Quadplex Conversion
For Sale
Contact for pricing
1248 Providence Rd, Scranton, PA 18508
C2-zoned building with private parking, central air conditioning, and forced hot air heating.
Property Size3,669 SF
Price / SF$89.67
Days on Market154
Property Features for 1248 Providence Rd
General Information
Standard status
Active
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
(570) 510-5840
Listed By:
Sunita Arora · License #RM061605A
Source:
Crexi
Added: Mar 31
Changed: Aug 30
Last Checked: Aug 31 at 2:25AM
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
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 = 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
$30,257
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
9.20%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
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?
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
