Remodeled Duplex with Off-Street
For Sale
$425,000
342 Harrison Ave, Scranton, PA 18510
Two-unit property with updated interiors, separate utilities, and convenient access to hospitals, the University of Scranton, and nearby parkland.
Property Size3,171 SF
Price / SF$134.03
Days on Market9
Property Features for 342 Harrison Ave
General Information
Standard status
Active
Size
3,171 SF
Property subtype
Multi-Family
Building Details
Year Built
1910
Listing Agency:
Christian Saunders Real Estate
(570) 499-3333
Listed By:
Thomas Exeter · License #RS353357
Source:
Revolvepa
Added: Aug 23
Changed: Aug 30
Last Checked: Aug 30 at 6:21PM
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 Christian Saunders Real Estate
Investment Insights
Based on property information with market context.
This 1910 duplex contains 3,171 square feet of living space across two units and includes six total bedrooms. The property has separate utilities for each unit, a welcoming entry, and off-street parking. Renovations extend throughout the building, including electrical and plumbing systems, kitchens, bathrooms, walls, flooring, exterior improvements, and the roof. Updates span the basement through the third floor.
The property is situated in Scranton’s historic Hill section, near hospitals, the University of Scranton, and the city’s largest park. Highway access provides approximately two-hour travel times to New York City, New Jersey, and Philadelphia. The two-unit configuration and extensive improvements support both residential occupancy and rental use.
The property is situated in Scranton’s historic Hill section, near hospitals, the University of Scranton, and the city’s largest park. Highway access provides approximately two-hour travel times to New York City, New Jersey, and Philadelphia. The two-unit configuration and extensive improvements support both residential occupancy and rental use.
Key Highlights
- Two‑unit duplex with 3,171 square feet of living space
- Six total bedrooms across the property
- Separate utilities 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
$26,150
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
6.15%
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%
$523,000
$523.0K
Cap Rate 7%
$373,571
$373.6K
Cap Rate 9%
$290,556
$290.6K
Market Conditions
NOI Build-Up for 3,171 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
$40.0K $12.60/SF
− Vacancy
−$2.6K −$0.82/SF
EGI
$37.4K $11.78/SF
− OpEx
−$11.2K −$3.53/SF
NOI
$26.2K $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%
$523,000
Cap Rate 7%
$373,571
Cap Rate 9%
$290,556
Alternative Uses
Best Use
Multifamily LT 5
$373.6K
$326.9K – $435.8K
NOI $26,150 @ 7.0% cap · market cap 6.15%
Second Best
Apartment 5plus
$349.2K
$305.6K – $407.4K
NOI $24,446 @ 7.0% cap · market cap 5.75%
Theoretical Best
Office A
$804.9K
$704.3K – $939.0K
NOI $56,340 @ 7.0% cap · market cap 13.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,016
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?
Duplex - Two-unit property with updated interiors, separate utilities, and convenient access to hospitals, the University of Scranton, and nearby parkland.
Where is this duplex located?
The property is located at 342 Harrison Ave Scranton, PA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Two‑unit duplex with 3,171 square feet of living space; Six total bedrooms across the property; Separate utilities for each unit
