Multi-Family Rental
For Sale
$425,000
1522-1524 1508 Elizabeth Street, Scranton, PA 18504
MULTI_FAMILY - Ranch - Scranton, PA
Property Size3,820 SF
Lot Size0.19 Acres
Price / SF$111.26
Days on Market98
Property Features for 1522-1524 1508 Elizabeth Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
Res MF
Zoning description
Multi-Family
Bedrooms
9
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 7, Bathroom 3, Bedroom 5, Bedroom 2, Bedroom 4, Bedroom 8, Bedroom 1, Bedroom 3, Bedroom 9, Bedroom 6, Bathroom 2, Bathroom 1, Basement
Parking features
Garage, Driveway, Off Street, On Street
Patio and Porch features
Porch
Interior features
Ceiling Fan(s), Eat-in Kitchen
Exterior features
Private Yard
Basement
Unfinished
Appliances
Oven, Range
Lot features
Corner Lot, Not In Development, Level
Elementary school district
Scranton
Middle school district
Scranton
High school district
Scranton
Directions
From North Scranton Expressway, take N Main Ave and left onto Eucluid Ave, and onto Dorthy Street , take left onto N Sumner and left on to Elizabeth. Home will be on corner of N Rebecca and Elizabeth and
Standard status
Active
APN
13419010076
Size
3,820 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
There are 2 properties on this property
Tax Annual Amount
5722
Legal Description
There are 2 properties on this property
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Ceiling Fan(s)
Water source
Public
Building Details
Year built
1960
Floors in Building
2
Number of units
3
Flooring type
Tile, Carpet
Building materials
Asbestos, Stone, Stucco
Roof type
Shingle
Architectural style
Ranch
Listing Agency:
ERA One Source Realty · ERA Real Estate
(570) 587-9999
Listed By:
Leah Gianacopoulos · License #RS325414
(570) 947-9250
Added: May 7
Changed: Aug 1
Last Checked: Aug 12 at 6:06PM
MLS# SC262051
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 for-sale residential income package includes a fully rented side-by-side duplex and an additional single-family home. The duplex provides two separate living units with separate utilities, spacious living rooms, kitchens, dining areas, laundry spaces, basements for storage, and garage storage as well. The included single-family home features three bedrooms, one bathroom, a kitchen, and comfortable living space.
The property is located on a corner lot in Scranton, PA. The duplex tenants are described as month-to-month, with the listing noting the overall ownership and upkeep by the same family for many years.
The combined site totals approximately 0.19 acres, with an overall property size listed at 3,820 square feet.
The property is located on a corner lot in Scranton, PA. The duplex tenants are described as month-to-month, with the listing noting the overall ownership and upkeep by the same family for many years.
The combined site totals approximately 0.19 acres, with an overall property size listed at 3,820 square feet.
Key Highlights
- Side‑by‑side duplex is fully rented with month‑to‑month tenants and separate utilities
- Includes a single‑family home with 3 bedrooms and 1 bathroom, plus a kitchen and living space
- Owned and cared for by the same family for many years; multiple basements for storage and garage storage
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
$31,502
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
7.41%
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%
$630,040
$630.0K
Cap Rate 7%
$450,029
$450.0K
Cap Rate 9%
$350,022
$350.0K
Market Conditions
NOI Build-Up for 3,820 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
$48.1K $12.60/SF
− Vacancy
−$3.1K −$0.82/SF
EGI
$45.0K $11.78/SF
− OpEx
−$13.5K −$3.53/SF
NOI
$31.5K $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%
$630,040
Cap Rate 7%
$450,029
Cap Rate 9%
$350,022
Alternative Uses
Best Use
Multifamily LT 5
$450.0K
$393.8K – $525.0K
NOI $31,502 @ 7.0% cap · market cap 7.41%
Second Best
Apartment 5plus
$420.7K
$368.1K – $490.8K
NOI $29,450 @ 7.0% cap · market cap 6.93%
Theoretical Best
Office A
$969.6K
$848.4K – $1.13M
NOI $67,871 @ 7.0% cap · market cap 15.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
346
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 - Side-by-side duplex and single-family home on a corner lot, with separate utilities and month-to-month tenants.
Where is this duplex located?
The property is located at 1522-1524 1508 Elizabeth Street Scranton, PA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Side‑by‑side duplex is fully rented with month‑to‑month tenants and separate utilities; Includes a single‑family home with 3 bedrooms and 1 bathroom, plus a kitchen and living space; Owned and cared for by the same family for many years; multiple basements for storage and garage storage
