Remodeled Duplex
For Sale
$360,000
Pending
119 Spring St, Scranton, PA 18507
Residents pay for gas and electric service; the owner covers water.
Property Size4,000 SF
Days on Market26
Property Features for 119 Spring St
General Information
Standard status
Pending
Size
4,000 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$5,550
Building Details
Buildings
2
Listing Agency:
Nisk Real Estate
(844) 855-6475
Listed By:
Michael Cassidy Rollin
(360) 710-0332
Source:
Exprealty
Added: Sep 21
Changed: Oct 15
Last Checked: Oct 16 at 10:36AM
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 Nisk Real Estate
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This property comprises two remodeled duplexes situated on one lot. The utility arrangement assigns gas and electric costs to the tenants, with water paid by the owner.
Located at 119 Spring St in Scranton, Pennsylvania.
Located at 119 Spring St in Scranton, Pennsylvania.
Key Highlights
- Two remodeled duplexes on one lot
- Tenants pay gas and electric; owner pays water
- 119 Spring St, Scranton, PA
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$32,987
Cap Rate
9.16%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$659,740
$659.7K
Cap Rate 7%
$471,243
$471.2K
Cap Rate 9%
$366,522
$366.5K
Market Conditions
NOI Build-Up for 4,000 SF
Gross rent
$50.4K $12.60/SF
− Vacancy
−$3.3K −$0.82/SF
EGI
$47.1K $11.78/SF
− OpEx
−$14.1K −$3.53/SF
NOI
$33.0K $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%
$659,740
Cap Rate 7%
$471,243
Cap Rate 9%
$366,522
Alternative Uses
Best Use
Multifamily LT 5
$471.2K
$412.3K – $549.8K
NOI $32,987 @ 7.0% cap · market cap 9.16%
Second Best
Apartment 5plus
$440.5K
$385.5K – $514.0K
NOI $30,837 @ 7.0% cap · market cap 8.57%
Theoretical Best
Office A
$1.02M
$888.4K – $1.18M
NOI $71,069 @ 7.0% cap · market cap 19.74%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
763
Businesses Nearby
Explore this area
Business Placement
Demographics for 18507, PA
4,968
Population
2,362
Households
2.1
Avg Household Size
49
Median Age
37%
College-Educated
94%
High-School Grad
9.6 sq mi
ZIP Area
518
Density / Sq Mi
$73,958
Median Household Income
$50,221
Median Earnings
$1,284
Median Rent
$242,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Residents pay for gas and electric service; the owner covers water.
Where is this duplex located?
The property is located at 119 Spring St Scranton, PA.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: Two remodeled duplexes on one lot; Tenants pay gas and electric; owner pays water; 119 Spring St, Scranton, PA
