Renovated Two-Unit
For Sale
$200,000
401 Putnam St, Scranton, PA 18508
One unit is renovated and leased, while the second is vacant for cosmetic updates.
Property Size1,554 SF
Price / SF$128.70
Days on Market158
Property Features for 401 Putnam St
General Information
Standard status
Active
Size
1,554 SF
Property subtype
Residential Income
Property Condition
Severity
Repairs Needed
Evidence
light cosmetic refresh
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,741
Listing Agency:
EXP Realty LLC
(570) 520-8867
Listed By:
Alexsis McGhee · License #RS366599
(570) 520-8867
Source:
Exprealty
Added: Mar 27
Changed: Aug 29
Last Checked: Aug 30 at 10:15PM
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 EXP Realty LLC
Investment Insights
Based on property information with market context.
This two-unit duplex contains 1,554 square feet. The upper apartment has been renovated and is currently leased, with that tenant paying the utilities. The lower apartment is vacant and is described as needing cosmetic refreshing rather than major work.
The heating setup offers an option to add electric baseboards in the lower unit and separate its heat service. Showings are currently limited to the vacant apartment.
The heating setup offers an option to add electric baseboards in the lower unit and separate its heat service. Showings are currently limited to the vacant apartment.
Key Highlights
- Two‑unit duplex with 1,554 square feet
- Renovated upper unit is currently leased
- Upper‑unit tenant pays the 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
$12,815
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
6.41%
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%
$256,300
$256.3K
Cap Rate 7%
$183,071
$183.1K
Cap Rate 9%
$142,389
$142.4K
Market Conditions
NOI Build-Up for 1,554 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
$19.6K $12.60/SF
− Vacancy
−$1.3K −$0.82/SF
EGI
$18.3K $11.78/SF
− OpEx
−$5.5K −$3.53/SF
NOI
$12.8K $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%
$256,300
Cap Rate 7%
$183,071
Cap Rate 9%
$142,389
Alternative Uses
Best Use
Multifamily LT 5
$183.1K
$160.2K – $213.6K
NOI $12,815 @ 7.0% cap · market cap 6.41%
Second Best
Apartment 5plus
$171.1K
$149.8K – $199.7K
NOI $11,980 @ 7.0% cap · market cap 5.99%
Theoretical Best
Office A
$394.4K
$345.1K – $460.2K
NOI $27,610 @ 7.0% cap · market cap 13.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
929
Businesses Nearby
Explore this area
Business Placement
Demographics for 18508, PA
11,664
Population
5,466
Households
2.1
Avg Household Size
40
Median Age
18%
College-Educated
90%
High-School Grad
6.8 sq mi
ZIP Area
1,715
Density / Sq Mi
$44,706
Median Household Income
$31,055
Median Earnings
$1,034
Median Rent
$120,700
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 - One unit is renovated and leased, while the second is vacant for cosmetic updates.
Where is this duplex located?
The property is located at 401 Putnam St Scranton, PA.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,554 square feet; Renovated upper unit is currently leased; Upper‑unit tenant pays the utilities
