
Last Checked: Aug 21 at 11:06AM
MLS# 774825
Copyright © 2026 Greater Lehigh Valley 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.
This mixed-use building combines 6,042 square feet of improvements on 1.93 acres, with four residential units and approximately 3,000 square feet of commercial area. The residential component includes one three-bedroom apartment, two one-bedroom apartments, and a separate one-bedroom cottage. The commercial portion was previously operated as a daycare and is arranged for continued commercial use subject to applicable approvals.
Located at 304 Drinker Turnpike in Covington Twp, the property fronts Route 435 and is positioned near Kalahari Resort and Gouldsboro State Park. Interstate access includes I-380, I-84, and I-81. Site features include a parking lot, driveway, and off-street parking, with well water and documented public sewer and septic systems.
Located at 304 Drinker Turnpike in Covington Twp, the property fronts Route 435 and is positioned near Kalahari Resort and Gouldsboro State Park. Interstate access includes I-380, I-84, and I-81. Site features include a parking lot, driveway, and off-street parking, with well water and documented public sewer and septic systems.
Key Highlights
- 6,042 square feet of mixed‑use improvements on 1.93 acres
- Four residential units: one 3‑bedroom, two 1‑bedroom apartments, and a separate 1‑bedroom cottage
- Approximately 3,000 square feet of commercial space previously operated as a daycare
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
$46,580
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
8.47%
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%
$931,600
$931.6K
Cap Rate 7%
$665,429
$665.4K
Cap Rate 9%
$517,556
$517.6K
Market Conditions
NOI Build-Up for 6,042 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
$89.9K $14.88/SF
− Vacancy
−$5.2K −$0.86/SF
EGI
$84.7K $14.02/SF
− OpEx
−$38.1K −$6.31/SF
NOI
$46.6K $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%
$931,600
Cap Rate 7%
$665,429
Cap Rate 9%
$517,556
Alternative Uses
Best Use
Mixed Use
$873.9K
$764.7K – $1.02M
NOI $61,175 @ 7.0% cap · market cap 11.12%
Second Best
Apartment 5plus
$665.4K
$582.3K – $776.3K
NOI $46,580 @ 7.0% cap · market cap 8.47%
Theoretical Best
Office A
$1.53M
$1.34M – $1.79M
NOI $107,350 @ 7.0% cap · market cap 19.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
33
Businesses Nearby
Explore this area
Business Placement
Demographics for 18424, PA
5,598
Population
4,031
Households
1.4
Avg Household Size
49
Median Age
22%
College-Educated
93%
High-School Grad
81.2 sq mi
ZIP Area
69
Density / Sq Mi
$62,192
Median Household Income
$37,167
Median Earnings
$994
Median Rent
$191,800
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?
Mixed-use property - Four residential units accompany flexible commercial space formerly used for a daycare.
Where is this mixed-use property located?
The property is located at 304 Drinker Turnpike Covington Twp, PA.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: 6,042 square feet of mixed‑use improvements on 1.93 acres; Four residential units: one 3‑bedroom, two 1‑bedroom apartments, and a separate 1‑bedroom cottage; Approximately 3,000 square feet of commercial space previously operated as a daycare
