Building Details

Year built 1954

Listing Agency: JoAnne Kizer Real Estate Show Phone

Listed By: Thomas Calaman Show Phone

Added: May 13, 2021 Changed: Sep 6 Last Checked: Sep 20 at 8:06PM

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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 commercial property includes an approximately 1,800-square-foot former service station building constructed in 1954. The building has been unoccupied for over 10 years and includes one bathroom.

The property encompasses 2.62 acres, including an adjacent 0.87-acre parcel in New York. The site is located at 7371 Route 328 in Millerton, Pennsylvania, and is offered for commercial use.

Key Highlights

• 2.62‑acre property including an adjacent 0.87‑acre parcel in New York
• Approximately 1,800 square feet of building area
• Former service station building constructed in 1954

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 (±1% cap)

NOI $19,400 @ 7.0% cap · market cap 4.22%

Second Best

Retail

$213.8K

$187.1K – $249.5K (±1% cap)

NOI $14,969 @ 7.0% cap · market cap 3.25%

Theoretical Best

Office A

$570.2K

$499.0K – $665.3K (±1% cap)

NOI $39,917 @ 7.0% cap · market cap 8.68%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Gas stations

Suggested Use

Top Pick HVAC Service Catering Service (Bike/Boat/Book/etc) Store Wine and Liquor Store Restaurant

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Gas station - Former service station offered for commercial use with an existing bathroom.

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: 2.62‑acre property including an adjacent 0.87‑acre parcel in New York; Approximately 1,800 square feet of building area; Former service station building constructed in 1954