Renovated Two-Unit
For Sale
$200,000
401 Putnam Street, Scranton, PA 18508
Residential Income, Scranton, PA
Property Size1,554 SF
Lot Size0.05 Acres
Price / SF$128.70
Days on Market163
Property Features for 401 Putnam Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R1
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bedroom 4, Basement, Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 5
Basement
Full, Interior Entry, Unfinished
Elementary school district
Scranton
Middle school district
Scranton
High school district
Scranton
Directions
Main St to Ferdinand. Left onto Putnam
Standard status
Active
APN
13411040017
Size
1,554 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
29X73 Bldg & Land W-02 B-0770 L-0150 P-
Tax Annual Amount
2742
Legal Description
29X73 Bldg & Land W-02 B-0770 L-0150 P-
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Steam
Water source
Public
Building Details
Year built
1935
Floors in Building
2
Number of units
2
Listing Agency:
EXP Realty LLC
(888) 397-7352
Listed By:
Alexsis McGhee · License #RS366599
(570) 520-8867
Added: Mar 27
Changed: Sep 2
Last Checked: Sep 5 at 1:06AM
MLS# SC261211
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 two-unit duplex contains 1,554 square feet on a 0.05-acre lot and was built in 1935. The upper apartment has been renovated and is occupied, while the lower apartment is vacant following updates that include new flooring, paint, and selected repairs. Heating and electric service are separately metered between the units.
The property is served by public water and public sewer and uses natural gas and steam heat. It is zoned R1 and includes basement space along with five bedrooms and two bathrooms overall. Showings are currently limited to the vacant apartment.
The property is served by public water and public sewer and uses natural gas and steam heat. It is zoned R1 and includes basement space along with five bedrooms and two bathrooms overall. Showings are currently limited to the vacant apartment.
Key Highlights
- Two‑unit duplex with 1,554 square feet on a 0.05‑acre lot
- Upper unit renovated and currently rented
- Lower unit vacant with refreshed floors, paint, and repairs
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 - Two-unit residential property with one leased apartment and a refreshed vacant apartment.
Where is this duplex located?
The property is located at 401 Putnam Street 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 on a 0.05‑acre lot; Upper unit renovated and currently rented; Lower unit vacant with refreshed floors, paint, and repairs
