Fully Rented
For Sale
$299,999
345 Phelps Street, Scranton, PA 18509
Residential Income, Scranton, PA
Property Size1,845 SF
Lot Size0.12 Acres
Price / SF$162.60
Days on Market83
Property Features for 345 Phelps Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R1
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Basement, Bedroom 1, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 4
Basement
Unfinished, Block, Walk-Up Access
Elementary school district
Scranton
Middle school district
Scranton
High school district
Scranton
Directions
From Mulberry St. travel on Wyoming Ave towards Green Ridge Take a left at Phelps St. 345 is first house on the right.Latitude: 41.417901 Longitude: -75.656174
Standard status
Active
APN
14512050080
Size
1,845 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
40X140x35x140 Bldg & Land W-07 B-0200 L-013A P-01400
Tax Annual Amount
3965
Legal Description
40X140x35x140 Bldg & Land W-07 B-0200 L-013A P-01400
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Listing Agency:
ERA One Source Realty · ERA Real Estate
(570) 587-9999
Listed By:
Manju Verma · License #RS375147
(570) 877-2778
Added: Jul 6
Changed: Sep 12
Last Checked: Sep 26 at 11:06PM
MLS# SC263187
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 1,845-square-foot duplex, built in 1920, contains two residential units under R1 zoning. Each unit includes two bedrooms, a living room, kitchen, and one bathroom. One residence also has a patio, while the other includes a backyard. Separate entrances and utilities support independent unit operations, and tenants pay their own gas and electric service.
The property is located at 345 Phelps Street in Scranton, near grocery stores, downtown Scranton, restaurants, hospitals, universities, and medical buildings. Viewmont and Steamtown Malls are approximately a five-minute drive away. The 0.12-acre lot and fully rented status provide a compact duplex configuration with established occupancy.
The property is located at 345 Phelps Street in Scranton, near grocery stores, downtown Scranton, restaurants, hospitals, universities, and medical buildings. Viewmont and Steamtown Malls are approximately a five-minute drive away. The 0.12-acre lot and fully rented status provide a compact duplex configuration with established occupancy.
Key Highlights
- Two‑unit duplex with 1,845 square feet on a 0.12‑acre lot
- Both units are fully rented and include 2 bedrooms and 1 bathroom
- Separate entrances and utilities; tenants pay gas and electric
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
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer separate entrances and utilities, with tenants responsible for gas and electric service.
Where is this duplex located?
The property is located at 345 Phelps Street 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: Two‑unit duplex with 1,845 square feet on a 0.12‑acre lot; Both units are fully rented and include 2 bedrooms and 1 bathroom; Separate entrances and utilities; tenants pay gas and electric
