8-Unit Apartment
For Sale
$699,000
Pending
314 W Market Street, Scranton, PA 18508
Commercial Sale, Scranton, PA
Property Size6,500 SF
Lot Size0.19 Acres
Days on Market147
Property Features for 314 W Market Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R2
Parking features
Parking Lot, Assigned
Exterior features
Balcony
Elementary school district
Scranton
Middle school district
Scranton
High school district
Scranton
Directions
From downtown Scranton - North Main Ave to left on W Market St. Property on right. Park in the parking lot behind the building.
Standard status
Pending
APN
13408040025
Size
6,500 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
41X200 Helen Evans Est L 1 W-01 B-006 L-009 P-00901
Legal Description
41X200 Helen Evans Est L 1 W-01 B-006 L-009 P-00901
Utilities
Water source
Public
Amenities
off street parking
Building Details
Year built
1930
Floors in Building
3
Number of units
8
Listing Agency:
ERA One Source Realty · ERA Real Estate
(570) 587-9999
Listed By:
Sunita Arora · License #RM061605A
(570) 510-5840
Added: Apr 17
Changed: Aug 19
Last Checked: Sep 10 at 7:06PM
MLS# SC261588
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 8-unit apartment property contains approximately 6,500 square feet on a 0.19-acre parcel. Built in 1930, the building includes balcony space, a parking lot, and assigned parking. Separate utility arrangements place those costs with the tenants.
The property is located on W Market Street in Scranton’s North Scranton area, near stores and major roads. It is served by public water and carries R2 zoning, supporting its multifamily residential classification.
The property is located on W Market Street in Scranton’s North Scranton area, near stores and major roads. It is served by public water and carries R2 zoning, supporting its multifamily residential classification.
Key Highlights
- 8‑unit apartment building with approximately 6,500 square feet
- 0.19‑acre lot in North Scranton
- R2 zoning and public water service
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
$50,111
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
7.17%
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%
$1,002,220
$1.0M
Cap Rate 7%
$715,871
$715.9K
Cap Rate 9%
$556,789
$556.8K
Market Conditions
NOI Build-Up for 6,500 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
$96.7K $14.88/SF
− Vacancy
−$5.6K −$0.86/SF
EGI
$91.1K $14.02/SF
− OpEx
−$41.0K −$6.31/SF
NOI
$50.1K $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%
$1,002,220
Cap Rate 7%
$715,871
Cap Rate 9%
$556,789
Alternative Uses
Best Use
Apartment 5plus
$715.9K
$626.4K – $835.2K
NOI $50,111 @ 7.0% cap · market cap 7.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.65M
$1.44M – $1.92M
NOI $115,487 @ 7.0% cap · market cap 16.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
760
Businesses Nearby
Explore this area
Business Placement
Demographics for 18508, PA
11,664
Population
5,466
Households
2.1
Avg Household Size
40
Median Age
18%
College-Educated
90%
High-School Grad
6.8 sq mi
ZIP Area
1,715
Density / Sq Mi
$44,706
Median Household Income
$31,055
Median Earnings
$1,034
Median Rent
$120,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with assigned off-street parking and tenant-paid separate utilities.
Where is this apartment building located?
The property is located at 314 W Market Street Scranton, PA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 8‑unit apartment building with approximately 6,500 square feet; 0.19‑acre lot in North Scranton; R2 zoning and public water service
