Renovated 5-Unit Apartment
For Sale
$579,000
1131 Pittston Avenue, Scranton, PA 18505
Fully updated apartment property with refreshed kitchens, bathrooms, flooring, appliances, and living areas.
Property Size3,638 SF
Days on Market461
Property Features for 1131 Pittston Avenue
General Information
Standard status
Active
Size
3,638 SF
Property subtype
Multi Family
Occupancy
40%
Units
Unit Mix
5 x 1BR/1BA
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$5,632
Building Details
Building Size
3,638 SF
Year Built
1960
Buildings
1
Listing Agency:
ERA One Source Realty
Listed By:
Leah Gianacopoulos · License #RS325414
(570) 947-9250
Source:
Luxehomesnepa
Added: Jul 16, 2025
Changed: Oct 4
Last Checked: Oct 16 at 4:34PM
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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Investment Insights
Based on property information with market context.
Located at 1131 Pittston Ave in Scranton, this 3,638-square-foot apartment building contains five one-bedroom, one-bathroom units. The property has undergone a full renovation, including new flooring, kitchens, bathrooms, appliances, and updated living spaces throughout. The building occupies a corner lot and was converted from its prior use as a funeral home.
Two apartments are currently rented, while three units remain available for occupancy. The property offers a compact multifamily configuration with clearly defined one-bedroom residences and recently completed interior improvements.
Two apartments are currently rented, while three units remain available for occupancy. The property offers a compact multifamily configuration with clearly defined one-bedroom residences and recently completed interior improvements.
Key Highlights
- Five one‑bedroom, one‑bathroom apartments
- 3,638‑square‑foot multifamily building on a corner lot
- Renovated with new flooring, kitchens, bathrooms, and appliances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,047
Cap Rate
4.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$560,940
$560.9K
Cap Rate 7%
$400,671
$400.7K
Cap Rate 9%
$311,633
$311.6K
Market Conditions
NOI Build-Up for 3,638 SF
Gross rent
$54.1K $14.88/SF
− Vacancy
−$3.1K −$0.86/SF
EGI
$51.0K $14.02/SF
− OpEx
−$22.9K −$6.31/SF
NOI
$28.0K $7.71/SF
Area
Lackawanna County, PA
Vacancy
5.80%
Lease Rate
$14.88 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$560,940
Cap Rate 7%
$400,671
Cap Rate 9%
$311,633
Alternative Uses
Best Use
Apartment 5plus
$400.7K
$350.6K – $467.5K
NOI $28,047 @ 7.0% cap · market cap 4.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$923.4K
$808.0K – $1.08M
NOI $64,637 @ 7.0% cap · market cap 11.16%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
5
Residential units
40%
Occupancy
Location Intelligence
Trade Area within ½ mile
890
Businesses Nearby
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Business Placement
Demographics for 18505, PA
20,982
Population
9,996
Households
2.1
Avg Household Size
39
Median Age
26%
College-Educated
87%
High-School Grad
8.8 sq mi
ZIP Area
2,384
Density / Sq Mi
$52,599
Median Household Income
$34,155
Median Earnings
$954
Median Rent
$139,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Fully updated apartment property with refreshed kitchens, bathrooms, flooring, appliances, and living areas.
Where is this apartment building located?
The property is located at 1131 Pittston Avenue Scranton, PA.
What is the asking price?
The asking price for this property is $579,000.
What are key features of this property?
This property features: Five one‑bedroom, one‑bathroom apartments; 3,638‑square‑foot multifamily building on a corner lot; Renovated with new flooring, kitchens, bathrooms, and appliances
