Four-Unit Residential Income
For Sale
$459,000
51 S Welles Street Wilkes-Barre, Wilkes Barre, PA 18702
Recently improved four-unit building offers two 2-bedroom apartments on the first floor and two 4-bedroom apartments upstairs.
Property Size4,207 SF
Days on Market94
Property Features for 51 S Welles Street Wilkes-Barre
General Information
Standard status
Active
Size
4,207 SF
Property subtype
Quadruplex
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$2,955
Building Details
Building Size
4,207 SF
Stories
2
Tenancy
Multi
Listing Agency:
Lawrence Real Estate L.L.C..
Listed By:
Bentzion Chesney
(570) 825-5263
Source:
Luxehomesnepa
Added: Jun 3
Changed: Aug 26
Last Checked: Sep 2 at 12:39AM
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 Lawrence Real Estate L.L.C..
Investment Insights
Based on property information with market context.
This recently improved four-unit residential income property is configured with two 2-bedroom apartments on the first floor and two 4-bedroom apartments on the second floor. The units are described as spacious with good ceiling height.
The property is located in the heart of Wilkes-Barre, offering a straightforward building layout for rental housing.
With a clear split between the first-floor 2-bedroom units and the second-floor 4-bedroom units, the building provides a practical combination of unit sizes within a single, improved quadplex structure.
The property is located in the heart of Wilkes-Barre, offering a straightforward building layout for rental housing.
With a clear split between the first-floor 2-bedroom units and the second-floor 4-bedroom units, the building provides a practical combination of unit sizes within a single, improved quadplex structure.
Key Highlights
- Recently improved 4‑unit property in Wilkes‑Barre.
- First floor features two 2‑bedroom apartments.
- Second floor features two 4‑bedroom apartments.
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
$33,952
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
7.40%
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%
$679,040
$679.0K
Cap Rate 7%
$485,029
$485.0K
Cap Rate 9%
$377,244
$377.2K
Market Conditions
NOI Build-Up for 4,207 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
$53.0K $12.60/SF
− Vacancy
−$4.5K −$1.07/SF
EGI
$48.5K $11.53/SF
− OpEx
−$14.6K −$3.46/SF
NOI
$34.0K $8.07/SF
Area
Luzerne County, PA
Vacancy
8.50%
Lease Rate
$12.60 /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%
$679,040
Cap Rate 7%
$485,029
Cap Rate 9%
$377,244
Alternative Uses
Best Use
Multifamily LT 5
$485.0K
$424.4K – $565.9K
NOI $33,952 @ 7.0% cap · market cap 7.40%
Second Best
Apartment 5plus
$449.8K
$393.6K – $524.8K
NOI $31,489 @ 7.0% cap · market cap 6.86%
Theoretical Best
Office A
$1.33M
$1.17M – $1.55M
NOI $93,294 @ 7.0% cap · market cap 20.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,856
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Recently improved four-unit building offers two 2-bedroom apartments on the first floor and two 4-bedroom apartments upstairs.
Where is this quadplex located?
The property is located at 51 S Welles Street Wilkes-Barre Wilkes Barre, PA.
What is the asking price?
The asking price for this property is $459,000.
What are key features of this property?
This property features: Recently improved 4‑unit property in Wilkes‑Barre.; First floor features two 2‑bedroom apartments.; Second floor features two 4‑bedroom apartments.
