Newly Built Two-Unit
For Sale
$425,000
216 Harrison Ave, Scranton, PA 18510
Fully occupied duplex with tenant-paid utilities and separate deed documentation.
Property Size2,170 SF
Price / SF$195.85
Days on Market61
Property Features for 216 Harrison Ave
General Information
Standard status
Active
Size
2,170 SF
Property subtype
Multi-Family
Building Details
Year Built
2024
Listing Agency:
Steel City Realty
(484) 895-9005
Listed By:
Jennifer de Jesus · License #RM423820
Source:
Nepahousehunt
Added: Jul 1
Changed: Aug 29
Last Checked: Aug 30 at 6:18PM
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 Steel City Realty
Investment Insights
Based on property information with market context.
This brand-new duplex contains 2 units within 2,170 square feet and is currently 100% occupied. The property is held under an individual deed, and tenants pay all utilities. Its two-unit configuration provides an established residential income setup in a newly constructed building.
Located at 216 Harrison Ave in Scranton, PA, the property is identified as being within a Federal Opportunity Zone (18510). FHA and VA eligibility is also supported by the available property information. Current occupancy and utility arrangements are already in place for the existing tenancy.
Located at 216 Harrison Ave in Scranton, PA, the property is identified as being within a Federal Opportunity Zone (18510). FHA and VA eligibility is also supported by the available property information. Current occupancy and utility arrangements are already in place for the existing tenancy.
Key Highlights
- Brand‑new duplex with 2 units
- 100% occupied
- 2,170 square feet of 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
$17,895
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
4.21%
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%
$357,900
$357.9K
Cap Rate 7%
$255,643
$255.6K
Cap Rate 9%
$198,833
$198.8K
Market Conditions
NOI Build-Up for 2,170 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
$27.3K $12.60/SF
− Vacancy
−$1.8K −$0.82/SF
EGI
$25.6K $11.78/SF
− OpEx
−$7.7K −$3.53/SF
NOI
$17.9K $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%
$357,900
Cap Rate 7%
$255,643
Cap Rate 9%
$198,833
Alternative Uses
Best Use
Multifamily LT 5
$255.6K
$223.7K – $298.3K
NOI $17,895 @ 7.0% cap · market cap 4.21%
Second Best
Apartment 5plus
$239.0K
$209.1K – $278.8K
NOI $16,729 @ 7.0% cap · market cap 3.94%
Theoretical Best
Office A
$550.8K
$481.9K – $642.6K
NOI $38,555 @ 7.0% cap · market cap 9.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,281
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Fully occupied duplex with tenant-paid utilities and separate deed documentation.
Where is this duplex located?
The property is located at 216 Harrison Ave 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: Brand‑new duplex with 2 units; 100% occupied; 2,170 square feet of property size
