Corner 8-Unit Apartment
For Sale
$650,000
1607 Sanderson Avenue, Scranton, PA 18509
MULTI_FAMILY - Scranton, PA
Property Size7,348 SF
Lot Size0.28 Acres
Price / SF$88.46
Days on Market92
Property Features for 1607 Sanderson Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R2
Bedrooms
10
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 4, Bedroom 9, Bathroom 8, Bathroom 4, Bathroom 5, Bedroom 1, Bathroom 1, Bedroom 7, Basement, Bedroom 6, Bedroom 2, Bathroom 7, Bathroom 3, Bedroom 8, Bedroom 5, Bedroom 3, Bathroom 2, Bedroom 10, Bathroom 6
Parking features
Off Street
Basement
Full
Elementary school district
Scranton
Middle school district
Scranton
High school district
Scranton
Directions
From Greenridge St - property is on the corner of Greenridge St and Sanderson Ave.
Standard status
Active
APN
13517020054
Size
7,348 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
121X79x18x131x95 W-13 B-0530 L-0010 P-02300
Tax Annual Amount
12924
Legal Description
121X79x18x131x95 W-13 B-0530 L-0010 P-02300
Utilities
Heating system
Electric (Heating), Natural Gas
Building Details
Year built
1930
Floors in Building
3
Number of units
8
Listing Agency:
EXP Realty LLC
(888) 397-7352
Listed By:
Christine Ives Polizzi · License #RS360064
(570) 561-7189
Added: May 12
Changed: Aug 4
Last Checked: Aug 11 at 9:06PM
MLS# SC262148
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 corner 8-unit apartment building is configured with 2 two-bedroom apartments and 6 one-bedroom apartments, offering an income-producing multifamily layout for investors. Off-street parking is available, and the building features natural gas and electric heating. Built in 1930, the property sits on a 0.28-acre lot with a total property size of 7,348 SF.
The building is located on the corner of Sanderson and Green Ridge Street in Scranton, right on the Dunmore border in a rental-demand area.
The current offering is intended for investors looking for a rental property with the opportunity to increase cash flow over time. Group showings will be scheduled, and a POF/preapproval is required for showings; reach out for financials and rent roll information.
The building is located on the corner of Sanderson and Green Ridge Street in Scranton, right on the Dunmore border in a rental-demand area.
The current offering is intended for investors looking for a rental property with the opportunity to increase cash flow over time. Group showings will be scheduled, and a POF/preapproval is required for showings; reach out for financials and rent roll information.
Key Highlights
- 2 two‑bedroom apartments and 6 one‑bedroom apartments in an 8‑unit building
- Corner location on Sanderson and Green Ridge Street near the Dunmore border
- 0.28‑acre lot with 7,348 SF total property size
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
$56,648
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
8.72%
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%
$1,132,960
$1.1M
Cap Rate 7%
$809,257
$809.3K
Cap Rate 9%
$629,422
$629.4K
Market Conditions
NOI Build-Up for 7,348 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
$109.3K $14.88/SF
− Vacancy
−$6.3K −$0.86/SF
EGI
$103.0K $14.02/SF
− OpEx
−$46.3K −$6.31/SF
NOI
$56.6K $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%
$1,132,960
Cap Rate 7%
$809,257
Cap Rate 9%
$629,422
Alternative Uses
Best Use
Apartment 5plus
$809.3K
$708.1K – $944.1K
NOI $56,648 @ 7.0% cap · market cap 8.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.87M
$1.63M – $2.18M
NOI $130,554 @ 7.0% cap · market cap 20.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
728
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Zoned R2 with off-street parking and natural gas and electric heating in an 8-unit apartment building.
Where is this apartment building located?
The property is located at 1607 Sanderson Avenue Scranton, PA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 2 two‑bedroom apartments and 6 one‑bedroom apartments in an 8‑unit building; Corner location on Sanderson and Green Ridge Street near the Dunmore border; 0.28‑acre lot with 7,348 SF total property size
