Building Details

Year Renovated 2022

Listing Agency: EXP Realty LLC c***@exprealty.com Show Phone

Listed By: Christine Ives Polizzi · License #RS360064 Show Phone

Source: Exprealty

Added: Jun 29 Changed: Aug 20 Last Checked: Aug 24 at 10:57AM

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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 EXP Realty LLC

Investment Insights

Based on property information with market context.

This 1,811-square-foot side-by-side duplex contains two residential units, each arranged with two bedrooms and one bathroom. Both units have separate electric, gas, and heating systems, while water and sewer are shared. Off-street parking serves the property, and a backyard with a patio, deck, and fire pit provides additional outdoor space.

Renovations completed in 2022 include the roof, gutters, windows, electrical service, tankless water heaters, siding, furnaces, insulation, flooring, kitchens, bathrooms, appliances, and ductless heating and air conditioning systems. Current tenants occupy the units under month-to-month leases. The property is located near Interstate 81, shopping, dining, and local amenities, and is reported with a 9 percent cap rate.

Key Highlights

• Two‑unit duplex with 2 beds/1 bath per unit
• 1,811 square feet of residential income property
• Extensive renovations completed in 2022

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

$14,615

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

5.62%

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%

$292,300 $292.3K

Cap Rate 7%

$208,786 $208.8K

Cap Rate 9%

$162,389 $162.4K

Market Conditions

NOI Build-Up for 1,811 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

$22.8K $12.60/SF

− Vacancy

−$1.9K −$1.07/SF

EGI

$20.9K $11.53/SF

− OpEx

−$6.3K −$3.46/SF

NOI

$14.6K $8.07/SF

Area

Luzerne County, PA

Vacancy

8.50%

Lease Rate

$12.60 /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%

$292,300

Cap Rate 7%

$208,786

Cap Rate 9%

$162,389

Alternative Uses

Best Use

Multifamily LT 5

$208.8K

$182.7K – $243.6K (±1% cap)

NOI $14,615 @ 7.0% cap · market cap 5.62%

Second Best

Apartment 5plus

$193.6K

$169.4K – $225.9K (±1% cap)

NOI $13,555 @ 7.0% cap · market cap 5.21%

Theoretical Best

Office A

$573.7K

$502.0K – $669.4K (±1% cap)

NOI $40,161 @ 7.0% cap · market cap 15.45%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office HVAC Service Hair Salon Pharmacy

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

Lease Details

2

Residential units

Yes

Highway access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

265

Businesses Nearby

Explore this area Business Placement

Demographics for 18641, PA

6,608

Population

3,077

Households

2.1

Avg Household Size

47

Median Age

17%

College-Educated

96%

High-School Grad

4.5 sq mi

ZIP Area

1,468

Density / Sq Mi

$74,469

Median Household Income

$43,043

Median Earnings

$956

Median Rent

$142,500

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Duplex - Two two-bedroom units offer separate utilities, month-to-month leases, and off-street parking.

Where is this duplex located?

The property is located at 843 Spring St Avoca, PA.

What is the asking price?

The asking price for this property is $260,000.

What are key features of this property?

This property features: Two‑unit duplex with 2 beds/1 bath per unit; 1,811 square feet of residential income property; Extensive renovations completed in 2022