1225 Main StOld Forge, PA 18518

  • Residential income properties
  • 0.24 AC
For Sale
$549,900 View listing

Property Details for 1225 Main St

Year built
1920
Lot size
0.24 AC
Property type
Residential income properties
Property subtype
Other apartment buildings
APN
18411010021
APU
18411010021

Description

This exceptional investment opportunity presents a well-maintained six-unit apartment building located at 1225 S Main St, Old Forge, PA 18518. The property, built in 1920, boasts 5,321 square feet across three stories and sits on a spacious lot that includes an additional parcel. This presents significant potential for expansion, additional parking, or other development projects. The building is zoned CT009. Five of the six units are currently rented, generating immediate income. Each unit features individually metered electricity, simplifying tenant management. The landlord provides comprehensive services, including water, gas, sewer, taxes, insurance, snow removal, and lawn care, minimizing operational burdens. The asking price is $549,900, translating to $103.35 per square foot and $91,650 per unit. Note that flood insurance is required for this property. This turnkey investment offers a strong return and significant upside potential in a desirable location. The property's solid rental history and comprehensive landlord services make it an attractive option for investors seeking a stable and profitable venture. The inclusion of an additional lot further enhances the long-term value and development possibilities.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $3,256,548
    6.5%
    $3,006,045
    7%
    $2,791,327
  • Comparable approach

    Method
    Valuation
    Relative Method
    $2,155,465
    Geo Method
    $2,141,073
  • Alternative Use

    Use
    Valuation
    Residential
    $3,006,045
    Hospitality
    $2,753,521
    Educational
    $2,290,897
    Medical
    $2,369,684
    Retail
    $3,563,618
1225 Main St, Old Forge, Pennsylvania

Location Insight

City
Old Forge
County
Lackawanna
State
Pennsylvania
Latitude
41.359
Longitude
-75.7497
CBSA code
42540
CBSA name
SCRANTON--WILKES-BARRE, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2024
$3,215
$2,500
$11,400
$13,900
-
$2,500
$11,400
$13,900

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