7-Unit Brick Multifamily
New
For Sale
$785,000
622 Jefferson Avenue, Scranton, PA 18510
Residential Income, Scranton, PA
Property Size9,000 SF
Lot Size0.31 Acres
Price / SF$87.22
Days on Market3
Property Features for 622 Jefferson Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R1
Bedrooms
14
Bathrooms
10
Full bathrooms
8
Half bathrooms
2
Rooms
Bedroom 5, Bedroom 14, Bedroom 2, Bedroom 12, Bathroom 5, Bedroom 1, Bedroom 11, Bedroom 9, Bathroom 1, Bedroom 4, Bedroom 7, Bathroom 10, Bedroom 13, Bathroom 3, Bedroom 6, Bedroom 3, Bathroom 8, Bathroom 2, Bathroom 7, Bathroom 4, Bedroom 8, Bedroom 10, Bathroom 6, Bathroom 9, Basement
Basement
Concrete
Elementary school district
Scranton
Middle school district
Scranton
High school district
Scranton
Directions
Take Mulberry Street down to Jefferson. Make a right on jefferson, go 2 blocks, building on the right hand side.
Standard status
Active
APN
14677020003
Size
9,000 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
9423
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1920
Floors in Building
3
Number of units
7
Building materials
Brick, Stucco
Listing Agency:
EXP Realty LLC
(888) 397-7352
Listed By:
Kelly McDonald · License #RS358325
(504) 762-0536
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 22 at 1:06AM
MLS# SC264137
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 7-unit multifamily property contains 9,000 square feet on a 0.31-acre lot. Built in 1920 with brick and stucco construction, the building includes separate utilities and 16 parking spaces positioned behind the property. The R1 zoning designation, public water, and public sewer serve the existing residential configuration.
Located in Scranton, the property is near major hospitals and schools. Its unit count, on-site parking, and separately metered utilities provide a defined operating setup for multifamily ownership. The property also includes basement space and a range of bedrooms and bathrooms within the existing layout.
Located in Scranton, the property is near major hospitals and schools. Its unit count, on-site parking, and separately metered utilities provide a defined operating setup for multifamily ownership. The property also includes basement space and a range of bedrooms and bathrooms within the existing layout.
Key Highlights
- 7‑unit multifamily property totaling 9,000 square feet
- 16 parking spaces located behind the building
- Separate utilities for the units
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
$69,384
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
8.84%
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%
$1,387,680
$1.4M
Cap Rate 7%
$991,200
$991.2K
Cap Rate 9%
$770,933
$770.9K
Market Conditions
NOI Build-Up for 9,000 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
$133.9K $14.88/SF
− Vacancy
−$7.8K −$0.86/SF
EGI
$126.2K $14.02/SF
− OpEx
−$56.8K −$6.31/SF
NOI
$69.4K $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 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%
$1,387,680
Cap Rate 7%
$991,200
Cap Rate 9%
$770,933
Alternative Uses
Best Use
Apartment 5plus
$991.2K
$867.3K – $1.16M
NOI $69,384 @ 7.0% cap · market cap 8.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.28M
$2.00M – $2.67M
NOI $159,906 @ 7.0% cap · market cap 20.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with separate utilities, rear parking, and proximity to hospitals and schools.
Where is this apartment building located?
The property is located at 622 Jefferson Avenue Scranton, PA.
What is the asking price?
The asking price for this property is $785,000.
What are key features of this property?
This property features: 7‑unit multifamily property totaling 9,000 square feet; 16 parking spaces located behind the building; Separate utilities for the units
