Triplex with Updated
For Sale
$239,900
Pending
1509 Lafayette Street, Scranton, PA 18504
Three-unit residential income property with one occupied unit, separate utilities, and exterior improvements already in place.
Property Size2,068 SF
Days on Market23
Property Features for 1509 Lafayette Street
General Information
Standard status
Pending
Size
2,068 SF
Property subtype
Multi Family
Property Condition
Severity
Repairs Needed
Evidence
very minor damage
Additional Details
Multifamily Units
3
Building Details
Building Size
2,068 SF
Year Built
1924
Listing Agency:
SaraVista Real Estate LLC
(570) 845-7292
Listed By:
Sara Weiss · License #RM425973
Source:
Luxehomesnepa
Added: Aug 8
Changed: Aug 26
Last Checked: Aug 29 at 1:41PM
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 SaraVista Real Estate LLC
Investment Insights
Based on property information with market context.
Built in 1924, this three-unit property includes a newer roof, updated siding, and replacement windows. Utilities are mostly separated among the units, supporting distinct residential configurations.
Unit 3 is occupied, while the other two units are vacant following a temporary condemnation related to a fire. One vacant unit experienced minor damage, and the other requires renovation. The property is offered as-is, with the opportunity to restore the vacant units and reestablish the full three-unit configuration.
Unit 3 is occupied, while the other two units are vacant following a temporary condemnation related to a fire. One vacant unit experienced minor damage, and the other requires renovation. The property is offered as-is, with the opportunity to restore the vacant units and reestablish the full three-unit configuration.
Key Highlights
- Three‑unit property built in 1924
- Unit 3 is tenant‑occupied
- Mostly separate utilities
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
$17,054
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
7.11%
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%
$341,080
$341.1K
Cap Rate 7%
$243,629
$243.6K
Cap Rate 9%
$189,489
$189.5K
Market Conditions
NOI Build-Up for 2,068 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
$26.1K $12.60/SF
− Vacancy
−$1.7K −$0.82/SF
EGI
$24.4K $11.78/SF
− OpEx
−$7.3K −$3.53/SF
NOI
$17.1K $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%
$341,080
Cap Rate 7%
$243,629
Cap Rate 9%
$189,489
Alternative Uses
Best Use
Multifamily LT 5
$243.6K
$213.2K – $284.2K
NOI $17,054 @ 7.0% cap · market cap 7.11%
Second Best
Apartment 5plus
$227.8K
$199.3K – $265.7K
NOI $15,943 @ 7.0% cap · market cap 6.65%
Theoretical Best
Office A
$524.9K
$459.3K – $612.4K
NOI $36,743 @ 7.0% cap · market cap 15.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
888
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit residential income property with one occupied unit, separate utilities, and exterior improvements already in place.
Where is this triplex located?
The property is located at 1509 Lafayette Street Scranton, PA.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: Three‑unit property built in 1924; Unit 3 is tenant‑occupied; Mostly separate utilities
