8-Unit Apartment
For Sale
$975,000
1411-1413 N Washington Ave, Scranton, PA 18509
Fully occupied multifamily property with separate electric metering, on-site laundry, porches, and a detached garage.
Property Size9,200 SF
Price / SF$105.98
Days on Market33
Property Features for 1411-1413 N Washington Ave
General Information
Standard status
Active
Size
9,200 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Gross Income
$117,700
Multifamily Units
8
Amenities
coin-operated laundry
outdoor covered seating area
security cameras
security lighting
rear porches with enclosed storage rooms
front porches
Building Details
Year Built
1910
Buildings
1
Listing Agency:
C21 Jack Ruddy Real Estate
(570) 344-6724
Listed By:
James W Gilhooley · License #RS373019
Source:
Revolvepa
Added: Jul 29
Changed: Aug 29
Last Checked: Aug 25 at 5:22AM
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.
The 8-unit apartment building at 1411-1413 N Washington Avenue combines early-20th-century architectural details with updated building components. Interior features include high ceilings, hardwood floors, crown molding, pocket and French doors, generous closets, bright rooms, and spacious tiled bathrooms. Improvements include a newer roof, furnace, flooring, carpeting, shower tile, paint, and recently renewed porch railings. Six units have large private front porches, while rear porches include enclosed storage rooms.
The basement contains coin-operated laundry equipment and connects to a covered outdoor seating area. A detached 4-car garage provides additional property space. All units are fully rented, with electric service separately metered and paid by tenants; the owner pays gas steam heat, water, and sewer. The property is within one mile of Marywood University, The University of Scranton, Lackawanna College, Geisinger School of Medicine, Regional Hospital, Moses Taylor Hospital, and Geisinger Community Medical Center. The Green Ridge section offers tree-lined, walkable surroundings near restaurants, shopping, and entertainment.
The basement contains coin-operated laundry equipment and connects to a covered outdoor seating area. A detached 4-car garage provides additional property space. All units are fully rented, with electric service separately metered and paid by tenants; the owner pays gas steam heat, water, and sewer. The property is within one mile of Marywood University, The University of Scranton, Lackawanna College, Geisinger School of Medicine, Regional Hospital, Moses Taylor Hospital, and Geisinger Community Medical Center. The Green Ridge section offers tree-lined, walkable surroundings near restaurants, shopping, and entertainment.
Key Highlights
- 8 fully rented apartment units
- Detached 4‑car garage with additional rental or tenant‑use potential
- Passed the City of Scranton's 3 year certification inspection
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
$70,926
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
7.27%
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%
$1,418,520
$1.4M
Cap Rate 7%
$1,013,229
$1.0M
Cap Rate 9%
$788,067
$788.1K
Market Conditions
NOI Build-Up for 9,200 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
$136.9K $14.88/SF
− Vacancy
−$7.9K −$0.86/SF
EGI
$129.0K $14.02/SF
− OpEx
−$58.0K −$6.31/SF
NOI
$70.9K $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 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%
$1,418,520
Cap Rate 7%
$1,013,229
Cap Rate 9%
$788,067
Alternative Uses
Best Use
Apartment 5plus
$1.01M
$886.6K – $1.18M
NOI $70,926 @ 7.0% cap · market cap 7.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.34M
$2.04M – $2.72M
NOI $163,459 @ 7.0% cap · market cap 16.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,016
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied multifamily property with separate electric metering, on-site laundry, porches, and a detached garage.
Where is this apartment building located?
The property is located at 1411-1413 N Washington Ave Scranton, PA.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: 8 fully rented apartment units; Detached 4‑car garage with additional rental or tenant‑use potential; Passed the City of Scranton's 3 year certification inspection
