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    Land with Development Potential Title is generated by Realmo AI

    Milwaukee Bennett Street, Old Forge, PA 18518

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    For Sale
    $370,000

    LAND - Old Forge, PA

    Property size:
    3,000 SF
    Lot size:
    2.00 Acres
    Price / SF:
    $123/SF
    Added:
    Apr 9, 2026
    Days on Market:
    37
    Last Refresh:
    May 15 at 5:06 pm

    Property Features for Milwaukee Bennett Street

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    r2
    Standard status
    Active
    APN
    17507-020-016
    Size
    3,000 SF
    Lot size
    2.00 Acres

    Taxes and HOA fees

    Tax Year
    2026
    Tax Annual Amount
    5088

    Utilities

    Utilities
    Cable Available
    Water source
    Public

    Building Details

    Year built
    1940
    Floors in Building
    2
    Number of units
    2

    We can help!

    Listing Contact
    Jason Thomas
    Jason Thomas

    Listing agent Jason Thomas License #RS315014

    Listing office ERA One Source Realty 230 Northern Blvd., Clarks Summit, PA

    Listing date Apr 9, 2026

    MLS# SC261458

    Copyright © 2026 Greater Scranton Board of Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Two houses and an additional parcel of land included in one package.
    • Significant value‑add potential through renovation of existing homes.
    • Development potential on the separate parcel of land (buyer to verify zoning).
    • Opportunity for diverse investment strategies: flip, rent, or multi‑income portfolio.
    • Ideal for investors, contractors, or savvy buyers.
    • Utilities include cable available and public water source.

    Overview

    This rare investment opportunity includes two houses and an additional parcel of land, all offered as a single package. Both homes require renovation, presenting an ideal opportunity for investors, contractors, or buyers seeking to add value. The property offers the potential to flip for profit, renovate and hold as rental properties, or create a multi-income portfolio. The separate parcel of land provides further development potential, suitable for new construction such as townhomes, spec homes, or a custom build. Buyers should verify zoning and permitted uses to confirm development strategies. This property, located in Old Forge, PA, offers multiple properties, development potential, and return possibilities. The property includes approximately 2 acres of land. The property is zoned R2. Please be advised the tax information listed is not correct.

    Financial Insights

    Value Estimation Calculated for Multifamily LT 5

    Conservative
    $274.9K
    NOI $24,740 @ 9.00% cap · cautious / downside scenario
    Moderate
    $353.4K
    NOI $24,740 @ 7.00% cap · market / base-case scenario
    Aggressive
    $494.8K
    NOI $24,740 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Multifamily LT 5

    Component $ $/SF
    Gross rent $37.8k $12.60
    − Vacancy −$2.5k −$0.82
    EGI $35.3k $11.78
    − OpEx −$10.6k −$3.53
    NOI $24.7k $8.25
    3,000 SF · lease $12.60/SF/yr · vacancy 6.50% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Multifamily LT 5
    $353.4K
    $309.3K – $412.3K (±1% cap)
    NOI $24,740 @ 7.0% cap · market cap 6.69%
    Second Best
    Apartment 5plus
    $330.4K
    $289.1K – $385.5K (±1% cap)
    NOI $23,128 @ 7.0% cap · market cap 6.25%
    Theoretical Best
    Office A
    $761.5K
    $666.3K – $888.4K (±1% cap)
    NOI $53,302 @ 7.0% cap · market cap 14.41%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Map

    City
    Old Forge
    County
    Lackawanna
    State
    Pennsylvania
    Longitude
    -75.7405
    Latitude
    41.3713

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    FAQs

    What type of property is this?
    Duplex - Investment opportunity: two houses, land, renovation, and development potential.
    Where is this duplex located?
    The property is located at Milwaukee Bennett Street Old Forge, PA.
    What is the asking price?
    The asking price for this property is $370,000.
    What are key features of this property?
    This property features: Two houses and an additional parcel of land included in one package.; Significant value‑add potential through renovation of existing homes.; Development potential on the separate parcel of land (buyer to verify zoning).
    (570) 309-1095
    We can help!
    Listing Contact
    Jason Thomas
    Jason Thomas
    Real Estate License ID: RS315014
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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