Five-Unit Mixed-Use
For Sale
$499,900
696 Route 590, Lackawaxen, PA 18435
Includes a vacant storefront alongside four occupied apartments, with a flexible first-floor layout and separate residential entrance.
Property Size2,977 SF
Price / SF$167.92
Days on Market68
Property Features for 696 Route 590
General Information
Standard status
Active
Size
2,977 SF
Property subtype
Residential Income
Additional Details
Cap Rate
3.74%
Road Access
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$3,762
Listing Agency:
Keller Williams Realty Hudson Valley United
(845) 741-5608
Listed By:
Amanda Brehm · License #00000
(845) 741-5608
Source:
Exprealty
Added: Jun 25
Changed: Aug 31
Last Checked: Aug 31 at 3:14AM
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 Keller Williams Realty Hudson Valley United
Investment Insights
Based on property information with market context.
This five-unit mixed-use property combines one commercial storefront with four residential apartments. The approximately 1,225-square-foot storefront is vacant and includes oak hardwood floors, exposed wood beams, a stone wood-burning fireplace, oversized bay display windows, a half bath, and an adjoining room with a private entrance. The additional room can connect to the storefront or function separately as office, retail, or storage space. A first-floor two-bedroom apartment has its own entrance, kitchen, living room, full bath, and hardwood flooring.
The property is located at 696 Route 590 in Lackawaxen, along PA-590 and near the Roebling Bridge and Delaware River. Four residential units are occupied, while the commercial space is available for an owner-user or tenant. Current operations reflect an approximate 3.74% cap rate; leasing the storefront at projected market rent is estimated to produce an approximate 6.98% pro forma cap rate. Residential leases are month-to-month with rents below market value.
The property is located at 696 Route 590 in Lackawaxen, along PA-590 and near the Roebling Bridge and Delaware River. Four residential units are occupied, while the commercial space is available for an owner-user or tenant. Current operations reflect an approximate 3.74% cap rate; leasing the storefront at projected market rent is estimated to produce an approximate 6.98% pro forma cap rate. Residential leases are month-to-month with rents below market value.
Key Highlights
- Five‑unit configuration with one commercial storefront and four residential apartments
- Approximately 1,225 square feet of vacant first‑floor commercial space
- Storefront features oak floors, exposed beams, bay display windows, and a stone wood‑burning fireplace
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
$30,142
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
6.03%
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%
$602,840
$602.8K
Cap Rate 7%
$430,600
$430.6K
Cap Rate 9%
$334,911
$334.9K
Market Conditions
NOI Build-Up for 2,977 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
$53.6K $18.00/SF
− Vacancy
−$5.4K −$1.80/SF
EGI
$48.2K $16.20/SF
− OpEx
−$18.1K −$6.07/SF
NOI
$30.1K $10.13/SF
Area
Pike County, PA
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$602,840
Cap Rate 7%
$430,600
Cap Rate 9%
$334,911
Alternative Uses
Best Use
Mixed Use
$430.6K
$376.8K – $502.4K
NOI $30,142 @ 7.0% cap · market cap 6.03%
Second Best
Apartment 5plus
$419.5K
$367.1K – $489.4K
NOI $29,366 @ 7.0% cap · market cap 5.87%
Theoretical Best
Office A
$726.5K
$635.7K – $847.6K
NOI $50,854 @ 7.0% cap · market cap 10.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
18
Businesses Nearby
Explore this area
Business Placement
Demographics for 18435, PA
1,055
Population
1,569
Households
0.7
Avg Household Size
53
Median Age
51%
College-Educated
94%
High-School Grad
12.5 sq mi
ZIP Area
84
Density / Sq Mi
$97,924
Median Household Income
$46,552
Median Earnings
$317,400
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?
Mixed-use property - Includes a vacant storefront alongside four occupied apartments, with a flexible first-floor layout and separate residential entrance.
Where is this mixed-use property located?
The property is located at 696 Route 590 Lackawaxen, PA.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Five‑unit configuration with one commercial storefront and four residential apartments; Approximately 1,225 square feet of vacant first‑floor commercial space; Storefront features oak floors, exposed beams, bay display windows, and a stone wood‑burning fireplace
