Former Gas Station
For Sale
$459,900
7371 Route 328, Millerton, PA 16936
COMMERCIAL - Millerton, PA
Property Size1,800 SF
Lot Size2.62 Acres
Price / SF$255.50
Days on Market1929
Property Features for 7371 Route 328
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
1
Half bathrooms
1
Rooms
Bathroom 1
Elementary school district
Troy Area
Middle school district
Troy Area
High school district
Troy Area
Subdivision
Bradford
Standard status
Active
Size
1,800 SF
Lot size
2.62 Acres
Building Details
Year built
1954
Listing Agency:
JoAnne Kizer Real Estate
(570) 268-7653
Listed By:
Thomas Calaman
(570) 529-0649
Added: May 13, 2021
Changed: Aug 4
Last Checked: Aug 23 at 11:06PM
MLS# 31711293
Copyright © 2026 Northern Mountains of Pennsylvania MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This former service station comprises an approximately 1,800-square-foot commercial building on 2.62 acres. Constructed in 1954, the building has one bathroom and has remained unoccupied for more than 10 years. The property is presented for commercial use and may suit a range of service, retail, or office concepts identified for the site.
The offering also includes an adjacent 0.87-acre parcel in New York, providing ownership on both sides of the state boundary. The property is located at 7371 Route 328 in Millerton, Pennsylvania, with the existing building and land forming the primary commercial improvements.
The offering also includes an adjacent 0.87-acre parcel in New York, providing ownership on both sides of the state boundary. The property is located at 7371 Route 328 in Millerton, Pennsylvania, with the existing building and land forming the primary commercial improvements.
Key Highlights
- Former service station building with 1,800 square feet
- 2.62‑acre property in Millerton, PA
- Adjacent 0.87‑acre parcel in New York included
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
$19,400
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
4.22%
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%
$388,000
$388.0K
Cap Rate 7%
$277,143
$277.1K
Cap Rate 9%
$215,556
$215.6K
Market Conditions
NOI Build-Up for 1,800 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
$27.0K $15.00/SF
− Vacancy
−$1.1K −$0.63/SF
EGI
$25.9K $14.37/SF
− OpEx
−$6.5K −$3.59/SF
NOI
$19.4K $10.78/SF
Area
Luzerne County, PA
Vacancy
4.20%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
25.00%
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%
$388,000
Cap Rate 7%
$277,143
Cap Rate 9%
$215,556
Alternative Uses
Best Use
Specialty Retail
$277.1K
$242.5K – $323.3K
NOI $19,400 @ 7.0% cap · market cap 4.22%
Second Best
Retail
$213.8K
$187.1K – $249.5K
NOI $14,969 @ 7.0% cap · market cap 3.25%
Theoretical Best
Office A
$570.2K
$499.0K – $665.3K
NOI $39,917 @ 7.0% cap · market cap 8.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
18
Businesses Nearby
Explore this area
Business Placement
Demographics for 16936, PA
2,111
Population
1,038
Households
2
Avg Household Size
49
Median Age
16%
College-Educated
93%
High-School Grad
47.6 sq mi
ZIP Area
44
Density / Sq Mi
$56,958
Median Household Income
$41,147
Median Earnings
$932
Median Rent
$166,600
Median Home Value
Market
Vacancy Rate% for Retail 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?
Gas station - Former service station on a commercial-use property with an additional parcel included across the state line.
Where is this gas station located?
The property is located at 7371 Route 328 Millerton, PA.
What is the asking price?
The asking price for this property is $459,900.
What are key features of this property?
This property features: Former service station building with 1,800 square feet; 2.62‑acre property in Millerton, PA; Adjacent 0.87‑acre parcel in New York included
