9-Unit Apartment
For Sale
$1,150,000
531 S Irving Avenue, Scranton, PA 18505
Two residential properties on one parcel are configured as apartments with separate utilities.
Property Size8,595 SF
Days on Market16
Property Features for 531 S Irving Avenue
General Information
Standard status
Active
Size
8,595 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
9
Taxes and HOA fees
Annual Taxes
$9,228
Building Details
Building Size
8,595 SF
Year Built
1940
Buildings
2
Listing Agency:
The Hub Real Estate Group Scranton
Listed By:
Pat Rogan · License #RS329526
(570) 489-2563
Source:
Luxehomesnepa
Added: Sep 21
Changed: Oct 6
Last Checked: Oct 6 at 12:35AM
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 The Hub Real Estate Group Scranton
Investment Insights
Based on property information with market context.
This multifamily property comprises two residential properties on a single lot, with a combined total of 9 apartments. Separate utilities serve the units, and most have been renovated. The property dates to 1940.
Key Highlights
- Two properties on one lot with 9 residential apartments
- Separate utilities serve the apartments
- Most units have been renovated
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$66,262
Cap Rate
5.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,325,240
$1.3M
Cap Rate 7%
$946,600
$946.6K
Cap Rate 9%
$736,244
$736.2K
Market Conditions
NOI Build-Up for 8,595 SF
Gross rent
$127.9K $14.88/SF
− Vacancy
−$7.4K −$0.86/SF
EGI
$120.5K $14.02/SF
− OpEx
−$54.2K −$6.31/SF
NOI
$66.3K $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 Rate 5%
$1,325,240
Cap Rate 7%
$946,600
Cap Rate 9%
$736,244
Alternative Uses
Best Use
Apartment 5plus
$946.6K
$828.3K – $1.10M
NOI $66,262 @ 7.0% cap · market cap 5.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.18M
$1.91M – $2.55M
NOI $152,710 @ 7.0% cap · market cap 13.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
1,864
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Two residential properties on one parcel are configured as apartments with separate utilities.
Where is this multifamily property located?
The property is located at 531 S Irving Avenue Scranton, PA.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Two properties on one lot with 9 residential apartments; Separate utilities serve the apartments; Most units have been renovated
