Renovated Mixed-Use Property with
New
For Sale
$800,000
604 Cedar Ave, Scranton, PA 18505
Five-unit configuration combines apartments, commercial suites, and a dedicated garage within one building.
Property Size6,872 SF
Price / SF$116.41
Days on Market2
Property Features for 604 Cedar Ave
General Information
Standard status
Active
Size
6,872 SF
Additional Details
Road Access
Yes
Multifamily Units
2
Building Details
Year Built
1930
Listing Agency:
Gorilla Real Estate LLC
Listed By:
Stephen Franco · License #RM424988
(570) 252-2242
Source:
Revolvepa
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 3 at 2:39AM
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 Gorilla Real Estate LLC
Investment Insights
Based on property information with market context.
This 6,872-square-foot mixed-use building contains two upstairs apartments, two ground-floor commercial units, and an approximately 20-by-40-foot garage. One apartment is occupied, while the second is undergoing renovation. The commercial spaces include an operating hair salon and a laundromat with a game-of-skill room. A digital sign provides an additional on-site income source.
Built in 1930, the property has undergone several updates, including a roof replacement in approximately 2018, new siding, exterior work, and system improvements. Brand-new laundry machines were installed in approximately 2023. Positioned on a corner along Cedar Ave in Scranton, the building combines residential and commercial components with a separate garage area for additional operational flexibility.
Built in 1930, the property has undergone several updates, including a roof replacement in approximately 2018, new siding, exterior work, and system improvements. Brand-new laundry machines were installed in approximately 2023. Positioned on a corner along Cedar Ave in Scranton, the building combines residential and commercial components with a separate garage area for additional operational flexibility.
Key Highlights
- 6,872‑square‑foot mixed‑use building with 2 apartments and 2 commercial units
- Approximately 20x40 garage included
- Corner property on Cedar Ave 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
$69,579
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
8.70%
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%
$1,391,580
$1.4M
Cap Rate 7%
$993,986
$994.0K
Cap Rate 9%
$773,100
$773.1K
Market Conditions
NOI Build-Up for 6,872 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
$123.7K $18.00/SF
− Vacancy
−$12.4K −$1.80/SF
EGI
$111.3K $16.20/SF
− OpEx
−$41.7K −$6.07/SF
NOI
$69.6K $10.13/SF
Area
Lackawanna County, PA
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,391,580
Cap Rate 7%
$993,986
Cap Rate 9%
$773,100
Alternative Uses
Best Use
Mixed Use
$994.0K
$869.7K – $1.16M
NOI $69,579 @ 7.0% cap · market cap 8.70%
Second Best
Retail
$922.6K
$807.3K – $1.08M
NOI $64,580 @ 7.0% cap · market cap 8.07%
Theoretical Best
Office A
$1.74M
$1.53M – $2.03M
NOI $122,097 @ 7.0% cap · market cap 15.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,366
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Five-unit configuration combines apartments, commercial suites, and a dedicated garage within one building.
Where is this mixed-use property located?
The property is located at 604 Cedar Ave Scranton, PA.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: 6,872‑square‑foot mixed‑use building with 2 apartments and 2 commercial units; Approximately 20x40 garage included; Corner property on Cedar Ave in Scranton, PA
