Scranton Multifamily Investment
621-623 Madison Avenue Scranton, PA 18510
621-623 Madison Avenue, Scranton, PA, 18510
$659,000
For Sale
$659,000
MULTI_FAMILY - Scranton, PA
Property Size4,075 SF
Lot Size0.15 Acres
Price / SF$161.72
Days on Market93
Property Features for 621-623 Madison Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- R2
- Standard status
- Active
- APN
- 14677020024
- Size
- 4,075 SF
- Lot size
- 0.15 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 3742
Building Details
- Year built
- 1940
- Floors in Building
- 3
- Number of units
- 7
Listing Agency
ERA One Source Realty
(570) 587-9999
230 Northern Blvd., Clarks Summit, PA
Listed by
Sunita Arora · License #RM061605A
(570) 510-5840
Added: Apr 17 Checked: Jul 18 at 9:06 pm
MLS# SC261606
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 is a seven-unit multifamily building located in the Hill Section of Scranton, Pennsylvania. The property is situated in close proximity to major hospitals, universities, and a medical school. The building offers an investment opportunity with tenants responsible for paying their individual water and electric utilities. The lot size is 0.15 acres. The building has a total area of 4075 square feet. The zoning is R2.
Key Highlights
- Prime location in the heart of the Hill Section
- Excellent investment opportunity
- Tenants pay separate water and electric
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $60.6k | $14.88 |
| − Vacancy | −$3.5k | −$0.86 |
| EGI | $57.1k | $14.02 |
| − OpEx | −$25.7k | −$6.31 |
| NOI | $31.4k | $7.71 |
4,075 SF · lease $14.88/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$448.8K
$392.7K – $523.6K
NOI $31,416 @ 7.0% cap · market cap 4.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.03M
$905.0K – $1.21M
NOI $72,402 @ 7.0% cap · market cap 10.99%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
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FAQs
What type of property is this?
Apartment building - Seven-unit building near hospitals and universities in Scranton, Pennsylvania.
Where is this apartment building located?
The property is located at 621-623 Madison Avenue Scranton, PA.
What is the asking price?
The asking price for this property is $659,000.
What are key features of this property?
This property features: Prime location in the heart of the Hill Section; Excellent investment opportunity; Tenants pay separate water and electric
