Two-Unit Duplex with Separate
For Sale
$299,999
345 Phelps St, Scranton, PA 18509
Fully rented duplex with separate entrances, tenant-paid gas and electric, and private outdoor areas for both apartments.
Property Size1,845 SF
Price / SF$162.60
Days on Market41
Property Features for 345 Phelps St
General Information
Standard status
Active
Size
1,845 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,965
Amenities
patio
backyard
Listing Agency:
ERA One Source Realty
(570) 877-2778
Listed By:
Manju Verma · License #RS375147
(570) 877-2778
Source:
Exprealty
Added: Jul 3
Changed: Aug 8
Last Checked: Aug 11 at 12:24PM
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 ERA One Source Realty
Investment Insights
Based on property information with market context.
This 1,845-square-foot duplex contains two separately entered apartments, each with two bedrooms, a living room, kitchen, and one bathroom. Unit 1 includes a patio, while Unit 2 offers a backyard. The property is fully rented, with separate utilities; tenants pay gas and electric.
Located at 345 Phelps St in Scranton, the duplex is described as walkable to grocery stores, downtown Scranton, and restaurants. Major hospitals, universities, and medical buildings are nearby, while Viewmont and Steamtown Malls are approximately a five-minute drive away.
Located at 345 Phelps St in Scranton, the duplex is described as walkable to grocery stores, downtown Scranton, and restaurants. Major hospitals, universities, and medical buildings are nearby, while Viewmont and Steamtown Malls are approximately a five-minute drive away.
Key Highlights
- 1,845‑square‑foot duplex with two separately entered apartments
- Both apartments include 2 bedrooms, living room, kitchen, and 1 bath
- Fully rented property with separate utilities
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
$15,215
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
5.07%
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%
$304,300
$304.3K
Cap Rate 7%
$217,357
$217.4K
Cap Rate 9%
$169,056
$169.1K
Market Conditions
NOI Build-Up for 1,845 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
$23.2K $12.60/SF
− Vacancy
−$1.5K −$0.82/SF
EGI
$21.7K $11.78/SF
− OpEx
−$6.5K −$3.53/SF
NOI
$15.2K $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%
$304,300
Cap Rate 7%
$217,357
Cap Rate 9%
$169,056
Alternative Uses
Best Use
Multifamily LT 5
$217.4K
$190.2K – $253.6K
NOI $15,215 @ 7.0% cap · market cap 5.07%
Second Best
Apartment 5plus
$203.2K
$177.8K – $237.1K
NOI $14,224 @ 7.0% cap · market cap 4.74%
Theoretical Best
Office A
$468.3K
$409.8K – $546.4K
NOI $32,781 @ 7.0% cap · market cap 10.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
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?
Duplex - Fully rented duplex with separate entrances, tenant-paid gas and electric, and private outdoor areas for both apartments.
Where is this duplex located?
The property is located at 345 Phelps St Scranton, PA.
What is the asking price?
The asking price for this property is $299,999.
What are key features of this property?
This property features: 1,845‑square‑foot duplex with two separately entered apartments; Both apartments include 2 bedrooms, living room, kitchen, and 1 bath; Fully rented property with separate utilities
