Building Details

Building Size 5,130 SF

Year Built 1940

Listing Agency: Marcks Evans Real Estate

Listed By: Wayne E Evans · License #RM421529 Show Phone

Source: Luxehomesnepa

Added: Sep 14 Changed: Oct 4 Last Checked: Oct 4 at 3:57PM

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Investment Insights

Based on property information with market context.

This apartment building contains 5 units and was constructed in 1940. The property is offered for sale as an individual asset, with the option to acquire it as part of a larger six-building, 18-unit portfolio.

The proposed portfolio includes properties at 702 Crown Ave, 357 N Lincoln Ave, 1702 Wayne Ave, 530-532 Harrison Ave, and 401 Cedar Ave / 412 River Street. The additional assets include apartment units, a single-family home, and commercial space; two of the listed properties are identified as condemned.

Key Highlights

• 5‑unit apartment building
• Built in 1940
• Available individually or within a 6‑building, 18‑unit portfolio

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$39,549

Cap Rate

7.53%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$790,980 $791.0K

Cap Rate 7%

$564,986 $565.0K

Cap Rate 9%

$439,433 $439.4K

Market Conditions

NOI Build-Up for 5,130 SF

Gross rent

$76.3K $14.88/SF

− Vacancy

−$4.4K −$0.86/SF

EGI

$71.9K $14.02/SF

− OpEx

−$32.4K −$6.31/SF

NOI

$39.5K $7.71/SF

Area

Lackawanna County, PA

Vacancy

5.80%

Lease Rate

$14.88 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$790,980

Cap Rate 7%

$564,986

Cap Rate 9%

$439,433

Alternative Uses

Best Use

Apartment 5plus

$565.0K

$494.4K – $659.2K (±1% cap)

NOI $39,549 @ 7.0% cap · market cap 7.53%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.30M

$1.14M – $1.52M (±1% cap)

NOI $91,146 @ 7.0% cap · market cap 17.36%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Real Estate Agency Parking Lot & Garage Cafe & Coffee Shop Law Firm (Bike/Boat/Book/etc) Store Garden Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

5

Residential units

Location Intelligence

Trade Area within ½ mile

556

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

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Apartment building - Multi-unit apartment property with an option to join a larger 18-unit investment portfolio.

Where is this apartment building located?

The property is located at 1331 S Webster Avenue Scranton, PA.

What is the asking price?

The asking price for this property is $525,000.

What are key features of this property?

This property features: 5‑unit apartment building; Built in 1940; Available individually or within a 6‑building, 18‑unit portfolio