Three-Unit Triplex with
For Sale
$260,000
1011 W Market St, Scranton, PA 18508
Three distinct apartments, tenant-paid electric, off-street parking, and a detached garage support practical ownership.
Property Size2,830 SF
Price / SF$91.87
Days on Market11
Property Features for 1011 W Market St
General Information
Standard status
Active
Size
2,830 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 1BR, 2 x 2BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$287
Amenities
off-street parking
detached two-car garage
yard
Listing Agency:
SIX PM LLC
Listed By:
Jeremy J Watson · License #RM425357
(570) 352-5162
Source:
Exprealty
Added: Aug 31
Changed: Sep 8
Last Checked: Sep 9 at 9:44AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of SIX PM LLC
Investment Insights
Based on property information with market context.
This 2,830-square-foot triplex contains three separate apartments arranged across three floors. The first level has a one-bedroom unit, while the second and third floors each offer a two-bedroom apartment. Tenants pay their own electric service, and the property includes off-street parking, a detached two-car garage, and a yard.
The property is located at 1011 W Market St in Scranton, near shopping, restaurants, colleges, and other major amenities. The combination of multiple residential units, additional garage space, and outdoor area provides a straightforward multifamily configuration for an owner evaluating a residential income property.
The property is located at 1011 W Market St in Scranton, near shopping, restaurants, colleges, and other major amenities. The combination of multiple residential units, additional garage space, and outdoor area provides a straightforward multifamily configuration for an owner evaluating a residential income property.
Key Highlights
- 2,830‑square‑foot triplex with three apartments
- Unit mix includes one 1‑bedroom and two 2‑bedroom apartments
- Detached 2‑car garage
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
$23,338
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
8.98%
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%
$466,760
$466.8K
Cap Rate 7%
$333,400
$333.4K
Cap Rate 9%
$259,311
$259.3K
Market Conditions
NOI Build-Up for 2,830 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
$35.7K $12.60/SF
− Vacancy
−$2.3K −$0.82/SF
EGI
$33.3K $11.78/SF
− OpEx
−$10.0K −$3.53/SF
NOI
$23.3K $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%
$466,760
Cap Rate 7%
$333,400
Cap Rate 9%
$259,311
Alternative Uses
Best Use
Multifamily LT 5
$333.4K
$291.7K – $389.0K
NOI $23,338 @ 7.0% cap · market cap 8.98%
Second Best
Apartment 5plus
$311.7K
$272.7K – $363.6K
NOI $21,817 @ 7.0% cap · market cap 8.39%
Theoretical Best
Office A
$718.3K
$628.5K – $838.0K
NOI $50,281 @ 7.0% cap · market cap 19.34%
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
519
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
Check the figures for this property
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 - Three distinct apartments, tenant-paid electric, off-street parking, and a detached garage support practical ownership.
Where is this triplex located?
The property is located at 1011 W Market St Scranton, PA.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: 2,830‑square‑foot triplex with three apartments; Unit mix includes one 1‑bedroom and two 2‑bedroom apartments; Detached 2‑car garage
