Eight-Unit Townhouse
For Sale
$1,200,000
40 S Hancock Street, Wilkes Barre, PA 18702
Residential Income, Wilkes-Barre, PA
Property Size10,400 SF
Lot Size0.56 Acres
Price / SF$115.38
Days on Market137
Property Features for 40 S Hancock Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MF
Bedrooms
24
Bathrooms
40
Full bathrooms
24
Half bathrooms
16
Rooms
Bedroom 18, Bedroom 19, Bedroom 23, Bathroom 6, Bathroom 11, Bathroom 26, Bathroom 39, Bedroom 4, Bathroom 21, Bedroom 14, Bedroom 6, Bathroom 34, Bathroom 15, Bathroom 35, Bathroom 30, Bathroom 14, Bathroom 29, Bathroom 36, Bathroom 5, Bathroom 20, Bathroom 24, Bathroom 23, Bathroom 32, Bathroom 18, Bedroom 17, Bathroom 9, Bathroom 16, Bathroom 7, Bathroom 17, Bathroom 8, Bedroom 16, Bathroom 38, Bathroom 25, Bathroom 27, Bedroom 11, Bedroom 3, Bathroom 3, Bathroom 13, Bathroom 33, Bedroom 8, Bathroom 10, Bathroom 1, Bathroom 12, Bathroom 22, Bathroom 31, Bathroom 4, Bathroom 19, Bedroom 24, Bathroom 28, Bedroom 13, Bedroom 1, Bathroom 40, Bathroom 37, Bedroom 2, Bedroom 20, Bedroom 21, Bathroom 2, Bedroom 15, Bedroom 7, Bedroom 9, Bedroom 10, Bedroom 22, Bedroom 12, Bedroom 5
Exterior features
Balcony
Appliances
Electric Water Heater
Elementary school district
Wilkes-Barre Area
Middle school district
Wilkes-Barre Area
High school district
Wilkes-Barre Area
Directions
Go down Wilkesbarre Blvd and then take left by Mcdonalds
Standard status
Active
APN
73-H10SW4-024-003
Size
10,400 SF
Lot size
0.56 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
18684
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Wall Unit(s)
Water source
Public
Amenities
private entrances
garage parking
individually metered utilities
Building Details
Year built
1970
Floors in Building
2
Number of units
8
Building materials
Brick, Vinyl Siding, Wood Siding
Listing Agency:
ERA One Source Realty · ERA Real Estate
(570) 587-9999
Listed By:
Jacob W. Rosenstein · License #PA:RS369738
(570) 955-7338
Added: May 7
Changed: Sep 12
Last Checked: Sep 20 at 10:06PM
MLS# SC262055
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 apartment-building portfolio includes eight townhouse-style residences distributed across four parcels under common ownership. Each unit provides three bedrooms and two bathrooms, with a private entrance and garage parking. The buildings total 10,400 square feet on 0.56 acres and date to 1970. Exterior materials include brick, vinyl siding, and wood siding, with balconies, electric heating, wall-unit cooling, and electric water heaters.
The properties are located along S. Hancock Street and Garnet Lane in Wilkes-Barre, within Luzerne County. All residences are currently tenant-occupied and individually metered for utilities. Public water and public sewer serve the portfolio, and the property carries MF zoning.
The properties are located along S. Hancock Street and Garnet Lane in Wilkes-Barre, within Luzerne County. All residences are currently tenant-occupied and individually metered for utilities. Public water and public sewer serve the portfolio, and the property carries MF zoning.
Key Highlights
- Eight townhouse‑style units across four parcels
- All units configured with 3 beds and 2 baths
- 10,400 square feet on 0.56 acres
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
$77,842
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
6.49%
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%
$1,556,840
$1.6M
Cap Rate 7%
$1,112,029
$1.1M
Cap Rate 9%
$864,911
$864.9K
Market Conditions
NOI Build-Up for 10,400 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
$153.5K $14.76/SF
− Vacancy
−$12.0K −$1.15/SF
EGI
$141.5K $13.61/SF
− OpEx
−$63.7K −$6.12/SF
NOI
$77.8K $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%
$1,556,840
Cap Rate 7%
$1,112,029
Cap Rate 9%
$864,911
Alternative Uses
Best Use
Apartment 5plus
$1.11M
$973.0K – $1.30M
NOI $77,842 @ 7.0% cap · market cap 6.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.29M
$2.88M – $3.84M
NOI $230,630 @ 7.0% cap · market cap 19.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
8
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,791
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Tenant-occupied residences offer private entrances, individual utility metering, and garage parking.
Where is this apartment building located?
The property is located at 40 S Hancock Street Wilkes Barre, PA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Eight townhouse‑style units across four parcels; All units configured with 3 beds and 2 baths; 10,400 square feet on 0.56 acres
