Three-Unit Residential
For Sale
$199,000
409 Prospect Avenue, Scranton, PA 18505
Residential Income, Scranton, PA
Property Size2,280 SF
Lot Size0.13 Acres
Price / SF$87.28
Days on Market450
Property Features for 409 Prospect Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 6, Bedroom 5, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 4, Bathroom 3, Bedroom 3, Bedroom 2
Elementary school district
Scranton
Middle school district
Scranton
High school district
Scranton
Directions
From Music Street, turn on to Prospect Ave and it's a few blocks in.
Standard status
Active
APN
15668010007
Size
2,280 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2024
Building Details
Year built
1920
Floors in Building
3
Number of units
3
Listing Agency:
Berkshire Hathaway Home Services Preferred Properties · Berkshire Hathaway HomeServices
(570) 585-1500
Listed By:
Colleen A Weissman · License #RS285514
(570) 604-2335
Added: Jul 5, 2025
Changed: Sep 12
Last Checked: Sep 27 at 12:06AM
MLS# SC253346
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 triplex includes 2,280 square feet of residential space arranged with six bedrooms and three bathrooms. The property was built in 1920 and occupies a 0.13-acre lot, providing a compact multifamily configuration for residential income use.
Located at 409 Prospect Avenue in Scranton, Pennsylvania, the property carries R3 zoning. Showings are not permitted while bankruptcy approval is pending.
Located at 409 Prospect Avenue in Scranton, Pennsylvania, the property carries R3 zoning. Showings are not permitted while bankruptcy approval is pending.
Key Highlights
- Triplex configuration with six bedrooms and three bathrooms
- 2,280 square feet of residential space
- 0.13‑acre lot in Scranton, PA
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
$17,577
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
8.83%
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%
$351,540
$351.5K
Cap Rate 7%
$251,100
$251.1K
Cap Rate 9%
$195,300
$195.3K
Market Conditions
NOI Build-Up for 2,280 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
$33.9K $14.88/SF
− Vacancy
−$2.0K −$0.86/SF
EGI
$32.0K $14.02/SF
− OpEx
−$14.4K −$6.31/SF
NOI
$17.6K $7.71/SF
Area
Lackawanna County, PA
Vacancy
5.80%
Lease Rate
$14.88 /SF/Yr
Expense Ratio
45.00%
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%
$351,540
Cap Rate 7%
$251,100
Cap Rate 9%
$195,300
Alternative Uses
Best Use
Multifamily LT 5
$268.6K
$235.0K – $313.4K
NOI $18,802 @ 7.0% cap · market cap 9.45%
Second Best
Apartment 5plus
$251.1K
$219.7K – $293.0K
NOI $17,577 @ 7.0% cap · market cap 8.83%
Theoretical Best
Office A
$578.7K
$506.4K – $675.2K
NOI $40,509 @ 7.0% cap · market cap 20.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,331
Businesses Nearby
Explore this area
Business Placement
Demographics for 18505, PA
20,982
Population
9,996
Households
2.1
Avg Household Size
39
Median Age
26%
College-Educated
87%
High-School Grad
8.8 sq mi
ZIP Area
2,384
Density / Sq Mi
$52,599
Median Household Income
$34,155
Median Earnings
$954
Median Rent
$139,800
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - R3-zoned residential property with six bedrooms and three bathrooms across a multi-unit layout.
Where is this triplex located?
The property is located at 409 Prospect Avenue Scranton, PA.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Triplex configuration with six bedrooms and three bathrooms; 2,280 square feet of residential space; 0.13‑acre lot in Scranton, PA
