Downtown Mixed-Use Retail/Office With Upside 7 S Main St

60,000 SF 21% Leased Office Building Online Auction Sale Wilkes Barre, PA 18701

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Auction On April 7 - 9, 2025
29 DAYS d
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Auction Starts
749 HRS h
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Auction Ends
Finalizing
$450,000
Starting Bid
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Current Bid
Current Purchase Price
$100,000
Bid Increment
Status
Reserve Not Met
In Progress
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INVESTMENT HIGHLIGHTS

  • This vibrant mixed-use facility provides exceptional office and 1st-floor retail spaces with a prime location at the heart of downtown Wilkes-Barre.
  • The building is located in immediate proximity to Wilkes University and King's College, as well as other colleges and universities.
  • Ground-floor retail space is a former Barnes & Noble, providing a large open floorplate for convenient retrofitting and renovation.
  • Boasting wall-to-wall windows, the property comprises micro-suites and larger office spaces, and a cutting-edge technology workshop and media center.
  • Just off Public Square, walking distance to popular restaurants, boutique shops, large employers, and local attractions.
  • Placed within the cultural and economic center of Northeastern Pennsylvania, the property is supported by a 5-mile population of more than 120,000.

EXECUTIVE SUMMARY

7 S Main Street, the Innovation Center at Wilkes-Barre, is a vibrant, mixed-use retail and office facility at the heart of downtown Wilkes-Barre, Pennsylvania. More than an office building or a traditional business incubator, this exceptional asset provides a place designed to unite energy, ideas, talent, and expertise. The building is currently approximately 21% occupied by a diverse tenant mix that includes the Greater Wilkes-Barre Chamber, as well as marketing agencies, law firms, a psychologist, and several professional services businesses. This situates the property as a prime option for users seeking quality space for their operations or value-add investors hoping to engage a new leasing strategy and increase profitability.

The Innovation Center’s top-tier features and amenities help it stand out from similar properties in the area. Spanning 60,000 square feet across four floors including a finished lower level, the building was built in 1900 and completed a full renovation in 2004. The ground floor retail space includes a full floor plate complete with a large, mostly open floor plan, making the space ideal for easy retrofitting and renovation. The retail suite also contains four private offices, a conference room, and an elevator to dedicated storage space on the lower level. The lower level is home to the THINK center, a 6,000-square-foot technology workshop, and a multimedia center. This cutting-edge space provides local professionals, businesses, colleges, and universities access to shared workshops for research and development as well as private conference rooms for training and presentations. The second floor provides a collection of micro-suites ranging from 172 to 974 square feet, while the upper level has spaces ranging from 2,177 to 6,614 square feet. These versatile spaces make this the perfect solution for both new ventures and growing businesses looking for space in Northeastern Pennsylvania, empowering a new owner’s leasing efforts.

The Innovation Center enjoys an unparalleled location in downtown Wilkes-Barre that provides elevated vehicle and foot traffic, as well as proximity to the city’s most popular amenities and gathering places. The building sits just off Wilkes-Barre’s Public Square, a walkable plaza that serves as the venue for outdoor events throughout the year, from the weekly farmer’s market to the annual Fine Arts Fiesta. Locals and visitors flock to downtown to enjoy the area’s best shopping and dining experiences, providing the property with visibility to more than 5,500 vehicles each day. The location neighbors a Boscov’s Department Store and is within walking distance of top-rated restaurants, including The Burnt Norton, Franklin’s, Circles on the Square, Diamond City Vault Bar & Grill, and many more. A large student population resides in several nearby colleges and universities, providing a robust potential customer base to a new ground floor retail tenant and a strong workforce pipeline to office tenants.

The seat of Luzerne County and the cultural and economic center of Northeastern Pennsylvania, Wilkes-Barre is a charming city on the banks of the Susquehanna River. The area boasts a walk-to-everything lifestyle around the downtown area, where apartments, businesses, and public parks are all easily accessible on foot. Travel by car is equally convenient, with the city bounded by Interstate 81, as well as Highways 315 and 309.

Seize this rare chance to acquire a renovated mixed-use retail and office property with significant lease upside and an unbeatable location in the heart of downtown at 7 S Main Street, the Innovation Center at Wilkes-Barre.

Property tours are by appointment only. Please reach out to the Family Investments Realty team to learn more.

DATA ROOM Click Here to Access

MARKET ANALYTICS Click Here to Access

$99,999

Asset Value

$99,999

12 Month Sales Volume

12 Month Sales Volume
Total
Lowest
Highest
Transactions
999
-
-
Sales Volume
$99,999
$99,999
$99,999
Properties Sold
999
-
-
Transacted SF
999
999
999
Average SF
999
999
999

9.9%

Market Cap Rate

9.9%

Market Sale Price/SF Change (YOY)

12 Month Sales Price
Average
Lowest
Highest
Market
Cap Rate
9.9%
9.9%
9.9%
9.9%
Sale Price/SF
$99,999
$99,999
$99,999
$99,999
Sale Price
$99,999
$99,999
-
-
Sale vs Asking Price
-9.9%
-9.9%
-9.9%
-
% Leased at Sale
9.9%
9.9%
9.9%
-

Market Sale Price per SF

Scranton - PA USA

Market Cap Rate

Scranton - PA USA

Market Sale Price per SF by Star Rating

1 - 2 Star

3 Star

4 - 5 Star

Market Cap Rate by Star Rating

1 - 2 Star

3 Star

4 - 5 Star

Market Sale Price per SF Distribution

Market Cap Rate Distribution

PROPERTY FACTS

Sale Type
Investment
Sale Condition
Auction Sale
Type of Ownership
Fee Simple
Property Type
Office
Property Subtype
Loft/Creative Space
Building Size
60,000 SF
Building Class
B
Year Built/Renovated
1900/2004
Percent Leased
21%
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
15,000 SF
Building FAR
3.28
Lot Size
0.42 AC
Opportunity Zone
Yes
Zoning
C-3 - Commercial Central District

AMENITIES

  • Security System
  • High Ceilings
  • Air Conditioning

SPACE AVAILABILITY

  • SPACE
  • SIZE
  • SPACE USE
  • CONDITION
  • AVAILABLE
  • Lower Level
  • 14,500 SF
  • Office
  • Partial Build-Out
  • Now
  • 1st Floor
  • 14,500 SF
  • Retail
  • Partial Build-Out
  • Now

14,500 + square foot retail space for lease at street level. Incredible exposure to South Main Street in Wilkes Barre, PA. Right next to Public Square! Open floor plan design makes for easy retrofitting and renovation. Central air and heating. Loading dock and freight elevator. Also available is another 14,500 + square feet on the lower level for additional space needs.

  • 2nd Floor
  • 174-13,000 SF
  • Office
  • Full Build-Out
  • Now

Multiple modern and private office spaces available for lease. Ranging from 172 square feet to 974 square feet. All utilities included. Some office space have lots of natural light. Two elevators. Security system and bright lighting throughout. Lease rates for the smallest spaces starting at $24 per square foot.

  • 3rd Floor
  • 2,177-13,000 SF
  • Office
  • Full Build-Out
  • Now

Multiple modern and private office spaces available for lease. Ranging from 2,177 square feet to 6,614 square feet. All utilities included. Some office space have lots of natural light. Two elevators. Security system and bright lighting throughout. Lease rates starting at $14 per square foot.

Space Size Space Use Condition Available
Lower Level 14,500 SF Office Partial Build-Out Now
1st Floor 14,500 SF Retail Partial Build-Out Now
2nd Floor 174-13,000 SF Office Full Build-Out Now
3rd Floor 2,177-13,000 SF Office Full Build-Out Now

Lower Level

Size
14,500 SF
Space Use
Office
Condition
Partial Build-Out
Available
Now

1st Floor

Size
14,500 SF
Space Use
Retail
Condition
Partial Build-Out
Available
Now

2nd Floor

Size
174-13,000 SF
Space Use
Office
Condition
Full Build-Out
Available
Now

3rd Floor

Size
2,177-13,000 SF
Space Use
Office
Condition
Full Build-Out
Available
Now
Walk Score®
Very Walkable (83)

DEMOGRAPHICS

Demographics

1 Mile 1 Mi. 3 Miles 3 Mi. 5 Miles 5 Mi.
1 Mile
3 Mile
5 Mile
2024 Population
24,627
92,718
120,143
2020 Population
23,469
92,050
119,951
2029 Population
24,826
92,761
120,070
2024-2029 Projected Population Growth
0.8%
0.1%
-0.1%
Daytime Employees
19,780
55,534
70,698
Total Businesses
1,979
6,220
8,111
Average Household Income
$51,727
$65,564
$68,372
Median Household Income
$37,858
$50,462
$52,830
Total Consumer Spending
$193.4M
$1B
$1.3B
Median Age
33.5
38.9
40.3
2024 Households
9,316
38,967
51,064
Percent College Degree or Above
11%
13%
13%
Average Home Value
$101,841
$129,168
$136,543

ZONING

Zoning Code C-3 (Commercial Central District)

PROPERTY TAXES

SALE ADVISOR

SALE ADVISOR

(570) 961-0222
Contact
Jahan Tabatabaie, Broker/Owner
(570) 961-0222
Contact
Jahan has been licensed in the real estate brokerage business since 2003, including as a real estate broker (associate) since 2007. He has over 15 years of multi-family management experience including as manager of a 130+ unit apartment complex with a full-time maintenance and clerical staff.

In addition to his management experience, he has directly partaken in 1031 exchange transactions multiple times successfully. When it comes to understanding expectations of Buyers and Sellers, Jahan is right there, comfortably with you.

Jahan is also active with local organizations including the Penn State Scranton Advisory Board, the Penn State Scranton Alumni Society Board, LIFE, The Institute for Public Policy and Economic Development, Greater Scranton Chamber of Commerce, the North Pocono Youth Soccer League, and the North Pocono Dandylion Little League. He was a long-time member of the Lackawanna County Workforce Development Board including as Chairman of the Procurement Committee,  and has taught introductory microeconomics and macroeconomics as an adjunct faculty member for the University of Scranton and for Penn State Scranton.

His undergraduate degree is from The Pennsylvania State University where he was a Schreyer Honors Scholar majoring in Economics with a minor in Political Science. He then went to Columbia University earning his master’s degree in Economic Policy Management from the School of International and Public Affairs.

After spending some time in New York working with non-governmental organizations, he returned to Pennsylvania to pursue real estate full-time.

He is married to Leanna, and they have two spry, spunky kids.

ABOUT THE AUCTION PLATFORM

Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
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AUCTION CONTACT

Sophy Cardenas
Auctioneer License: Ten-X Arlene Richardson RE Broker RB068364. Ten-X Commercial Auction Firm AY002443, Auctioneer Arlene Richardson AU006275
  • Listing ID: 34494996

  • Date on Market: 1/28/2025

  • Last Updated:

  • Address: 7 S Main St, Wilkes Barre, PA 18701