Two-Unit Duplex with Third-Floor
For Sale
$215,000
506-508 Harrison Avenue, Scranton, PA 18510
Occupied duplex with two three-bedroom units and additional third-floor rooms.
Property Size1,206 SF
Price / SF$178.28
Days on Market1886
Property Features for 506-508 Harrison Avenue
General Information
Standard status
Active
Size
1,206 SF
Total Parking Spaces
2
Property subtype
Multi-Family / Multi-Family
Net Operating Income
$12,358
Property Condition
Severity
Repairs Needed
Evidence
TLC
Units
Unit Mix
1 x 3BR/1.5BA, 1 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,156
Amenities
Window Unit AC, Yes
3
Yes
1
.00
3.00
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Keller Williams Real Estate
(610) 390-0586
Listed By:
Chris Morton · License #RM424930
(610) 390-0586
Source:
Compass
Added: Jul 3, 2021
Changed: Aug 30
Last Checked: Aug 30 at 4:29PM
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 Keller Williams Real Estate
Investment Insights
Based on property information with market context.
This 1,206-square-foot duplex contains two occupied residential units at 506-508 Harrison Avenue in Scranton. Unit 508 includes three bedrooms, one full bath, and one half bath, while Unit 506 offers three bedrooms and one full bath. Each unit also has three additional rooms on the third floor, creating flexible interior space for future use or customization.
Built in 1920, the property is Section 8 approved and currently generates rental income through its occupied units. The existing layouts provide a clear two-unit configuration with additional rooms beyond the primary living areas.
Built in 1920, the property is Section 8 approved and currently generates rental income through its occupied units. The existing layouts provide a clear two-unit configuration with additional rooms beyond the primary living areas.
Key Highlights
- Two‑unit duplex with 1,206 square feet of property size
- Both units are currently occupied
- Unit 508 has 3 bedrooms, 1 full bath, and 1 half bath
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
$9,946
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
4.63%
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%
$198,920
$198.9K
Cap Rate 7%
$142,086
$142.1K
Cap Rate 9%
$110,511
$110.5K
Market Conditions
NOI Build-Up for 1,206 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
$15.2K $12.60/SF
− Vacancy
−$988 −$0.82/SF
EGI
$14.2K $11.78/SF
− OpEx
−$4.3K −$3.53/SF
NOI
$9.9K $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%
$198,920
Cap Rate 7%
$142,086
Cap Rate 9%
$110,511
Alternative Uses
Best Use
Multifamily LT 5
$142.1K
$124.3K – $165.8K
NOI $9,946 @ 7.0% cap · market cap 4.63%
Second Best
Apartment 5plus
$132.8K
$116.2K – $155.0K
NOI $9,297 @ 7.0% cap · market cap 4.32%
Theoretical Best
Office A
$306.1K
$267.8K – $357.1K
NOI $21,427 @ 7.0% cap · market cap 9.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,253
Businesses Nearby
Explore this area
Business Placement
Demographics for 18510, PA
14,110
Population
5,824
Households
2.4
Avg Household Size
31
Median Age
28%
College-Educated
88%
High-School Grad
1.8 sq mi
ZIP Area
7,839
Density / Sq Mi
$52,500
Median Household Income
$25,282
Median Earnings
$1,040
Median Rent
$178,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Occupied duplex with two three-bedroom units and additional third-floor rooms.
Where is this duplex located?
The property is located at 506-508 Harrison Avenue Scranton, PA.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,206 square feet of property size; Both units are currently occupied; Unit 508 has 3 bedrooms, 1 full bath, and 1 half bath
