Building Details

Building Size 7,500 SF

Year Built 1950

Listing Agency: EXP Realty LLC

Listed By: Amanda Wilson · License #2019007423 Show Phone

Source: Luxehomesnepa

Added: Oct 10 Changed: Oct 14 Last Checked: Oct 13 at 2:26AM

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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 EXP Realty LLC

Investment Insights

Based on property information with market context.

This 10-unit apartment building was renovated within the past 12 months. Each apartment has updated finishes and new appliances, and the property has new electrical and plumbing throughout. Gas, water, and electric are separately metered. Built in 1950, the building has 8 occupied apartments and 2 vacant units.

The property is a short distance from the University of Scranton and three hospitals: Geisinger Community Medical Center, Moses Taylor Hospital, and Regional Hospital of Scranton. Interstate 81 and downtown Scranton are also minutes away.

Key Highlights

• 10 residential units; 8 occupied and 2 vacant
• All 10 apartments remodeled within the past 12 months
• New electrical and plumbing throughout the building

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$57,820

Cap Rate

5.85%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,156,400 $1.2M

Cap Rate 7%

$826,000 $826.0K

Cap Rate 9%

$642,444 $642.4K

Market Conditions

NOI Build-Up for 7,500 SF

Gross rent

$111.6K $14.88/SF

− Vacancy

−$6.5K −$0.86/SF

EGI

$105.1K $14.02/SF

− OpEx

−$47.3K −$6.31/SF

NOI

$57.8K $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%

$1,156,400

Cap Rate 7%

$826,000

Cap Rate 9%

$642,444

Alternative Uses

Best Use

Apartment 5plus

$826.0K

$722.8K – $963.7K (±1% cap)

NOI $57,820 @ 7.0% cap · market cap 5.85%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.90M

$1.67M – $2.22M (±1% cap)

NOI $133,255 @ 7.0% cap · market cap 13.47%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Apartment buildings

Suggested Use

Top Pick Florist Pet Grooming Service Locksmith Storage Facility (Bike/Boat/Book/etc) Store Home Appliance Store

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

10

Residential units

80%

Occupancy

Yes

Highway access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

1,627

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

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 - Apartments have updated finishes and appliances, with gas, water, and electric separately metered.

Where is this apartment building located?

The property is located at 1513-15 Mulberry Street Scranton, PA.

What is the asking price?

The asking price for this property is $989,000.

What are key features of this property?

This property features: 10 residential units; 8 occupied and 2 vacant; All 10 apartments remodeled within the past 12 months; New electrical and plumbing throughout the building