New-Construction
For Sale
$425,000
119 Prospect Ave, Scranton, PA 18505
Recently built two-unit property with separate deed structure and occupied residences.
Property Size1,984 SF
Price / SF$214.21
Days on Market27
Property Features for 119 Prospect Ave
General Information
Standard status
Active
Size
1,984 SF
Property subtype
Residential Income
Occupancy
100%
Financials
Gross Income
$40,800
Average Monthly Rent
$1,700
Opportunity Zone
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$688
Building Details
Buildings
1
Listing Agency:
Steel City Realty
(610) 217-6330
Listed By:
Jennifer L. DeJesus · License #RM423820
(610) 217-6330
Source:
Exprealty
Added: Jul 28
Changed: Aug 21
Last Checked: Aug 22 at 12:23PM
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 Steel City Realty
Investment Insights
Based on property information with market context.
This recently completed duplex contains two residential units within a 1,984-square-foot building and is conveyed with an individual deed. Both units are occupied, and residents are responsible for their own utility costs, supporting a straightforward operating arrangement for the property owner.
The property is located at 119 Prospect Ave in Scranton, Pennsylvania. It is identified within Opportunity Zone 18510 and includes LERTA tax abatement. FHA and VA eligibility provides an additional financing consideration for qualified purchasers, including owner-occupants. The asset combines new construction with an established occupancy profile and a two-unit configuration.
The property is located at 119 Prospect Ave in Scranton, Pennsylvania. It is identified within Opportunity Zone 18510 and includes LERTA tax abatement. FHA and VA eligibility provides an additional financing consideration for qualified purchasers, including owner-occupants. The asset combines new construction with an established occupancy profile and a two-unit configuration.
Key Highlights
- New construction duplex with 2 units
- 1,984‑square‑foot building
- Individual deed
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
$16,361
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
3.85%
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%
$327,220
$327.2K
Cap Rate 7%
$233,729
$233.7K
Cap Rate 9%
$181,789
$181.8K
Market Conditions
NOI Build-Up for 1,984 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
$25.0K $12.60/SF
− Vacancy
−$1.6K −$0.82/SF
EGI
$23.4K $11.78/SF
− OpEx
−$7.0K −$3.53/SF
NOI
$16.4K $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%
$327,220
Cap Rate 7%
$233,729
Cap Rate 9%
$181,789
Alternative Uses
Best Use
Multifamily LT 5
$233.7K
$204.5K – $272.7K
NOI $16,361 @ 7.0% cap · market cap 3.85%
Second Best
Apartment 5plus
$218.5K
$191.2K – $254.9K
NOI $15,295 @ 7.0% cap · market cap 3.60%
Theoretical Best
Office A
$503.6K
$440.6K – $587.5K
NOI $35,250 @ 7.0% cap · market cap 8.29%
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
2,415
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?
Duplex - Recently built two-unit property with separate deed structure and occupied residences.
Where is this duplex located?
The property is located at 119 Prospect Ave Scranton, PA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: New construction duplex with 2 units; 1,984‑square‑foot building; Individual deed
