Triplex with Finished Attic
For Sale
$249,900
Pending
602 604 Meridian Avenue, Scranton, PA 18504
Three separately metered units include two three-bedroom apartments and an additional one-bedroom apartment.
Property Size2,952 SF
Days on Market8
Property Features for 602 604 Meridian Avenue
General Information
Standard status
Pending
Size
2,952 SF
Property subtype
Multi Family
Units
Unit Mix
2 x 3BR/2BA, 1 x 1BR/1BA
Multifamily Units
3
Individually Metered Utilities
unspecified utilities
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$4,172
Building Details
Building Size
2,952 SF
Year Built
1940
Listing Agency:
Christian Saunders Real Estate
Listed By:
Silvana M. Benavides · License #RS281938
(570) 840-8707
Source:
Luxehomesnepa
Added: Oct 26
Changed: Nov 1
Last Checked: Nov 1 at 1:54PM
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 Christian Saunders Real Estate
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Investment Insights
Based on property information with market context.
Built in 1940, this triplex contains two apartments, each with three bedrooms, two bathrooms, a living room, and a kitchen. Finished attic areas form part of each apartment’s three-bedroom layout. A third unit has one bedroom, one bathroom, a living room, and a dining area.
All three units are separately metered. The two larger apartments use different heating systems, with gas in one and electric in the other. Improvements include a new furnace, updated water heaters, and some plumbing and electrical work.
All three units are separately metered. The two larger apartments use different heating systems, with gas in one and electric in the other. Improvements include a new furnace, updated water heaters, and some plumbing and electrical work.
Key Highlights
- Two apartments, each with 3 bedrooms and 2 bathrooms
- Additional unit includes 1 bedroom, 1 bathroom, a living room, and dining area
- Finished attic space is incorporated into both larger apartments
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,758
Cap Rate
9.11%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$455,160
$455.2K
Cap Rate 7%
$325,114
$325.1K
Cap Rate 9%
$252,867
$252.9K
Market Conditions
NOI Build-Up for 2,952 SF
Gross rent
$43.9K $14.88/SF
− Vacancy
−$2.5K −$0.86/SF
EGI
$41.4K $14.02/SF
− OpEx
−$18.6K −$6.31/SF
NOI
$22.8K $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%
$455,160
Cap Rate 7%
$325,114
Cap Rate 9%
$252,867
Alternative Uses
Best Use
Multifamily LT 5
$347.8K
$304.3K – $405.7K
NOI $24,344 @ 7.0% cap · market cap 9.74%
Second Best
Apartment 5plus
$325.1K
$284.5K – $379.3K
NOI $22,758 @ 7.0% cap · market cap 9.11%
Theoretical Best
Office A
$749.3K
$655.6K – $874.2K
NOI $52,449 @ 7.0% cap · market cap 20.99%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,553
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Three separately metered units include two three-bedroom apartments and an additional one-bedroom apartment.
Where is this triplex located?
The property is located at 602 604 Meridian Avenue Scranton, PA.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Two apartments, each with 3 bedrooms and 2 bathrooms; Additional unit includes 1 bedroom, 1 bathroom, a living room, and dining area; Finished attic space is incorporated into both larger apartments
