Two-Unit Duplex with Detached
For Sale
$329,000
307 Grove Street, Honesdale, PA 18431
Residential Income, Honesdale, PA
Property Size1,650 SF
Lot Size0.29 Acres
Price / SF$199.39
Days on Market378
Property Features for 307 Grove Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Basement, Bedroom 1, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 5, Bedroom 4
Parking features
Parking Lot, Driveway
Patio and Porch features
Porch
Exterior features
Balcony
Basement
Walk-Out Access, Unfinished
Appliances
Microwave, Oven, Refrigerator
Elementary school district
Wayne Highlands
Middle school district
Wayne Highlands
High school district
Wayne Highlands
Directions
From Honesdale, Take Terrace Street towards the School. Left onto Grove St., House on Left.
Standard status
Active
APN
11-0-0012-0023
Size
1,650 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Annual Amount
3475
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Hot Water(Heating), Natural Gas
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Carpet
Architectural style
Other
Listing Agency:
SIX PM LLC
Listed By:
Jeremy J Watson · License #RM425357
(570) 352-5162
Added: Sep 2, 2025
Changed: Sep 13
Last Checked: Sep 14 at 11:06PM
MLS# PW-252918
Copyright © 2026 Pike/Wayne Association 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 two-unit residential property contains 1,650 square feet and was built in 1900. The layout includes one two-bedroom unit and one three-bedroom unit, with enclosed rear porches serving both residences. The upper apartment has a granite-counter kitchen with newer appliances and a front balcony, while the lower apartment includes a front porch and its own living areas. Vinyl and carpet flooring, baseboard and hot-water heat, and natural gas service are present throughout the property.
Set on 0.29 acres at 307 Grove Street in Honesdale, the property includes a large backyard, driveway and parking-lot spaces, plus a detached garage. Public water and public sewer serve the site. The garage requires work and may support enclosed parking or storage use. Downtown Honesdale is within walking distance, and local schools are minutes away.
Set on 0.29 acres at 307 Grove Street in Honesdale, the property includes a large backyard, driveway and parking-lot spaces, plus a detached garage. Public water and public sewer serve the site. The garage requires work and may support enclosed parking or storage use. Downtown Honesdale is within walking distance, and local schools are minutes away.
Key Highlights
- Two residential units: one 2‑bedroom and one 3‑bedroom apartment
- 1,650 square feet on a 0.29‑acre lot
- Detached garage, driveway, parking lot, and large backyard
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
$17,949
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
5.46%
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%
$358,980
$359.0K
Cap Rate 7%
$256,414
$256.4K
Cap Rate 9%
$199,433
$199.4K
Market Conditions
NOI Build-Up for 1,650 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
$27.7K $16.80/SF
− Vacancy
−$2.1K −$1.26/SF
EGI
$25.6K $15.54/SF
− OpEx
−$7.7K −$4.66/SF
NOI
$17.9K $10.88/SF
Area
Wayne County, PA
Vacancy
7.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
30.00%
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%
$358,980
Cap Rate 7%
$256,414
Cap Rate 9%
$199,433
Alternative Uses
Best Use
Multifamily LT 5
$256.4K
$224.4K – $299.2K
NOI $17,949 @ 7.0% cap · market cap 5.46%
Second Best
Apartment 5plus
$222.1K
$194.3K – $259.1K
NOI $15,546 @ 7.0% cap · market cap 4.73%
Theoretical Best
Office A
$402.3K
$352.1K – $469.4K
NOI $28,164 @ 7.0% cap · market cap 8.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
472
Businesses Nearby
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Business Placement
Demographics for 18431, PA
12,602
Population
6,217
Households
2
Avg Household Size
47
Median Age
24%
College-Educated
90%
High-School Grad
134.8 sq mi
ZIP Area
93
Density / Sq Mi
$55,323
Median Household Income
$33,298
Median Earnings
$1,013
Median Rent
$222,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Residential duplex with two distinct units, outdoor porches, a balcony, parking, and a detached garage.
Where is this duplex located?
The property is located at 307 Grove Street Honesdale, PA.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: Two residential units: one 2‑bedroom and one 3‑bedroom apartment; 1,650 square feet on a 0.29‑acre lot; Detached garage, driveway, parking lot, and large backyard
