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    Versatile Commercial Property in Scranton Title is generated by Realmo AI

    1017 Prescott Avenue, Scranton, PA 18510

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    Pending
    $549,000

    COMMERCIAL - Scranton, PA

    Property size:
    7,050 SF
    Lot size:
    0.27 Acres
    Added:
    May 16, 2024
    Days on Market:
    729
    Last Refresh:
    May 14 at 9:06 pm

    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
    Standard status
    Pending
    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
    Carpet, Tile
    Building materials
    Stucco
    Roof type
    Composition

    We can help!

    Listing Contact
    Leah Gianacopoulos
    Leah Gianacopoulos

    Listing agent Leah Gianacopoulos License #RS325414

    Listing office ERA One Source Realty 230 Northern Blvd., Clarks Summit, PA

    Listing date May 16, 2024

    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.

    HighLights

    • Massive garage space suitable for art studio, warehouse, or storage.
    • Two apartments in the front house offer rental income potential.
    • Opportunity to live in one unit and operate a business in the garage.
    • Large, easily accessible garage doors for vehicles and equipment.
    • Located in the vibrant Petersberg Corners.
    • Versatile commercial property suitable for various business ventures.

    Overview

    Located in Petersberg Corners, this commercial property offers a versatile opportunity. It includes a massive garage space suitable for an art studio, warehouse, or storage. The front house contains two apartments, providing rental income potential or a convenient living space. The property is situated on a 0.27-acre lot and has a total size of 7,050 square feet. The garage features large, easily accessible doors for convenient entry and exit of vehicles and large equipment. The zoning is C2. The apartments offer excellent rental income opportunities, and one or both could be used as a primary residence while managing a business in the rear garage space. This property is suitable for expanding a business, starting a new venture, or securing rental income.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Warehouses

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Scranton
    County
    Lackawanna
    State
    Pennsylvania
    Longitude
    -75.641463
    Latitude
    41.411444

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    FAQs

    What type of property is this?
    Warehouse - Commercial property with garage and apartments in Petersberg Corners.
    Where is this warehouse 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: Massive garage space suitable for art studio, warehouse, or storage.; Two apartments in the front house offer rental income potential.; Opportunity to live in one unit and operate a business in the garage.
    (570) 947-9250
    We can help!
    Listing Contact
    Leah Gianacopoulos
    Leah Gianacopoulos
    Real Estate License ID: RS325414
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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