Nine-Unit Apartment
For Sale
$1,249,995
486 Hazle Street, Wilkes Barre, PA 18702
Nine apartments with three garages, an 18-car parking lot, and a large undeveloped lot with an existing curb cut for access.
Property Size9,600 SF
Days on Market210
Property Features for 486 Hazle Street
General Information
Standard status
Active
Size
9,600 SF
Total Parking Spaces
21
Property subtype
Multi Family
Additional Details
Road Access
Yes
Multifamily Units
9
Taxes and HOA fees
Annual Taxes
$9,854
Building Details
Building Size
9,600 SF
Year Built
1950
Listing Agency:
The Hub Real Estate Group Scranton
Listed By:
Pat Rogan · License #RS329526
(570) 489-2563
Source:
Luxehomesnepa
Added: Feb 21
Changed: Sep 8
Last Checked: Sep 19 at 12:42PM
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 The Hub Real Estate Group Scranton
Investment Insights
Based on property information with market context.
This nine-unit apartment building includes a total of 9 apartments, 3 garages, and an 18-car parking lot. The property also features a large undeveloped lot with an existing curb cut designed for road access, supporting additional development or alternative investment uses.
Built in 1950, the building was renovated, and the renovations are referenced as extensive. This combination of income units, accessory garages, and on-site parking can support straightforward day-to-day leasing while the undeveloped lot provides an additional parcel component within the same complex.
With its apartment configuration, garage count, and dedicated parking area, the property is set up to accommodate tenants that value on-site access and practical parking. The existing curb cut on the undeveloped lot is an operational detail worth noting for future possibilities tied to road access.
Built in 1950, the building was renovated, and the renovations are referenced as extensive. This combination of income units, accessory garages, and on-site parking can support straightforward day-to-day leasing while the undeveloped lot provides an additional parcel component within the same complex.
With its apartment configuration, garage count, and dedicated parking area, the property is set up to accommodate tenants that value on-site access and practical parking. The existing curb cut on the undeveloped lot is an operational detail worth noting for future possibilities tied to road access.
Key Highlights
- Nine apartments in one apartment building
- Three garages on site
- 18‑car parking lot
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
$71,854
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
5.75%
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%
$1,437,080
$1.4M
Cap Rate 7%
$1,026,486
$1.0M
Cap Rate 9%
$798,378
$798.4K
Market Conditions
NOI Build-Up for 9,600 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
$141.7K $14.76/SF
− Vacancy
−$11.1K −$1.15/SF
EGI
$130.6K $13.61/SF
− OpEx
−$58.8K −$6.12/SF
NOI
$71.9K $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%
$1,437,080
Cap Rate 7%
$1,026,486
Cap Rate 9%
$798,378
Alternative Uses
Best Use
Apartment 5plus
$1.03M
$898.2K – $1.20M
NOI $71,854 @ 7.0% cap · market cap 5.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.04M
$2.66M – $3.55M
NOI $212,890 @ 7.0% cap · market cap 17.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
9
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
529
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
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 - Nine apartments with three garages, an 18-car parking lot, and a large undeveloped lot with an existing curb cut for access.
Where is this apartment building located?
The property is located at 486 Hazle Street Wilkes Barre, PA.
What is the asking price?
The asking price for this property is $1,249,995.
What are key features of this property?
This property features: Nine apartments in one apartment building; Three garages on site; 18‑car parking lot
