Updated Duplex With Four-Bedroom
For Sale
$325,000
1505-1507 Luzerne Street, Scranton, PA 18504
Residential Income, Scranton, PA
Property Size1,300 SF
Lot Size0.17 Acres
Price / SF$250
Days on Market92
Property Features for 1505-1507 Luzerne Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R1
Zoning description
Residential
Bedrooms
8
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bedroom 4, Bedroom 3, Bathroom 1, Bathroom 3, Bedroom 6, Bedroom 5, Bedroom 8, Bedroom 7, Bedroom 1, Bedroom 2, Bathroom 2
Parking features
On Street
Patio and Porch features
Porch
Interior features
Ceiling Fan(s), Attic Storage
Exterior features
Private Yard, Rain Gutters
Basement
Full, Concrete
Appliances
Free-Standing Gas Range, Free-Standing Refrigerator
Lot features
Back Yard, Level
Elementary school district
Scranton
Middle school district
Scranton
High school district
Scranton
Directions
S Main Streer to Luzerne 5 blocks, homes are on the left
Standard status
Active
APN
14517010075
Size
1,300 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
150X25x92x5x58x20 J Heerman S Hyde Pk Ptl 5 B 66 W-15 B-031 L-022A P-022
Tax Annual Amount
4991
Legal Description
150X25x92x5x58x20 J Heerman S Hyde Pk Ptl 5 B 66 W-15 B-031 L-022A P-022
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Ceiling Fan(s)
Water source
Public
Building Details
Year built
1940
Floors in Building
2
Number of units
2
Flooring type
Vinyl
Building materials
Vinyl Siding
Roof type
Asphalt
Architectural style
Colonial
Additional Structures
Storage
Listing Agency:
ERA One Source Realty · ERA Real Estate
(570) 587-9999
Listed By:
Diane Stracham · License #RS318034
(570) 241-3982
Added: Jun 2
Changed: Aug 19
Last Checked: Sep 1 at 7:06PM
MLS# SC262566
Copyright © 2026 Greater Scranton Board of Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex at 1505-1507 Luzerne Street includes two homes, each with four bedrooms and updated interiors. Vinyl flooring extends throughout, while both residences feature eat-in kitchens with shaker-style cabinetry and granite countertops. Spacious dining rooms add flexible common-area space, and each home includes a full bathroom with a tiled shower and washer and dryer hookups.
The property contains 1,300 square feet on a 0.17-acre lot and carries R1 zoning. Built in 1940 in the Colonial style, the structure has vinyl siding, an asphalt roof, public water, and public sewer. Additional features include porches, private yard areas, attic storage, rain gutters, natural-gas heating, ceiling fans, and on-street parking.
The property contains 1,300 square feet on a 0.17-acre lot and carries R1 zoning. Built in 1940 in the Colonial style, the structure has vinyl siding, an asphalt roof, public water, and public sewer. Additional features include porches, private yard areas, attic storage, rain gutters, natural-gas heating, ceiling fans, and on-street parking.
Key Highlights
- Two homes included in one duplex offering, with four bedrooms in each residence
- 1,300 square feet on a 0.17‑acre lot
- Eat‑in kitchens feature shaker‑style cabinets and granite countertops
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
$10,721
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
3.30%
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%
$214,420
$214.4K
Cap Rate 7%
$153,157
$153.2K
Cap Rate 9%
$119,122
$119.1K
Market Conditions
NOI Build-Up for 1,300 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
$16.4K $12.60/SF
− Vacancy
−$1.1K −$0.82/SF
EGI
$15.3K $11.78/SF
− OpEx
−$4.6K −$3.53/SF
NOI
$10.7K $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%
$214,420
Cap Rate 7%
$153,157
Cap Rate 9%
$119,122
Alternative Uses
Best Use
Multifamily LT 5
$153.2K
$134.0K – $178.7K
NOI $10,721 @ 7.0% cap · market cap 3.30%
Second Best
Apartment 5plus
$143.2K
$125.3K – $167.0K
NOI $10,022 @ 7.0% cap · market cap 3.08%
Theoretical Best
Office A
$330.0K
$288.7K – $385.0K
NOI $23,097 @ 7.0% cap · market cap 7.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
484
Businesses Nearby
Explore this area
Business Placement
Demographics for 18504, PA
21,267
Population
10,017
Households
2.1
Avg Household Size
40
Median Age
20%
College-Educated
87%
High-School Grad
10.2 sq mi
ZIP Area
2,085
Density / Sq Mi
$52,542
Median Household Income
$38,439
Median Earnings
$970
Median Rent
$144,200
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 - Two-home configuration includes eat-in kitchens, tiled showers, and laundry hookups.
Where is this duplex located?
The property is located at 1505-1507 Luzerne Street Scranton, PA.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Two homes included in one duplex offering, with four bedrooms in each residence; 1,300 square feet on a 0.17‑acre lot; Eat‑in kitchens feature shaker‑style cabinets and granite countertops
