Renovated Triplex with Separate
For Sale
$350,000
Pending
335 Phelps Street, Scranton, PA 18509
Residential Income, Scranton, PA
Property Size2,500 SF
Lot Size0.11 Acres
Days on Market176
Property Features for 335 Phelps Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3
Zoning description
Multi-Family
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Basement, Bedroom 4, Bedroom 3, Bathroom 1, Bathroom 3, Bathroom 4, Bedroom 6, Bedroom 5, Bedroom 1, Bedroom 2, Bathroom 2
Parking
3
Parking features
Off Street, On Street
Patio and Porch features
Porch, Deck
Interior features
Eat-in Kitchen, Attic Storage, Granite Counters
Exterior features
Rain Gutters
Fencing
Chain Link, Fenced
Basement
Walk-Out Access
Appliances
Gas Oven, Refrigerator
Elementary school district
Scranton
Middle school district
Scranton
High school district
Scranton
Directions
From Wyoming Ave, turn on to Phelps and house is on the Right
Standard status
Pending
APN
14512050077
Size
2,500 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2717
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Ductless, Gas (Cooling), Central Air
Water source
Public
Building Details
Year built
1930
Floors in Building
2
Number of units
3
Flooring type
Vinyl
Building materials
Stucco
Roof type
Asphalt
Additional Structures
Storage
Listing Agency:
ERA One Source Realty · ERA Real Estate
(570) 587-9999
Listed By:
Diane Stracham · License #RS318034
(570) 241-3982
Added: Mar 7
Changed: Aug 19
Last Checked: Aug 30 at 1:06PM
MLS# SC260911
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 residential income property at 335 Phelps Street includes approximately 2,500 square feet on a 0.11-acre lot. The building was constructed in 1930 and has been renovated with updated kitchens, modern bathrooms, granite counters, and vinyl flooring. Separate utilities serve each unit. Interior amenities include eat-in kitchens and attic storage, while the property also offers a basement, gas oven, refrigerators, forced-air natural gas heat, and central air conditioning.
Exterior features include a porch, deck, rain gutters, chain-link fencing, and both off-street and on-street parking. Public water and public sewer serve the property. Zoning is R3, and the property is located in Scranton, Pennsylvania.
Exterior features include a porch, deck, rain gutters, chain-link fencing, and both off-street and on-street parking. Public water and public sewer serve the property. Zoning is R3, and the property is located in Scranton, Pennsylvania.
Key Highlights
- Three‑unit property with approximately 2,500 square feet
- 0.11‑acre lot in Scranton, PA 18509
- Separate utilities for all units
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
$20,617
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
5.89%
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%
$412,340
$412.3K
Cap Rate 7%
$294,529
$294.5K
Cap Rate 9%
$229,078
$229.1K
Market Conditions
NOI Build-Up for 2,500 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
$31.5K $12.60/SF
− Vacancy
−$2.0K −$0.82/SF
EGI
$29.5K $11.78/SF
− OpEx
−$8.8K −$3.53/SF
NOI
$20.6K $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 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%
$412,340
Cap Rate 7%
$294,529
Cap Rate 9%
$229,078
Alternative Uses
Best Use
Multifamily LT 5
$294.5K
$257.7K – $343.6K
NOI $20,617 @ 7.0% cap · market cap 5.89%
Second Best
Apartment 5plus
$275.3K
$240.9K – $321.2K
NOI $19,273 @ 7.0% cap · market cap 5.51%
Theoretical Best
Office A
$634.5K
$555.2K – $740.3K
NOI $44,418 @ 7.0% cap · market cap 12.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three renovated units feature updated kitchens, modern bathrooms, vinyl flooring, and individual utility service.
Where is this triplex located?
The property is located at 335 Phelps Street Scranton, PA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Three‑unit property with approximately 2,500 square feet; 0.11‑acre lot in Scranton, PA 18509; Separate utilities for all units
