650 Washington AveJermyn, PA 18433

Property Details for 650 Washington Ave

Lot size

0.11 AC

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

731204006800

APU

731204006800

Description

This exceptional mixed-use property in Jermyn, PA, presents a rare opportunity for savvy investors and entrepreneurs. The 5,300 square foot building boasts a thriving, 50-year-old restaurant with seating for nearly 100 patrons. The restaurant is immediately profitable, having been meticulously maintained and updated by the same owner for the past 20 years. Recent improvements include a new forced hot air heating and air conditioning system, roof, windows, and siding, ensuring years of maintenance-free operation. All restaurant equipment, including coolers, freezers, and fountains, is included in the sale. A significant advantage is the current owner's willingness to assist with a smooth transition, offering their expertise as an employee or consultant. Adding to the investment potential, three fully rented apartments (two one-bedroom/one-bathroom and one two-bedroom/one-bathroom) are located above the restaurant, offering below-market rents and long-term tenants. The property also includes a spacious parking lot accommodating 35-40 vehicles, situated adjacent to the building. This 0.46-acre lot provides ample space for customers and residents. This turnkey operation offers immediate income streams from both the restaurant and rental units, making it an attractive and financially sound investment.

• CAP approach

  CAP return

  Valuation

  6%

  $1,140,227

  6.5%

  $1,052,517

  7%

  $977,338

• Comparable approach

  Method

  Valuation

  Relative Method

  $603,761

  Geo Method

  $599,729

• Alternative Use

  Use

  Valuation

  Residential

  $1,305,122

  Hospitality

  $1,195,484

  Educational

  $994,629

  Medical

  $1,028,836

  Retail

  $1,547,200

Location Insight

City

Jermyn

County

Lackawanna

State

Pennsylvania

Latitude

41.5321

Longitude

-75.5442

CBSA code

42540

CBSA name

SCRANTON--WILKES-BARRE, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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