696 Pennsylvania 590, Lackawaxen, PA 18435
696 Pennsylvania 590, Lackawaxen, PA 18435
696 Pennsylvania 590, Lackawaxen, PA 18435
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Andie Katz

Andie Katz

+1(570) 775-5177
Listed by Amanda Brehm Keller Williams Realty Hudson Valley United
$499,900
Est. payment /mo
5 Beds
4 Baths
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UPDATED:

Key Details

Property Type Multi-Family

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

Municipality Lackawaxen Township - 05

MLS Listing ID PW-262066

Bedrooms 5

Full Baths 4

HOA Y/N false

Year Built 1950

Property Sub-Type Multi Family

Source Pike/Wayne Association of REALTORS®

Property Description

Exceptional Mixed-Use Investment Opportunity in the Heart of Lackawaxen! Ideally situated along highly traveled PA-590 just minutes from the historic Roebling Bridge, the scenic Delaware River, and endless outdoor recreation, this five-unit mixed-use property presents an outstanding opportunity for investors seeking immediate cash flow with exceptional value-add potential. Featuring one commercial storefront and four residential apartments, the property currently generates income from the four occupied residential units while the approximately 1,225-square-foot commercial storefront remains vacant, offering an immediate opportunity for owner occupancy or additional rental income. Based on the property's current income, it operates at an approximate 3.74% cap rate. Once the vacant storefront is leased at projected market rent, the property is projected to achieve an approximate 6.98% pro forma cap rate, with even greater upside available as all residential tenants are currently on month-to-month leases with rents below market value, allowing future owners the opportunity to further increase income and maximize returns over time. The first-floor commercial space encompasses approximately 1,225 square feet and offers exceptional flexibility for a retail business, office, gallery, café, professional services, or a variety of other permitted commercial uses. Rich in character, the space features beautiful oak hardwood floors, exposed wood beams, an impressive stone wood-burning fireplace, oversized bay display windows that flood the space with natural light, a half bath, and an adjoining room with its own private entrance that can be incorporated into the main storefront or utilized as additional office, retail, or storage space. Also on the first floor is a private two-bedroom apartment complete with its own entrance, kitchen, living room, full bath, and hardwood flooring throughout. The second floor offers three additional apartments, each with private entrances, kitchens, living areas, and baths, creating diversified rental income and strong occupancy potential. Four separate electric meters allow the residential tenants to pay their own electric, while the commercial storefront currently shares electric with the first-floor apartment. The storefront is serviced by forced-air heat, while the residential units are heated by baseboard heat.

Outside, the property's rustic wood exterior blends beautifully with the natural surroundings and is complemented by an attractive stone foundation, covered front porch with bluestone walkways, private entrances for each tenant, generous front and rear parking areas, detached garage/storage space, private well, and an engineered septic system. Perfectly positioned just minutes from the Delaware River, Roebling Bridge, hiking trails, fishing, kayaking, and the many recreational destinations that make the Upper Delaware region so desirable, the location offers an ideal balance of visibility, convenience, and small-town charm while remaining an easy drive to Hawley, Milford, and commuter routes into New York and New Jersey.

Being offered As-Is as part of an estate, this is a rare opportunity to acquire a versatile mixed-use investment with multiple avenues for increasing value. Investors can immediately improve returns by leasing the vacant commercial storefront, while the below-market residential rents provide additional long-term upside beyond the projected pro forma. Whether you're looking to expand your investment portfolio, establish your own business while generating residential rental income, or reposition the property for stronger cash flow, this well-located mixed-use asset offers immediate income, substantial future earning potential, and a location that continues to attract both residents and businesses alike.

Location

State PA

County Pike

Rooms

Basement Dirt Floor, Full, Storage Space, Walk-Out Access

Interior

Interior Features Beamed Ceilings, Bookcases, Built-in Features, High Speed Internet, Open Floorplan, Storage, Walk-In Closet(s)

Heating Baseboard, Forced Air, Propane

Cooling Wall Unit(s), Window Unit(s)

Flooring Hardwood

Fireplaces Number 1

Fireplaces Type Stone, Wood Burning

Equipment Negotiable

Fireplace Yes

Exterior

Exterior Feature Lighting, Private Entrance, Rain Gutters, Storage

Parking Features Driveway

Utilities Available Cable Available, Electricity Connected, Phone Available, Propane

View Y/N No

Roof Type Asphalt,Shingle

Porch Covered

Total Parking Spaces 1

Garage No

Building

Lot Description Back Yard, Few Trees, Sloped

Foundation Block, Stone

Sewer Engineered Septic

Water Well

Structure Type Frame,Wood Siding

Others

Tax ID 019.04-01-52 024576

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

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Andie Katz

Andie Katz

+1(570) 775-5177

Associate Broker | REALTOR® | License ID: AB069370

Associate Broker | REALTOR® License ID: AB069370

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