Quadplex Conversion
For Sale
Contact for pricing
Pending
1248 Providence Rd, Scranton, PA 18508
C2-zoned building with private parking, central air conditioning, and forced hot air heating.
Property Size3,669 SF
Days on Market202
Property Features for 1248 Providence Rd
General Information
Standard status
Pending
Size
3,669 SF
Property subtype
Multifamily
Zoning
C2
Building Details
Year Built
1970
Buildings
1
Stories
2
Units
4
Listing Agency:
ERA One Source Realty
Listed By:
Sunita Arora · License #RM061605A
(570) 510-5840
Source:
Crexi
Added: Mar 31
Changed: Oct 5
Last Checked: Oct 16 at 8:21AM
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
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 3,669-square-foot building, constructed in 1970, is classified as a quadplex property and is positioned for a four-unit residential conversion. Existing improvements include central air conditioning, forced hot air heating, and a private surface parking lot.
The property is located at 1248 Providence Rd in Scranton, Pennsylvania, in an area surrounded by restaurants and shopping. C2 zoning and the existing building systems provide important context for evaluating the proposed residential configuration and any required conversion work.
The property is located at 1248 Providence Rd in Scranton, Pennsylvania, in an area surrounded by restaurants and shopping. C2 zoning and the existing building systems provide important context for evaluating the proposed residential configuration and any required conversion work.
Key Highlights
- 3,669 SF building constructed in 1970
- Property classified as a quadplex
- Proposed four‑unit residential conversion
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,257
Cap Rate
9.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$605,140
$605.1K
Cap Rate 7%
$432,243
$432.2K
Cap Rate 9%
$336,189
$336.2K
Market Conditions
NOI Build-Up for 3,669 SF
Gross rent
$46.2K $12.60/SF
− Vacancy
−$3.0K −$0.82/SF
EGI
$43.2K $11.78/SF
− OpEx
−$13.0K −$3.53/SF
NOI
$30.3K $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%
$605,140
Cap Rate 7%
$432,243
Cap Rate 9%
$336,189
Alternative Uses
Best Use
Multifamily LT 5
$432.2K
$378.2K – $504.3K
NOI $30,257 @ 7.0% cap · market cap 9.20%
Second Best
Apartment 5plus
$404.1K
$353.6K – $471.4K
NOI $28,286 @ 7.0% cap · market cap 8.60%
Theoretical Best
Office A
$931.3K
$814.9K – $1.09M
NOI $65,188 @ 7.0% cap · market cap 19.81%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
729
Businesses Nearby
Explore this area
Business Placement
Demographics for 18508, PA
11,664
Population
5,466
Households
2.1
Avg Household Size
40
Median Age
18%
College-Educated
90%
High-School Grad
6.8 sq mi
ZIP Area
1,715
Density / Sq Mi
$44,706
Median Household Income
$31,055
Median Earnings
$1,034
Median Rent
$120,700
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
Frequently Asked Questions
What type of property is this?
Quadplex - C2-zoned building with private parking, central air conditioning, and forced hot air heating.
Where is this quadplex located?
The property is located at 1248 Providence Rd Scranton, PA.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: 3,669 SF building constructed in 1970; Property classified as a quadplex; Proposed four‑unit residential conversion
