Corner Medical Office
For Sale
$549,000
397 N 9th Ave, Scranton, PA 18504
Purpose-built medical layout with exam rooms, ADA-compliant restroom access, reception space, and dedicated parking.
Property Size3,000 SF
Price / SF$183
Days on Market312
Property Features for 397 N 9th Ave
General Information
Standard status
Active
Size
3,000 SF
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$6,832
Building Details
Year Renovated
2020
Buildings
1
Listing Agency:
Coldwell Banker Town & Country Properties
(570) 575-9093
Listed By:
Charles Ulmer · License #RS359934
(570) 575-9093
Source:
Exprealty
Added: Oct 15, 2025
Changed: Aug 20
Last Checked: Aug 21 at 9:26AM
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 Coldwell Banker Town & Country Properties
Investment Insights
Based on property information with market context.
This 3,000-square-foot medical office building at 397 N 9th Ave is configured for clinical or professional operations. The interior includes seven exam rooms or offices, three restrooms with one ADA-compliant restroom, and a reception area. A 400-amp electrical service with dual 200A panels supports medical and technical requirements. The property was refreshed in 2020, with new windows and HVAC scheduled for Aug 2026 and roof repairs noted for the same period.
Positioned at the corner of Lackawanna Avenue and 9th Avenue in Scranton, the building is across from Kost Tire and includes 20+ dedicated parking spaces. The property is available for sale or lease.
Positioned at the corner of Lackawanna Avenue and 9th Avenue in Scranton, the building is across from Kost Tire and includes 20+ dedicated parking spaces. The property is available for sale or lease.
Key Highlights
- 3,000‑square‑foot medical office building
- Seven exam rooms or offices with reception area
- Three restrooms, including one ADA‑compliant restroom
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
$38,552
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
7.02%
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%
$771,040
$771.0K
Cap Rate 7%
$550,743
$550.7K
Cap Rate 9%
$428,356
$428.4K
Market Conditions
NOI Build-Up for 3,000 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
$60.1K $20.04/SF
− Vacancy
−$8.7K −$2.91/SF
EGI
$51.4K $17.13/SF
− OpEx
−$12.9K −$4.28/SF
NOI
$38.6K $12.85/SF
Area
Lackawanna County, PA
Vacancy
14.50%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
25.00%
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%
$771,040
Cap Rate 7%
$550,743
Cap Rate 9%
$428,356
Alternative Uses
Best Use
Office B
$550.7K
$481.9K – $642.5K
NOI $38,552 @ 7.0% cap · market cap 7.02%
Second Best
Healthcare Medical
$505.4K
$442.2K – $589.6K
NOI $35,378 @ 7.0% cap · market cap 6.44%
Theoretical Best
Office A
$761.5K
$666.3K – $888.4K
NOI $53,302 @ 7.0% cap · market cap 9.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,848
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 18504, PA
21,267
Population
10,017
Households
2.1
Avg Household Size
40
Median Age
20%
College-Educated
87%
High-School Grad
10.2 sq mi
ZIP Area
2,085
Density / Sq Mi
$52,542
Median Household Income
$38,439
Median Earnings
$970
Median Rent
$144,200
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Scranton Animal Hospital — 911 Providence Rd, Scranton, PA 18508
- Dr Paws Inc — 375 N 9th Ave, Scranton, PA 18504
- Dorton Keith C DVM — 911 Providence Rd, Scranton, PA 18508
Frequently Asked Questions
What type of property is this?
Medical Office Space - Purpose-built medical layout with exam rooms, ADA-compliant restroom access, reception space, and dedicated parking.
Where is this medical office space located?
The property is located at 397 N 9th Ave Scranton, PA.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: 3,000‑square‑foot medical office building; Seven exam rooms or offices with reception area; Three restrooms, including one ADA‑compliant restroom
