Quadplex With Central
For Sale
$329,000
1248-1252 Providence Road, Scranton, PA 18508
Residential Income, Scranton, PA
Property Size3,669 SF
Lot Size0.20 Acres
Price / SF$89.67
Days on Market148
Property Features for 1248-1252 Providence Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
C2
Bedrooms
5
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bedroom 5, Bedroom 1, Bathroom 1, Bathroom 2, Basement, Bathroom 3, Bedroom 3, Bedroom 4, Bathroom 4, Bedroom 2
Basement
Finished
Elementary school district
Scranton
Middle school district
Scranton
High school district
Scranton
Directions
Providence Road, Scranton. Across the street from Fratelli's Restaurant.
Standard status
Active
APN
13420020008
Size
3,669 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8543
Building Details
Year built
1970
Floors in Building
1
Number of units
4
Listing Agency:
ERA One Source Realty · ERA Real Estate
(570) 587-9999
Listed By:
Mark Colarossi
(570) 878-7893
Added: Mar 31
Changed: Aug 19
Last Checked: Aug 25 at 1:06AM
MLS# SC261269
Copyright © 2026 Greater Scranton Board of Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This property at 1248-1252 Providence Road is a quadplex-style building configured as an ideal candidate for an easy conversion into a 4-unit multi-family property. The layout includes a basement and multiple bedrooms and bathrooms, and the property is supported by forced hot air heating and central A/C to help streamline upgrades.
The site includes dedicated onsite surface parking for residents. It is on a 0.2-acre lot and totals 3,669 SF. Constructed in 1970 and zoned C2, the building is positioned for redevelopment in an area described as walkable and surrounded by shopping and dining.
With the core mechanical systems already in place and an existing parking area, this asset is built to support a straightforward path to a multi-unit residential configuration.
The site includes dedicated onsite surface parking for residents. It is on a 0.2-acre lot and totals 3,669 SF. Constructed in 1970 and zoned C2, the building is positioned for redevelopment in an area described as walkable and surrounded by shopping and dining.
With the core mechanical systems already in place and an existing parking area, this asset is built to support a straightforward path to a multi-unit residential configuration.
Key Highlights
- Designed for conversion into a 4‑unit multi‑family property
- Central A/C plus forced hot air heating
- Onsite surface parking lot for residents
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$30,257
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.20%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$605,140
$605.1K
Cap Rate 7%
$432,243
$432.2K
Cap Rate 9%
$336,189
$336.2K
Market Conditions
NOI Build-Up for 3,669 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$46.2K $12.60/SF
− Vacancy
−$3.0K −$0.82/SF
EGI
$43.2K $11.78/SF
− OpEx
−$13.0K −$3.53/SF
NOI
$30.3K $8.25/SF
Area
Lackawanna County, PA
Vacancy
6.50%
Lease Rate
$12.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$605,140
Cap Rate 7%
$432,243
Cap Rate 9%
$336,189
Alternative Uses
Best Use
Multifamily LT 5
$432.2K
$378.2K – $504.3K
NOI $30,257 @ 7.0% cap · market cap 9.20%
Second Best
Apartment 5plus
$404.1K
$353.6K – $471.4K
NOI $28,286 @ 7.0% cap · market cap 8.60%
Theoretical Best
Office A
$931.3K
$814.9K – $1.09M
NOI $65,188 @ 7.0% cap · market cap 19.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
729
Businesses Nearby
Explore this area
Business Placement
Demographics for 18508, PA
11,664
Population
5,466
Households
2.1
Avg Household Size
40
Median Age
18%
College-Educated
90%
High-School Grad
6.8 sq mi
ZIP Area
1,715
Density / Sq Mi
$44,706
Median Household Income
$31,055
Median Earnings
$1,034
Median Rent
$120,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Quadplex with central A/C and forced hot air plus onsite surface parking, zoned C2.
Where is this quadplex located?
The property is located at 1248-1252 Providence Road Scranton, PA.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: Designed for conversion into a 4‑unit multi‑family property; Central A/C plus forced hot air heating; Onsite surface parking lot for residents
