109 Thomas AveKingston, PA 18704

Property Details for 109 Thomas Ave

Lot size

0.14 AC

Property type

Apartment buildings

APN

34-H9NE2-028-01A

APU

34H9NE202801A

Description

This exceptional investment opportunity presents an eight-unit apartment building located at 109 N Thomas Ave, Kingston, PA 18704. The property, built in 1920, boasts 6,500 square feet across two stories and sits on a 0.09-acre lot. Currently zoned C2, this Class C multifamily building offers a compelling value-add proposition. With eight units, each priced at $124,875, the asking price is $999,000, translating to a price per square foot of $153.69. The property's strong financial performance is highlighted by a pro-forma NOI of $78,032 and a pro-forma cap rate of 7.81%. Situated in Kingston's thriving downtown, this building benefits from its proximity to a vibrant array of shops, restaurants, and entertainment venues, ensuring high tenant demand. The building is in excellent condition, requiring minimal maintenance, promising a steady stream of rental income and significant potential for future value appreciation. This is a rare opportunity to acquire a well-maintained, high-performing multifamily property in a desirable location. The property's combination of strong financials, prime location, and minimal maintenance requirements makes it an ideal investment for discerning buyers seeking a stable and profitable addition to their portfolio.

• CAP approach

  CAP return

  Valuation

  6%

  $1,167,121

  6.5%

  $1,077,342

  7%

  $1,000,389

• Comparable approach

  Method

  Valuation

  Relative Method

  $724,767

  Geo Method

  $1,234,985

• Alternative Use

  Use

  Valuation

  Residential

  $1,077,342

  Hospitality

  $986,840

  Educational

  $821,039

  Medical

  $849,276

  Retail

  $1,277,172

Location Insight

City

Kingston

County

Luzerne

State

Pennsylvania

Latitude

41.2581

Longitude

-75.8887

CBSA code

42540

CBSA name

SCRANTON--WILKES-BARRE, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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