Two-Unit R2 Income
For Sale
$110,000
Pending
1121 Albright Avenue, Scranton, PA 18508
Residential Income, Scranton, PA
Property Size1,116 SF
Lot Size0.06 Acres
Days on Market269
Property Features for 1121 Albright Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R2
Zoning description
Multi-Family
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 3, Bathroom 1, Bedroom 1, Bedroom 2, Bathroom 2
Parking features
On Street
Window features
Aluminum Frames
Patio and Porch features
Porch
Exterior features
Private Yard
Fencing
Chain Link
Basement
Walk-Out Access, Unfinished
Appliances
Electric Range, Refrigerator
Lot features
Back Yard
Elementary school district
Scranton
Middle school district
Scranton
High school district
Scranton
Directions
Providence Road. Turn onto Albright. Approximately 4 blocks and across from Ritter's Bar.
Standard status
Pending
APN
14508030034
Size
1,116 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
B-0430 L-015A
Tax Annual Amount
1917
Legal Description
B-0430 L-015A
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1943
Floors in Building
2
Number of units
2
Flooring type
Varies
Building materials
Aluminum Siding
Roof type
Composition, Wood
Architectural style
Other
Listing Agency:
C21 Jack Ruddy Real Estate · Century 21 Real Estate
(570) 344-6724
Listed By:
Joanne L. Rezzino · License #RS368675
(570) 212-0688
Added: Nov 28, 2025
Changed: Aug 20
Last Checked: Aug 24 at 12:06AM
MLS# SC256249
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 two-unit residential property contains 1,116 square feet on a 0.059-acre lot and was built in 1943. The building has aluminum siding, forced-air natural gas heat, window-unit cooling, a basement, porches, a chain-link fence, and a private yard. Parking is available on the street, with an electric range and refrigerator included. Substantial repairs and updates are needed, and the property is offered as-is.
Both units are currently occupied by long-term tenants on month-to-month agreements. Tenants pay water and sewer, while the owner is responsible for gas, electric, taxes, and insurance. The property uses public water and public sewer and is located within a flood zone. Zoning is R2.
Both units are currently occupied by long-term tenants on month-to-month agreements. Tenants pay water and sewer, while the owner is responsible for gas, electric, taxes, and insurance. The property uses public water and public sewer and is located within a flood zone. Zoning is R2.
Key Highlights
- Two‑unit property with 1,116 square feet on a 0.059‑acre lot
- Built in 1943 with aluminum siding and a composition and wood roof
- Both units occupied by long‑term tenants on month‑to‑month agreements
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
$9,203
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
8.37%
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%
$184,060
$184.1K
Cap Rate 7%
$131,471
$131.5K
Cap Rate 9%
$102,256
$102.3K
Market Conditions
NOI Build-Up for 1,116 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
$14.1K $12.60/SF
− Vacancy
−$914 −$0.82/SF
EGI
$13.1K $11.78/SF
− OpEx
−$3.9K −$3.53/SF
NOI
$9.2K $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%
$184,060
Cap Rate 7%
$131,471
Cap Rate 9%
$102,256
Alternative Uses
Best Use
Multifamily LT 5
$131.5K
$115.0K – $153.4K
NOI $9,203 @ 7.0% cap · market cap 8.37%
Second Best
Apartment 5plus
$122.9K
$107.6K – $143.4K
NOI $8,604 @ 7.0% cap · market cap 7.82%
Theoretical Best
Office A
$283.3K
$247.9K – $330.5K
NOI $19,828 @ 7.0% cap · market cap 18.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,057
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two occupied units with month-to-month tenancies, private yard, porch, and public water and sewer service.
Where is this duplex located?
The property is located at 1121 Albright Avenue Scranton, PA.
What is the asking price?
The asking price for this property is $110,000.
What are key features of this property?
This property features: Two‑unit property with 1,116 square feet on a 0.059‑acre lot; Built in 1943 with aluminum siding and a composition and wood roof; Both units occupied by long‑term tenants on month‑to‑month agreements
