Mixed-Use Building with Office and
For Sale
Contact for pricing
329 Penn Ave, Scranton, PA 18503
Fully occupied mixed-use property combining two floors of office space with six luxury apartments and on-site parking.
Property Size20,000 SF
Price / SF$105
Days on Market58
Property Features for 329 Penn Ave
General Information
Standard status
Active
Size
20,000 SF
Total Parking Spaces
24
Property subtype
Mixed Use, Multifamily, Office
Occupancy
100%
Additional Details
Multifamily Units
6
Building Details
Year Built
1950
Stories
3
Tenancy
Multi
Listing Agency:
Hibble & Harris Real Estate
Listed By:
Charles Hibble · License #RB069694
Source:
Crexi
Added: Jun 10
Changed: Jul 10
Last Checked: Aug 5 at 9:14AM
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 Hibble & Harris Real Estate
Investment Insights
Based on property information with market context.
This professional mixed-use building pairs two floors of office space in the main building with six luxury apartments in an attached three-story building. The property includes rear on-site parking with 10 spaces and a two-car garage. In addition, the offering includes tax ID #1458301003, a separate parking lot next to the building with 14 parking spaces, for 24 total parking spaces across both parcels. Both buildings received new rubber roofing in 2017.
The building is offered for sale as a single mixed-use asset with attached office and residential components and dedicated parking to support daily access for tenants and guests.
For an operator or buyer seeking a live-and-work style income mix, the configuration supports leasing office space alongside residential apartments within the same overall property footprint. The current offering is listed as 100% occupied, providing immediate occupancy across the office and apartment components, along with parking amenities that can help reduce tenant and visitor friction.
The building is offered for sale as a single mixed-use asset with attached office and residential components and dedicated parking to support daily access for tenants and guests.
For an operator or buyer seeking a live-and-work style income mix, the configuration supports leasing office space alongside residential apartments within the same overall property footprint. The current offering is listed as 100% occupied, providing immediate occupancy across the office and apartment components, along with parking amenities that can help reduce tenant and visitor friction.
Key Highlights
- Mixed‑use building with 2 floors of office space and 6 luxury apartments in an attached 3‑story building
- 100% occupied with all units/space currently filled
- On‑site parking for 24 total spaces: 10 in the rear plus a separate parking lot (tax id #1458301003) with 14 spaces
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $297.6k | $14.88 |
| − Vacancy | −$17.3k | −$0.86 |
| EGI | $280.3k | $14.02 |
| − OpEx | −$126.2k | −$6.31 |
| NOI | $154.2k | $7.71 |
20,000 SF · lease $14.88/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Office B
$3.67M
$3.21M – $4.28M
NOI $257,013 @ 7.0% cap · market cap 12.24%
Second Best
Mixed Use
$2.89M
$2.53M – $3.38M
NOI $202,500 @ 7.0% cap · market cap 9.64%
Theoretical Best
Office A
$5.08M
$4.44M – $5.92M
NOI $355,346 @ 7.0% cap · market cap 16.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,505
Businesses Nearby
Explore this area
Business Placement
Demographics for 18503, PA
1,792
Population
1,051
Households
1.7
Avg Household Size
44
Median Age
40%
College-Educated
89%
High-School Grad
0.5 sq mi
ZIP Area
3,584
Density / Sq Mi
$40,214
Median Household Income
$27,863
Median Earnings
$933
Median Rent
$259,400
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully occupied mixed-use property combining two floors of office space with six luxury apartments and on-site parking.
Where is this mixed-use property located?
The property is located at 329 Penn Ave Scranton, PA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Mixed‑use building with 2 floors of office space and 6 luxury apartments in an attached 3‑story building; 100% occupied with all units/space currently filled; On‑site parking for 24 total spaces: 10 in the rear plus a separate parking lot (tax id #1458301003) with 14 spaces
