Renovated 5-Unit Apartment
For Sale
$579,000
1131 Pittston Avenue, Scranton, PA 18505
Commercial Sale, Scranton, PA
Property Size3,638 SF
Lot Size0.11 Acres
Price / SF$159.15
Days on Market404
Property Features for 1131 Pittston Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CT030
Rooms
Basement
Parking features
On Street
Basement
Concrete, Sump Pump
Accessibility
Accessible Approach with Ramp
Lot features
Corner Lot, Near General Business, Level
Elementary school district
Scranton
Middle school district
Scranton
High school district
Scranton
Directions
Follow Pittston Ave to 1131. On corner of Pittston Ave and Locust St. Property located on the corner.
Standard status
Active
APN
15619050001
Size
3,638 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5633
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Natural Gas, Steam
Cooling system
Ductless
Water source
Public
Building Details
Year built
1960
Floors in Building
2
Number of units
5
Flooring type
Laminate, Wood, Carpet
Building materials
Brick, Vinyl Siding
Roof type
Asbestos Shingle
Listing Agency:
ERA One Source Realty · ERA Real Estate
(570) 587-9999
Listed By:
Leah Gianacopoulos · License #RS325414
(570) 947-9250
Added: Jul 16, 2025
Changed: Aug 19
Last Checked: Aug 23 at 8:06PM
MLS# SC253497
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 3,638-square-foot apartment property contains five one-bedroom, one-bathroom units. Renovations include new kitchens, bathrooms, appliances, flooring, and refreshed living spaces. Two apartments are currently rented. The building was constructed in 1960 and uses brick and vinyl siding, with natural gas steam heat and ductless cooling.
Situated on a 0.11-acre corner lot at 1131 Pittston Avenue in Scranton, the property provides on-street parking and an accessible approach with ramp. Public water and public sewer serve the building, while cable is available. The property is identified under zoning designation CT030 and includes a basement.
Situated on a 0.11-acre corner lot at 1131 Pittston Avenue in Scranton, the property provides on-street parking and an accessible approach with ramp. Public water and public sewer serve the building, while cable is available. The property is identified under zoning designation CT030 and includes a basement.
Key Highlights
- Five one‑bedroom, one‑bathroom apartments in a 3,638‑square‑foot building
- Renovated kitchens, bathrooms, appliances, flooring, and living areas
- Two of five units are currently rented
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
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Five one-bedroom apartments feature updated kitchens, bathrooms, appliances, flooring, 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 in a 3,638‑square‑foot building; Renovated kitchens, bathrooms, appliances, flooring, and living areas; Two of five units are currently rented
