Two-Unit Duplex with Gas
For Sale
$140,000
304-306 Phelps Street, Scranton, PA 18509
The vertically arranged units are occupied under month-to-month rental agreements.
Property Size1,408 SF
Days on Market13
Property Features for 304-306 Phelps Street
General Information
Standard status
Active
Size
1,408 SF
Property subtype
Duplex
Occupancy
100%
Property Condition
Severity
Repairs Needed
Evidence
in need of repairs and improvements
Additional Details
Gross Income
$26,400
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,049
Building Details
Building Size
1,408 SF
Year Built
1900
Buildings
1
Tenancy
Multi
Listing Agency:
C21 Jack Ruddy Real Estate
Listed By:
Amanda Frey
(272) 772-6809
Source:
Luxehomesnepa
Added: Oct 5
Changed: Oct 17
Last Checked: Oct 16 at 4:52PM
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 C21 Jack Ruddy Real Estate
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 1,408-square-foot duplex at 304-306 Phelps Street in Scranton has one apartment on each level and gas heat. Both apartments are occupied on month-to-month terms.
The lower apartment requires repair work, while the upper unit may benefit from updates. These condition details distinguish the two units within the property.
The lower apartment requires repair work, while the upper unit may benefit from updates. These condition details distinguish the two units within the property.
Key Highlights
- Two apartments arranged on separate floors
- 1,408 square feet
- Gas heat
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$11,611
Cap Rate
8.29%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$232,220
$232.2K
Cap Rate 7%
$165,871
$165.9K
Cap Rate 9%
$129,011
$129.0K
Market Conditions
NOI Build-Up for 1,408 SF
Gross rent
$17.7K $12.60/SF
− Vacancy
−$1.2K −$0.82/SF
EGI
$16.6K $11.78/SF
− OpEx
−$5.0K −$3.53/SF
NOI
$11.6K $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 Rate 5%
$232,220
Cap Rate 7%
$165,871
Cap Rate 9%
$129,011
Alternative Uses
Best Use
Multifamily LT 5
$165.9K
$145.1K – $193.5K
NOI $11,611 @ 7.0% cap · market cap 8.29%
Second Best
Apartment 5plus
$155.1K
$135.7K – $180.9K
NOI $10,855 @ 7.0% cap · market cap 7.75%
Theoretical Best
Office A
$357.4K
$312.7K – $416.9K
NOI $25,016 @ 7.0% cap · market cap 17.87%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,131
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
Frequently Asked Questions
What type of property is this?
Duplex - The vertically arranged units are occupied under month-to-month rental agreements.
Where is this duplex located?
The property is located at 304-306 Phelps Street Scranton, PA.
What is the asking price?
The asking price for this property is $140,000.
What are key features of this property?
This property features: Two apartments arranged on separate floors; 1,408 square feet; Gas heat
