Renovated 5-Unit Apartment
For Sale
$579,000
1131 Pittston Ave, Scranton, PA 18505
Fully updated apartment property with refreshed kitchens, bathrooms, flooring, appliances, and living areas.
Property Size3,638 SF
Price / SF$159.15
Days on Market45
Property Features for 1131 Pittston Ave
General Information
Standard status
Active
Size
3,638 SF
Occupancy
40%
Units
Unit Mix
5 x 1BR/1BA
Multifamily Units
5
Building Details
Year Built
1960
Buildings
1
Listing Agency:
ERA One Source Realty
(570) 947-9250
Listed By:
Leah Gianacopoulos · License #RS325414
Source:
Revolvepa
Added: Jul 18
Changed: Aug 30
Last Checked: Aug 30 at 8:52PM
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
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 = 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
$28,047
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
4.84%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
40%
Occupancy
Location Intelligence
Trade Area within ½ mile
890
Businesses Nearby
Explore this area
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
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?
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 Ave 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
