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    Spacious Multi-Unit Investment Property Title is generated by Realmo AI

    220 Colfax Avenue, Scranton, PA 18510

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    Pending
    $299,000

    MULTI_FAMILY - Scranton, PA

    Property size:
    3,259 SF
    Lot size:
    0.15 Acres
    Added:
    May 12, 2026
    Days on Market:
    17
    Last Refresh:
    May 28 at 3:06 pm

    Property Features for 220 Colfax Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R#
    Bedrooms
    7
    Bathrooms
    3
    Rooms
    Bedroom 2, Bedroom 5, Bathroom 3, Bedroom 3, Bedroom 4, Bathroom 2, Bathroom 1, Basement, Bedroom 6, Bedroom 1, Bedroom 7
    Parking features
    Driveway, On Street, Offsite
    Patio and Porch features
    Porch
    Interior features
    Ceiling Fan(s)
    Fireplace
    1
    Basement
    Block
    Appliances
    Free-Standing Refrigerator, Gas Oven
    Standard status
    Pending
    APN
    15714020011
    Size
    3,259 SF
    Lot size
    0.15 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    40X160 Li&C Town Plot L 5 B 188 W-17 B-061A L-019 P-005
    Tax Annual Amount
    5349

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas
    Cooling system
    Ceiling Fan(s)
    Water source
    Public

    Building Details

    Year built
    1930
    Floors in Building
    3
    Number of units
    3
    Flooring type
    Vinyl, Hardwood
    Building materials
    Wood Siding
    Roof type
    Asphalt

    We can help!

    Listing Contact
    Diane Stracham
    Diane Stracham

    Listing agent Diane Stracham License #RS318034

    Listing office ERA One Source Realty 230 Northern Blvd., Clarks Summit, PA

    Listing date May 12, 2026

    MLS# SC262146 Listing URL

    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.

    HighLights

    • Prime location next to Geisinger Medical Center, close to Nay Aug Park and The University of Scranton.
    • Strong rental income potential due to three spacious units with large eat‑in kitchens.
    • Over 3200 square feet of living space.
    • Updated first and second floor units.
    • Separate electrical panels for each unit.
    • Beautiful woodwork throughout the building.

    Overview

    This large three-unit property, offering over 3200 square feet of living space, presents a great investment opportunity. It is located next to Geisinger Medical Center, blocks away from Nay Aug Park, and close to The University of Scranton. The building features three spacious units with two and three-bedroom layouts, each including large eat-in kitchens, making it ideal for strong rental income. Each unit has separate electrical panels. The first and second floors have been updated. Situated on a lot of 0.15 acres, this property has strong rental potential in a prime location and can be very profitable for investors or anyone looking to grow their portfolio. The property is located in Scranton, Lackawanna County, Pennsylvania.

    Financial Insights

    Value Estimation Calculated for Multifamily LT 5

    Conservative
    $298.6K
    NOI $26,876 @ 9.00% cap · cautious / downside scenario
    Moderate
    $383.9K
    NOI $26,876 @ 7.00% cap · market / base-case scenario
    Aggressive
    $537.5K
    NOI $26,876 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Multifamily LT 5

    Component $ $/SF
    Gross rent $41.1k $12.60
    − Vacancy −$2.7k −$0.82
    EGI $38.4k $11.78
    − OpEx −$11.5k −$3.53
    NOI $26.9k $8.25
    3,259 SF · lease $12.60/SF/yr · vacancy 6.50% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Multifamily LT 5
    $383.9K
    $336.0K – $447.9K (±1% cap)
    NOI $26,876 @ 7.0% cap · market cap 8.99%
    Second Best
    Apartment 5plus
    $358.9K
    $314.1K – $418.8K (±1% cap)
    NOI $25,125 @ 7.0% cap · market cap 8.40%
    Theoretical Best
    Office A
    $827.2K
    $723.8K – $965.1K (±1% cap)
    NOI $57,904 @ 7.0% cap · market cap 19.37%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Scranton
    County
    Lackawanna
    State
    Pennsylvania
    Longitude
    -75.647726
    Latitude
    41.399423

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    FAQs

    What type of property is this?
    Triplex - Three-unit property near Geisinger Medical Center and University of Scranton.
    Where is this triplex located?
    The property is located at 220 Colfax Avenue Scranton, PA.
    What is the asking price?
    The asking price for this property is $299,000.
    What are key features of this property?
    This property features: Prime location next to Geisinger Medical Center, close to Nay Aug Park and The University of Scranton.; Strong rental income potential due to three spacious units with large eat‑in kitchens.; Over 3200 square feet of living space.
    (570) 241-3982
    We can help!
    Listing Contact
    Diane Stracham
    Diane Stracham
    Real Estate License ID: RS318034
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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