Versatile Building on Fenced
For Sale
$1,400,000
777 S Franklin St, Wilkes Barre, PA 18702
22,000 sq ft building with 9 garage bays.
Property Size22,000 SF
Lot Size2.00 Acres
Price / SF$63.64
Days on Market104
Property Features for 777 S Franklin St
General Information
Standard status
Active
Size
22,000 SF
Lot size
2.00 Acres
Building Details
Year Built
1950
Listing Agency:
RE/MAX Preferred - Cherry Hill
(570) 351-5242
Listed By:
Alexander Schwartz · License #RS354220
Source:
Kandorre
Added: May 19
Changed: Aug 25
Last Checked: Aug 29 at 11:56AM
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 RE/MAX Preferred - Cherry Hill
Investment Insights
Based on property information with market context.
This versatile 22,000 sq ft building is situated on a 2-acre fully fenced lot in Wilkes Barre. The structure includes 9 garage bays, one of which features a 24 ft high ceiling. It is equipped with 400 Amp and 3-phase electric power. The property also features 4 hydraulic working lifts, making it suitable for an automotive business. There are 2 offices within the building. The property's versatility makes it suitable for a variety of businesses.
Key Highlights
- 22,000 sq ft building on a 2‑acre fully fenced lot.
- Benefit from 9 garage bays, including one 24 ft high bay.
- Includes 4 hydraulic working lifts.
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
$121,414
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
8.67%
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%
$2,428,280
$2.4M
Cap Rate 7%
$1,734,486
$1.7M
Cap Rate 9%
$1,349,044
$1.3M
Market Conditions
NOI Build-Up for 22,000 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
$192.7K $8.76/SF
− Vacancy
−$19.3K −$0.88/SF
EGI
$173.4K $7.88/SF
− OpEx
−$52.0K −$2.37/SF
NOI
$121.4K $5.52/SF
Area
Luzerne County, PA
Vacancy
10.00%
Lease Rate
$8.76 /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%
$2,428,280
Cap Rate 7%
$1,734,486
Cap Rate 9%
$1,349,044
Alternative Uses
Best Use
Retail
$2.61M
$2.29M – $3.05M
NOI $182,952 @ 7.0% cap · market cap 13.07%
Second Best
Industrial
$1.73M
$1.52M – $2.02M
NOI $121,414 @ 7.0% cap · market cap 8.67%
Theoretical Best
Office A
$6.97M
$6.10M – $8.13M
NOI $487,872 @ 7.0% cap · market cap 34.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
758
Businesses Nearby
7k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 81%
Dining 19%
AutoZone
Shops & Services
5,877 visits/mo
0.4 miles
Krispy Krunchy Chicken
Dining
1,362 visits/mo
0.2 miles
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 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?
Automotive property - 22,000 sq ft building with 9 garage bays.
Where is this automotive property located?
The property is located at 777 S Franklin St Wilkes Barre, PA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 22,000 sq ft building on a 2‑acre fully fenced lot.; Benefit from 9 garage bays, including one **24 ft high bay**.; Includes **4 hydraulic working lifts**.
