Versatile Commercial Property in
For Sale
$549,000
1017 Prescott Ave, Scranton, PA 18510
Mixed-use property with garage and apartments in Petersberg Corners.
Property Size7,050 SF
Price / SF$77.87
Days on Market214
Property Features for 1017 Prescott Ave
General Information
Standard status
Active
Size
7,050 SF
Building Details
Year Built
1945
Listing Agency:
ERA One Source Realty
Listed By:
Leah Gianacopoulos · License #RS325414
(570) 947-9250
Source:
Revolvepa
Added: Mar 26
Changed: Oct 2
Last Checked: Oct 5 at 9:19PM
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 ERA One Source Realty
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This commercial real estate opportunity is located in Petersberg Corners. The property includes a large garage space suitable for an art studio, warehouse, or storage. The front house contains two apartments, offering rental income potential or a living space. The units provide rental income opportunities, and one or both could serve as a primary residence while operating a business in the rear garage space. The garage features large, accessible doors for vehicle and equipment entry and exit. This versatile commercial property is suitable for business expansion, new ventures, or securing rental income. The property size is 7050 square feet.
Key Highlights
- Massive garage space suitable for art studio, warehouse, or storage.
- Two apartments in the front house provide rental income potential.
- Versatile property suitable for business expansion, new ventures, or rental income.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$49,951
Cap Rate
9.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$999,020
$999.0K
Cap Rate 7%
$713,586
$713.6K
Cap Rate 9%
$555,011
$555.0K
Market Conditions
NOI Build-Up for 7,050 SF
Gross rent
$62.3K $8.83/SF
− Vacancy
−$3.5K −$0.49/SF
EGI
$58.8K $8.34/SF
− OpEx
−$8.8K −$1.25/SF
NOI
$50.0K $7.09/SF
Area
Lackawanna County, PA
Vacancy
5.60%
Lease Rate
$8.83 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$999,020
Cap Rate 7%
$713,586
Cap Rate 9%
$555,011
Alternative Uses
Best Use
Mixed Use
$1.02M
$892.3K – $1.19M
NOI $71,381 @ 7.0% cap · market cap 13.00%
Second Best
Multifamily LT 5
$830.6K
$726.7K – $969.0K
NOI $58,139 @ 7.0% cap · market cap 10.59%
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.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
871
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property with garage and apartments in Petersberg Corners.
Where is this mixed-use property located?
The property is located at 1017 Prescott Ave 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 provide rental income potential.; Versatile property suitable for business expansion, new ventures, or rental income.
