Three-Unit Property with Updated
For Sale
$299,000
Pending
2309 Ash Street, Scranton, PA 18510
Residential Income, Scranton, PA
Property Size3,426 SF
Lot Size0.34 Acres
Days on Market136
Property Features for 2309 Ash Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 3, Bathroom 1, Bedroom 4, Basement, Bedroom 6, Bedroom 3, Bedroom 5, Bedroom 2, Bedroom 1
Basement
Full
Appliances
Gas Cooktop, Refrigerator, Washer/Dryer
Elementary school district
Scranton
Middle school district
Scranton
High school district
Scranton
Directions
US 11 South. Continue on US 11 South. Merge onto I-81 South. Take exit 185 toward Central Scranton Expressway. Continue onto Central Scranton Expressway. Turn right onto Ash Street. Arrive at 2309 Ash Street.
Standard status
Pending
APN
15707040026
Size
3,426 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4848
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Hot Water(Heating), Steam
Water source
Public
Amenities
laundry rooms
detached garage
Building Details
Year built
1930
Floors in Building
3
Number of units
3
Building materials
Aluminum Siding
Roof type
Asphalt
Listing Agency:
Keller Williams Real Estate-Clarks Summit · Keller Williams Realty
(570) 585-5800
Listed By:
The Bill Chupko Team · License #RS336156
(570) 588-8030
Added: Apr 16
Changed: Aug 26
Last Checked: Aug 29 at 3:06AM
MLS# SC261602
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 residential triplex contains 3 units within a 3,426-square-foot property on 0.34 acres. Each residence includes 2 bedrooms, 1 bathroom, a living room, and an updated kitchen. Units 1 and 2 also have dedicated laundry rooms. A full basement adds storage and utility space, while the property includes a detached garage and off-street parking.
Constructed in 1930, the building has aluminum siding, an asphalt roof, natural gas heating with steam and hot water systems, public water, and public sewer. The property is zoned Residential and is located near hospitals and colleges in Scranton, Pennsylvania.
Constructed in 1930, the building has aluminum siding, an asphalt roof, natural gas heating with steam and hot water systems, public water, and public sewer. The property is zoned Residential and is located near hospitals and colleges in Scranton, Pennsylvania.
Key Highlights
- 3‑unit residential property with 3,426 square feet on 0.34 acres
- Each unit includes 2 bedrooms, 1 bathroom, a living room, and an updated kitchen
- Units 1 and 2 feature dedicated laundry rooms
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
$26,412
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
8.83%
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%
$528,240
$528.2K
Cap Rate 7%
$377,314
$377.3K
Cap Rate 9%
$293,467
$293.5K
Market Conditions
NOI Build-Up for 3,426 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
$51.0K $14.88/SF
− Vacancy
−$3.0K −$0.86/SF
EGI
$48.0K $14.02/SF
− OpEx
−$21.6K −$6.31/SF
NOI
$26.4K $7.71/SF
Area
Lackawanna County, PA
Vacancy
5.80%
Lease Rate
$14.88 /SF/Yr
Expense Ratio
45.00%
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%
$528,240
Cap Rate 7%
$377,314
Cap Rate 9%
$293,467
Alternative Uses
Best Use
Multifamily LT 5
$403.6K
$353.2K – $470.9K
NOI $28,253 @ 7.0% cap · market cap 9.45%
Second Best
Apartment 5plus
$377.3K
$330.2K – $440.2K
NOI $26,412 @ 7.0% cap · market cap 8.83%
Theoretical Best
Office A
$869.6K
$760.9K – $1.01M
NOI $60,871 @ 7.0% cap · market cap 20.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
321
Businesses Nearby
Explore this area
Business Placement
Demographics for 18510, PA
14,110
Population
5,824
Households
2.4
Avg Household Size
31
Median Age
28%
College-Educated
88%
High-School Grad
1.8 sq mi
ZIP Area
7,839
Density / Sq Mi
$52,500
Median Household Income
$25,282
Median Earnings
$1,040
Median Rent
$178,000
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?
Triplex - Residential triplex offering consistent unit layouts, resident parking, and additional storage in a multifamily setting.
Where is this triplex located?
The property is located at 2309 Ash Street 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: 3‑unit residential property with 3,426 square feet on 0.34 acres; Each unit includes 2 bedrooms, 1 bathroom, a living room, and an updated kitchen; Units 1 and 2 feature dedicated laundry rooms
