Medical Office Space with Corner
For Sale
$549,000
397 N 9th Avenue, Scranton, PA 18504
SINGLE_FAMILY - Scranton, PA
Property Size3,000 SF
Lot Size0.66 Acres
Price / SF$183
Days on Market301
Property Features for 397 N 9th Avenue
General Information
Property type
Residential
Property subtype
Office
Zoning
HC
Zoning description
Commercial
Exterior features
Lighting, Rain Gutters
Accessibility
Accessible Approach with Ramp
Lot features
City Lot, Paved, Landscaped, Corner Lot
Elementary school district
Scranton
Middle school district
Scranton
High school district
Scranton
Directions
I-81 to exit 185 to Spruce Street. Turn left onto Mifflin Ave, then right onto Lackawanna Ave then a left onto N 9th Ave.
Standard status
Active
APN
14518080001
Size
3,000 SF
Lot size
0.66 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
148X195 W-14 B-021 L-038A P-048
Tax Annual Amount
6832
Legal Description
148X195 W-14 B-021 L-038A P-048
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Cooling system
Central Air
Water source
Public
Building Details
Year built
1980
Floors in Building
1
Number of units
2
Flooring type
Vinyl, Tile - Ceramic
Building materials
Brick, Wood Siding
Roof type
Rubber
Listing Agency:
Coldwell Banker Town & Country Properties · Coldwell Banker Real Estate
(570) 586-9636
Listed By:
Charles Ulmer · License #RS359934
(570) 575-9093
Added: Oct 15, 2025
Changed: Aug 11
Last Checked: Aug 11 at 6:06PM
MLS# SC255363
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.
Built in 1980, this 3,000-square-foot medical office property occupies a 0.66-acre parcel at 397 N 9th Avenue in Scranton. The layout includes seven exam rooms or offices, a reception area, and three restrooms, including one with ADA-compliant features. Vinyl and ceramic tile flooring, central air, baseboard heating, brick and wood-siding construction, and a rubber roof are among the existing building elements.
The property sits at the intersection of Lackawanna Avenue and 9th Avenue, across from Kost Tire. More than 20 dedicated parking spaces serve the building, while a 400-amp electrical system with dual 200A panels supports healthcare, technical, dental, rehabilitation, or professional office operations. Public water and public sewer serve the site, and an accessible approach with ramp is provided.
The property sits at the intersection of Lackawanna Avenue and 9th Avenue, across from Kost Tire. More than 20 dedicated parking spaces serve the building, while a 400-amp electrical system with dual 200A panels supports healthcare, technical, dental, rehabilitation, or professional office operations. Public water and public sewer serve the site, and an accessible approach with ramp is provided.
Key Highlights
- 3,000 square feet on a 0.66‑acre parcel
- Seven exam rooms or offices plus reception area
- Three restrooms, including an 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
Location Intelligence
Trade Area within ½ mile
2,761
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Healthcare-oriented facility with exam rooms, accessible restroom access, dedicated parking, and substantial electrical capacity.
Where is this medical office space located?
The property is located at 397 N 9th Avenue 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 feet on a 0.66‑acre parcel; Seven exam rooms or offices plus reception area; Three restrooms, including an ADA‑compliant restroom
