Renovated Triplex with Three-Car
New
For Sale
$410,000
908 Richmont Street, Scranton, PA 18509
Residential Income, Scranton, PA
Property Size3,242 SF
Lot Size0.01 Acres
Price / SF$126.47
Days on Market5
Property Features for 908 Richmont Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
Multi-Family
Bedrooms
8
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bathroom 1, Bedroom 5, Bathroom 2, Bedroom 8, Bedroom 7, Bedroom 1, Bathroom 3, Bedroom 2, Bedroom 4, Bedroom 3, Bedroom 6
Fireplace
1
Basement
Apartment
Appliances
Electric Cooktop, Refrigerator, Electric Water Heater, Electric Range
Elementary school district
Scranton
Middle school district
Scranton
High school district
Scranton
Directions
Washington to left on Richmont.
Standard status
Active
APN
13514030004
Size
3,242 SF
Lot size
0.01 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
35X139x34x137 Richmont Park L 6 & Ptl 9 B C W-23 B-103 L-029 P-004
Tax Annual Amount
5704
Legal Description
35X139x34x137 Richmont Park L 6 & Ptl 9 B C W-23 B-103 L-029 P-004
Utilities
Heating system
Natural Gas
Water source
Public
Building Details
Year built
1930
Floors in Building
2
Number of units
3
Roof type
Flat, Shingle
Listing Agency:
EXP Realty LLC
(888) 397-7352
Listed By:
Xiomara Caraballo Mercado · License #RS370253
(570) 851-9475
Added: Sep 20
Changed: Sep 21
Last Checked: Sep 24 at 7:06PM
MLS# SC264722
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 3,242-square-foot triplex, built in 1930, contains three residential units with a mix of two- and four-bedroom layouts. Units 1 and 3 each have two bedrooms and one full bathroom, while Unit 2 has four bedrooms and one full bathroom. The property includes a three-car garage, a basement, public water, natural-gas heat, and both shingle and flat roof sections. Electric cooking appliances and refrigerators are included, and the property has been renovated.
Two units are occupied and one is vacant. Located at 908 Richmont Street in Scranton’s Green Ridge area, the property is near a university and provides access to shopping, dining, transportation, and other amenities. The parcel measures 0.01 acres and carries Multi-Family zoning. The sale is offered as-is, with the buyer responsible for repairs required by the buyer’s lender or appraiser.
Two units are occupied and one is vacant. Located at 908 Richmont Street in Scranton’s Green Ridge area, the property is near a university and provides access to shopping, dining, transportation, and other amenities. The parcel measures 0.01 acres and carries Multi-Family zoning. The sale is offered as-is, with the buyer responsible for repairs required by the buyer’s lender or appraiser.
Key Highlights
- Three‑unit property totaling 3,242 square feet
- Unit mix includes two 2‑bedroom units and one 4‑bedroom unit
- Three‑car garage included
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
$26,736
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
6.52%
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%
$534,720
$534.7K
Cap Rate 7%
$381,943
$381.9K
Cap Rate 9%
$297,067
$297.1K
Market Conditions
NOI Build-Up for 3,242 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
$40.8K $12.60/SF
− Vacancy
−$2.7K −$0.82/SF
EGI
$38.2K $11.78/SF
− OpEx
−$11.5K −$3.53/SF
NOI
$26.7K $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%
$534,720
Cap Rate 7%
$381,943
Cap Rate 9%
$297,067
Alternative Uses
Best Use
Multifamily LT 5
$381.9K
$334.2K – $445.6K
NOI $26,736 @ 7.0% cap · market cap 6.52%
Second Best
Apartment 5plus
$357.1K
$312.4K – $416.6K
NOI $24,994 @ 7.0% cap · market cap 6.10%
Theoretical Best
Office A
$822.9K
$720.0K – $960.0K
NOI $57,602 @ 7.0% cap · market cap 14.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
643
Businesses Nearby
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Business Placement
Demographics for 18509, PA
13,720
Population
6,017
Households
2.3
Avg Household Size
39
Median Age
28%
College-Educated
90%
High-School Grad
3.0 sq mi
ZIP Area
4,573
Density / Sq Mi
$52,206
Median Household Income
$31,657
Median Earnings
$991
Median Rent
$176,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Renovated three-unit property with a two-bedroom, four-bedroom, and two-bedroom unit mix.
Where is this triplex located?
The property is located at 908 Richmont Street Scranton, PA.
What is the asking price?
The asking price for this property is $410,000.
What are key features of this property?
This property features: Three‑unit property totaling 3,242 square feet; Unit mix includes two 2‑bedroom units and one 4‑bedroom unit; Three‑car garage included
