Renovated 7-Unit Apartment
621-623 Madison Avenue, Scranton, PA 18510
For Sale
$750,000
Four two-bedroom and three one-bedroom apartments are separately metered, with tenants responsible for utilities.
Property Size4,075 SF
Days on Market35
Property Features for 621-623 Madison Avenue
General Information
Standard status
Size
Property subtype
Units
Unit Mix
Multifamily Units
Individually Metered Utilities
Additional Details
Utilities to Site
Tenant in Place
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Listing Agency:
Steel City Realty
Listed By:
Jennifer de Jesus · License PA RM423820
(610) 217-6330
Source:
Luxehomesnepa
Added: Oct 6
Changed: Nov 9
Last Checked: Nov 8 at 3:35PM
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 Steel City Realty
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This seven-unit apartment building contains four two-bedroom apartments and three one-bedroom apartments. All units were recently updated, and the property dates to 1940. Separate metering serves each apartment; tenants pay for heat, electricity, water, and sewer.
The building is on Madison Avenue in Scranton’s Hill Section. Its apartment mix and utility arrangements provide a straightforward overview of the property’s configuration and operating setup.
The building is on Madison Avenue in Scranton’s Hill Section. Its apartment mix and utility arrangements provide a straightforward overview of the property’s configuration and operating setup.
Key Highlights
- Seven apartments: four 2BR units and three 1BR units
- All apartments recently updated
- Separate metering; tenants pay heat, electric, water, and sewer
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,416
Cap Rate
4.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$628,320
$628.3K
Cap Rate 7%
$448,800
$448.8K
Cap Rate 9%
$349,067
$349.1K
Market Conditions
NOI Build-Up for 4,075 SF
Gross rent
$60.6K $14.88/SF
− Vacancy
−$3.5K −$0.86/SF
EGI
$57.1K $14.02/SF
− OpEx
−$25.7K −$6.31/SF
NOI
$31.4K $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%
$628,320
Cap Rate 7%
$448,800
Cap Rate 9%
$349,067
Alternative Uses
Best Use
Apartment 5plus
$448.8K
$392.7K – $523.6K
NOI $31,416 @ 7.0% cap · market cap 4.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.03M
$905.0K – $1.21M
NOI $72,402 @ 7.0% cap · market cap 9.65%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
7
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,725
Businesses Nearby
Explore this area
Business Placement
Demographics for 18510, PA
14,110
Population
5,824
Households
2.4
Avg Household Size
31
Median Age
28%
College-Educated
88%
High-School Grad
1.8 sq mi
ZIP Area
7,839
Density / Sq Mi
$52,500
Median Household Income
$25,282
Median Earnings
$1,040
Median Rent
$178,000
Median Home Value
Market
Average Price Trend$/SF for Apartment buildings in Scranton, PA
Properties on Market for Apartment buildings in Scranton
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Four two-bedroom and three one-bedroom apartments are separately metered, with tenants responsible for utilities.
Where is this apartment building located?
The property is located at 621-623 Madison Avenue Scranton, PA.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Seven apartments: four 2BR units and three 1BR units; All apartments recently updated; Separate metering; tenants pay heat, electric, water, and sewer
