551 South Franklin Street

Wilkes-Barre PA 18702

2648 sq. ft.

0.29 ac.

Multi-Family

Currently for sale - view listing

Overview

This beautifully updated vintage brownstone brings classic curb appeal and investment potential to a prime Wilkes-Barre location between Wilkes University and Geisinger's medical facilities. Thoughtful improvements complement the building's original charm, and the neighboring sister property is available for purchase as part of a two-property package. Together, the properties offer an expansive fenced-in yard and off-street parking for every unit.Offered at 500,000, the two-property package projects more than 1,000 per month in cash flow after debt service, a 9 percent cap rate, and a 15 percent internal rate of return, with potential to grow income through future rent increases.There's more to explore behind 551-553. A separately assessed, commercially zoned rear parcel with alley access is excluded from the financial projections and offers potential for additional development. Buyers interested in an accessory dwelling unit or another use can confirm permitted uses and approval requirements with the municipality.Call to schedule a private showing and review the property details, package financials, and rear parcel. All utilities are completely separated.