Flex Space with Garage and Two
For Sale
$549,000
1017 Prescott Avenue, Scranton, PA 18510
COMMERCIAL - Scranton, PA
Property Size7,050 SF
Lot Size0.27 Acres
Price / SF$77.87
Days on Market824
Property Features for 1017 Prescott Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C2
Rooms
Basement
Parking
25
Parking features
On Street
Fencing
Chain Link
Basement
Unfinished
Lot features
Level
Elementary school district
Scranton
Middle school district
Scranton
High school district
Scranton
Directions
Petersberg Corners, Ash Street and Prescott, building at 1017 Prescott
Standard status
Active
APN
14618060027
Size
7,050 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
5052
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1945
Floors in Building
2
Number of units
3
Flooring type
Tile, Carpet
Building materials
Stucco
Roof type
Composition
Listing Agency:
ERA One Source Realty · ERA Real Estate
(570) 587-9999
Listed By:
Leah Gianacopoulos · License #RS325414
(570) 947-9250
Added: May 16, 2024
Changed: Aug 4
Last Checked: Aug 17 at 6:06AM
MLS# SC2596
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 flex space in Scranton features a rear garage/workspace and a front house with two apartments. The property is set up for vehicle and equipment access, with large, easily accessible doors designed for convenient entry and exit. Inside, finishes include tile and carpet, with a basement included in the layout. Constructed in 1945, the building materials feature stucco and a composition roof, supported by forced-air heating with natural gas. Parking is available on street, and the property is fenced with chain link. Public water and public sewer service are provided.
The property sits on a 0.27-acre lot and totals 7,050 square feet. It is zoned C2, offering flexibility for buyers looking to combine business space with residential rental or live/work use.
At the same time, the overall configuration supports a range of occupancy options, whether you’re operating from the garage area while using one or both apartments for rental income or as primary living space.
The property sits on a 0.27-acre lot and totals 7,050 square feet. It is zoned C2, offering flexibility for buyers looking to combine business space with residential rental or live/work use.
At the same time, the overall configuration supports a range of occupancy options, whether you’re operating from the garage area while using one or both apartments for rental income or as primary living space.
Key Highlights
- C2 zoned flex space with a rear garage/work area and two apartments
- 0.27‑acre lot with a total of 7,050 SF
- Large, easily accessible garage doors for vehicle and equipment entry/exit
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
$41,136
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
7.49%
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%
$822,720
$822.7K
Cap Rate 7%
$587,657
$587.7K
Cap Rate 9%
$457,067
$457.1K
Market Conditions
NOI Build-Up for 7,050 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
$62.3K $8.83/SF
− Vacancy
−$3.5K −$0.49/SF
EGI
$58.8K $8.34/SF
− OpEx
−$17.6K −$2.50/SF
NOI
$41.1K $5.83/SF
Area
Lackawanna County, PA
Vacancy
5.60%
Lease Rate
$8.83 /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%
$822,720
Cap Rate 7%
$587,657
Cap Rate 9%
$457,067
Alternative Uses
Best Use
Multifamily LT 5
$830.6K
$726.7K – $969.0K
NOI $58,139 @ 7.0% cap · market cap 10.59%
Second Best
Apartment 5plus
$776.4K
$679.4K – $905.9K
NOI $54,351 @ 7.0% cap · market cap 9.90%
Theoretical Best
Office A
$1.79M
$1.57M – $2.09M
NOI $125,259 @ 7.0% cap · market cap 22.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,627
Businesses Nearby
Under-served
Demand for This Use
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 Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - C2 zoned flex property with a garage for vehicles and two apartments in a 1945 stucco building.
Where is this flex space located?
The property is located at 1017 Prescott Avenue Scranton, PA.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: C2 zoned flex space with a rear garage/work area and two apartments; 0.27‑acre lot with a total of 7,050 SF; Large, easily accessible garage doors for vehicle and equipment entry/exit
