Three-Unit Triplex with
For Sale
$299,000
Pending
220 Colfax Avenue, Scranton, PA 18510
MULTI_FAMILY - Scranton, PA
Property Size3,259 SF
Lot Size0.15 Acres
Days on Market93
Property Features for 220 Colfax Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R#
Zoning description
Multi-Family
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 6, Bedroom 5, Bedroom 1, Bedroom 3, Bedroom 4, Bathroom 2, Bathroom 1, Basement, Bathroom 3, Bedroom 7, Bedroom 2
Parking features
Offsite, Driveway, On Street
Patio and Porch features
Porch
Interior features
Ceiling Fan(s)
Fireplace
1
Basement
Block
Appliances
Free-Standing Refrigerator, Gas Oven
Lot features
Back Yard, City Lot
Elementary school district
Scranton
Middle school district
Scranton
High school district
Scranton
Directions
Up Mulberry Street towards Nay Aug Park. Turn right on Colfax Avenue, house is on the right.
Standard status
Pending
APN
15714020011
Size
3,259 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
40X160 Li&C Town Plot L 5 B 188 W-17 B-061A L-019 P-005
Tax Annual Amount
5349
Legal Description
40X160 Li&C Town Plot L 5 B 188 W-17 B-061A L-019 P-005
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Ceiling Fan(s)
Water source
Public
Building Details
Year built
1930
Floors in Building
3
Number of units
3
Flooring type
Vinyl, Hardwood
Building materials
Wood Siding
Roof type
Asphalt
Listing Agency:
ERA One Source Realty · ERA Real Estate
(570) 587-9999
Listed By:
Diane Stracham · License #RS318034
(570) 241-3982
Added: May 12
Changed: Aug 1
Last Checked: Aug 12 at 6:06PM
MLS# SC262146
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 three-unit triplex was built in 1930 and totals 3,259 square feet of living space on a 0.15-acre lot. The building includes three spacious units with 2- and 3-bedroom layouts, each with large eat-in kitchens. Interior details include ceiling fan(s), and flooring features vinyl and hardwood. Heating is natural gas, with ceiling fan(s) used for cooling, and the roof is asphalt. The property has wood siding, public water, and public sewer, and offers a porch. A fireplace is also included.
The units have separate electrical panels, supporting independent utility setups. The first and second floor have been updated, adding to the property’s appeal for rental use.
Parking is handled via a driveway plus offsite and on-street options. The listing is presented for for-sale purposes, with buyers and buyer’s agents encouraged to perform their own due diligence regarding all information, measurements, taxes, and features.
The units have separate electrical panels, supporting independent utility setups. The first and second floor have been updated, adding to the property’s appeal for rental use.
Parking is handled via a driveway plus offsite and on-street options. The listing is presented for for-sale purposes, with buyers and buyer’s agents encouraged to perform their own due diligence regarding all information, measurements, taxes, and features.
Key Highlights
- Three units with 2- and 3‑bedroom layouts and large eat‑in kitchens
- 3,259 square feet on 0.15‑acre lot
- Separate electrical panels for each unit
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
$26,876
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
8.99%
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%
$537,520
$537.5K
Cap Rate 7%
$383,943
$383.9K
Cap Rate 9%
$298,622
$298.6K
Market Conditions
NOI Build-Up for 3,259 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
$41.1K $12.60/SF
− Vacancy
−$2.7K −$0.82/SF
EGI
$38.4K $11.78/SF
− OpEx
−$11.5K −$3.53/SF
NOI
$26.9K $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%
$537,520
Cap Rate 7%
$383,943
Cap Rate 9%
$298,622
Alternative Uses
Best Use
Multifamily LT 5
$383.9K
$336.0K – $447.9K
NOI $26,876 @ 7.0% cap · market cap 8.99%
Second Best
Apartment 5plus
$358.9K
$314.1K – $418.8K
NOI $25,125 @ 7.0% cap · market cap 8.40%
Theoretical Best
Office A
$827.2K
$723.8K – $965.1K
NOI $57,904 @ 7.0% cap · market cap 19.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
859
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?
Triplex - Three-unit triplex with separate electrical panels, natural gas heat, porch, and an on-site fireplace.
Where is this triplex located?
The property is located at 220 Colfax Avenue Scranton, PA.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Three units with 2- and 3‑bedroom layouts and large eat‑in kitchens; 3,259 square feet on 0.15‑acre lot; Separate electrical panels for each unit
