Medical Office
For Sale
$135,000
607 Centre St, Freeland, PA 18224
The property is currently used for medical office operations in Freeland, Pennsylvania.
Property Size897 SF
Price / SF$150.50
Days on Market195
Property Features for 607 Centre St
General Information
Standard status
Active
Size
897 SF
Property subtype
Commercial
Listing Agency:
Real Estate Group, LLC
(570) 436-2140
Listed By:
Neil D'Amato
Source:
Nepahousehunt
Added: Feb 15
Changed: Aug 28
Last Checked: Aug 29 at 10:27AM
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 Real Estate Group, LLC
Investment Insights
Based on property information with market context.
This commercial property at 607 Centre St is currently used as a medical office. The asset is located in Freeland, Pennsylvania, within ZIP code 18224.
Key Highlights
- Current use as a medical office
- 607 Centre St, Freeland, PA 18224
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
$10,637
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
7.88%
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%
$212,740
$212.7K
Cap Rate 7%
$151,957
$152.0K
Cap Rate 9%
$118,189
$118.2K
Market Conditions
NOI Build-Up for 897 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
$19.7K $21.96/SF
− Vacancy
−$2.0K −$2.20/SF
EGI
$17.7K $19.76/SF
− OpEx
−$7.1K −$7.91/SF
NOI
$10.6K $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%
$212,740
Cap Rate 7%
$151,957
Cap Rate 9%
$118,189
Alternative Uses
Best Use
Office B
$226.1K
$197.8K – $263.8K
NOI $15,825 @ 7.0% cap · market cap 11.72%
Second Best
Healthcare Medical
$152.0K
$133.0K – $177.3K
NOI $10,637 @ 7.0% cap · market cap 7.88%
Theoretical Best
Office A
$284.2K
$248.7K – $331.5K
NOI $19,892 @ 7.0% cap · market cap 14.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
298
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 18224, PA
6,377
Population
3,072
Households
2.1
Avg Household Size
42
Median Age
18%
College-Educated
93%
High-School Grad
14.3 sq mi
ZIP Area
446
Density / Sq Mi
$57,361
Median Household Income
$40,821
Median Earnings
$922
Median Rent
$114,900
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
- Northeast Animal Hospital — 513 Green St, Freeland, PA 18224
Frequently Asked Questions
What type of property is this?
Medical Office Space - The property is currently used for medical office operations in Freeland, Pennsylvania.
Where is this medical office space located?
The property is located at 607 Centre St Freeland, PA.
What is the asking price?
The asking price for this property is $135,000.
What are key features of this property?
This property features: Current use as a medical office; 607 Centre St, Freeland, PA 18224
