1225 Main StOld Forge, PA 18518

Property Details for 1225 Main St

Year built

1920

Lot size

0.24 AC

Property type

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.

• 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

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

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