Medical Office Building with Exam
For Sale
$275,000
506 Hazle Street Wilkes-Barre, Wilkes Barre, PA 18702
Existing reception and exam-room layout supports a range of professional service configurations.
Property Size1,450 SF
Days on Market10
Property Features for 506 Hazle Street Wilkes-Barre
General Information
Standard status
Active
Size
1,450 SF
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$3,689
Building Details
Building Size
1,450 SF
Listing Agency:
Century 21 Signature Properties
(570) 371-7016
Listed By:
Ron Wilson/JenineFinarelli Team
Source:
Luxehomesnepa
Added: Aug 15
Changed: Aug 21
Last Checked: Aug 23 at 9:29AM
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 Century 21 Signature Properties
Investment Insights
Based on property information with market context.
This commercial building is configured for medical office use with a reception area and multiple exam rooms. Recent improvements include a new roof and an AC compressor, while central air conditioning and gas heat serve the building. Off-street parking is provided, and the property also includes a backyard.
Located at 506 Hazle Street, the property carries C-2 zoning. The source information identifies potential applications including professional offices, retail, financial services, restaurants, and personal services, subject to applicable requirements. The existing layout and building systems provide a practical starting point for an office or service-oriented operation.
Located at 506 Hazle Street, the property carries C-2 zoning. The source information identifies potential applications including professional offices, retail, financial services, restaurants, and personal services, subject to applicable requirements. The existing layout and building systems provide a practical starting point for an office or service-oriented operation.
Key Highlights
- Medical office layout with reception area and exam rooms
- New roof and AC compressor
- Central A/C and gas heat
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
$17,195
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
6.25%
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%
$343,900
$343.9K
Cap Rate 7%
$245,643
$245.6K
Cap Rate 9%
$191,056
$191.1K
Market Conditions
NOI Build-Up for 1,450 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
$31.8K $21.96/SF
− Vacancy
−$3.2K −$2.20/SF
EGI
$28.7K $19.76/SF
− OpEx
−$11.5K −$7.91/SF
NOI
$17.2K $11.86/SF
Area
Luzerne County, PA
Vacancy
10.00%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
40.00%
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%
$343,900
Cap Rate 7%
$245,643
Cap Rate 9%
$191,056
Alternative Uses
Best Use
Office B
$365.4K
$319.8K – $426.4K
NOI $25,581 @ 7.0% cap · market cap 9.30%
Second Best
Healthcare Medical
$245.6K
$214.9K – $286.6K
NOI $17,195 @ 7.0% cap · market cap 6.25%
Theoretical Best
Office A
$459.4K
$401.9K – $535.9K
NOI $32,155 @ 7.0% cap · market cap 11.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
529
Businesses Nearby
Under-served
Demand for This Use
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 Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Eastern PA Animal Alliance Wilkes Barre Location — 588 Hazle St, Wilkes-Barre, PA 18702
Frequently Asked Questions
What type of property is this?
Medical Office Space - Existing reception and exam-room layout supports a range of professional service configurations.
Where is this medical office space located?
The property is located at 506 Hazle Street Wilkes-Barre Wilkes Barre, PA.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Medical office layout with reception area and exam rooms; New roof and AC compressor; Central A/C and gas heat
