Mixed-Use Garage and
For Sale
$359,900
619 621 Mineral Ave, Scranton, PA 18509
Rented garage space with an overhead lift plus two income apartments offers a diversified setup for an owner-operator.
Property Size1,077 SF
Price / SF$334.17
Days on Market91
Property Features for 619 621 Mineral Ave
General Information
Standard status
Active
Size
1,077 SF
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
2
Building Details
Year Built
1950
Tenancy
Multi
Listing Agency:
C21 Jack Ruddy Real Estate
Listed By:
James W Gilhooley · License #RS373019
(570) 344-6724
Source:
Revolvepa
Added: Jun 22
Changed: Sep 10
Last Checked: Sep 20 at 12:41PM
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 C21 Jack Ruddy Real Estate
Investment Insights
Based on property information with market context.
This property is a mixed-use building that includes two fully rented apartments and a rented commercial garage. The garage features a Bishamon overhead automobile power lift in one bay, along with garage heating and a pellet stove for additional warmth. There is an office with a separate full bathroom, plus a half bathroom in the bay area. The garage includes one bay that holds two automobiles. A detached aluminum garage on the property provides additional covered parking for up to four automobiles.
The address is 619–621 Mineral Avenue in Scranton, PA. Access directions are provided from Capouse Avenue to West Olive Street, including passing under a bridge and traveling to Mineral Street, with the property located on the left at the corner. The information provided describes it as part of a solid central city area.
For buyers seeking a multi-income setup, the residential portion consists of two long-term, fully rented units: a one-bedroom, one-bath apartment with laundry and an eat-in kitchen, and a two-bedroom, one-bath apartment with a laundry room and an eat-in kitchen. The commercial garage is also actively rented and equipped with in-bay and office amenities that can support automotive-oriented tenants. All measurements are approximate and not warranted or guaranteed.
The address is 619–621 Mineral Avenue in Scranton, PA. Access directions are provided from Capouse Avenue to West Olive Street, including passing under a bridge and traveling to Mineral Street, with the property located on the left at the corner. The information provided describes it as part of a solid central city area.
For buyers seeking a multi-income setup, the residential portion consists of two long-term, fully rented units: a one-bedroom, one-bath apartment with laundry and an eat-in kitchen, and a two-bedroom, one-bath apartment with a laundry room and an eat-in kitchen. The commercial garage is also actively rented and equipped with in-bay and office amenities that can support automotive-oriented tenants. All measurements are approximate and not warranted or guaranteed.
Key Highlights
- Commercial property with 2 fully rented apartments plus a rented active commercial garage
- Garage includes a Bishamon overhead automobile power lift in one bay and overhead garage heater
- Garage has office space with a separate full bathroom and a 1/2 bathroom in the bay area
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
$10,121
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
2.81%
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%
$202,420
$202.4K
Cap Rate 7%
$144,586
$144.6K
Cap Rate 9%
$112,456
$112.5K
Market Conditions
NOI Build-Up for 1,077 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
$16.2K $15.00/SF
− Vacancy
−$1.7K −$1.58/SF
EGI
$14.5K $13.43/SF
− OpEx
−$4.3K −$4.03/SF
NOI
$10.1K $9.40/SF
Area
Lackawanna County, PA
Vacancy
10.50%
Lease Rate
$15.00 /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%
$202,420
Cap Rate 7%
$144,586
Cap Rate 9%
$112,456
Alternative Uses
Best Use
Retail
$144.6K
$126.5K – $168.7K
NOI $10,121 @ 7.0% cap · market cap 2.81%
Second Best
Multifamily LT 5
$126.9K
$111.0K – $148.0K
NOI $8,882 @ 7.0% cap · market cap 2.47%
Theoretical Best
Office A
$273.4K
$239.2K – $318.9K
NOI $19,135 @ 7.0% cap · market cap 5.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
3,003
Businesses Nearby
Explore this area
Business Placement
Demographics for 18509, PA
13,720
Population
6,017
Households
2.3
Avg Household Size
39
Median Age
28%
College-Educated
90%
High-School Grad
3.0 sq mi
ZIP Area
4,573
Density / Sq Mi
$52,206
Median Household Income
$31,657
Median Earnings
$991
Median Rent
$176,300
Median Home Value
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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 - Rented garage space with an overhead lift plus two income apartments offers a diversified setup for an owner-operator.
Where is this duplex located?
The property is located at 619 621 Mineral Ave Scranton, PA.
What is the asking price?
The asking price for this property is $359,900.
What are key features of this property?
This property features: Commercial property with 2 fully rented apartments plus a rented active commercial garage; Garage includes a Bishamon overhead automobile power lift in one bay and overhead garage heater; Garage has office space with a separate full bathroom and a 1/2 bathroom in the bay area
