New-Construction
For Sale
$425,000
Pending
119 Prospect Avenue, Scranton, PA 18505
Recently built two-unit property with separate deed structure and occupied residences.
Property Size1,984 SF
Days on Market100
Property Features for 119 Prospect Avenue
General Information
Standard status
Pending
Size
1,984 SF
Property subtype
Duplex
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
Building Size
1,984 SF
Year Built
2023
Buildings
1
Listing Agency:
Steel City Realty
Listed By:
Jennifer de Jesus · License #RM423820
(484) 895-9005
Source:
Luxehomesnepa
Added: Jul 8
Changed: Oct 13
Last Checked: Oct 13 at 1:24AM
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 / Yr
$16,361
Cap Rate
3.85%
Suggested Prices Based on Cap Rates
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
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 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.
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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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 Avenue 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
