Brand-New Duplex
For Sale
$822,500
627-629 Prescott Ave, Scranton, PA 18510
Two brand-new duplexes with four units and separate deeds, with tenants paying utilities.
Property Size3,928 SF
Price / SF$209.39
Days on Market116
Property Features for 627-629 Prescott Ave
General Information
Standard status
Active
Size
3,928 SF
Property subtype
Multi-Family
Additional Details
Opportunity Zone
Yes
Multifamily Units
4
Building Details
Year Built
2024
Tenancy
Multi
Listing Agency:
Steel City Realty
Listed By:
Jennifer de Jesus · License #RM423820
(484) 895-9005
Source:
Nepahousehunt
Added: Jun 23
Changed: Oct 1
Last Checked: Oct 16 at 9:02AM
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.
627 & 629 Prescott Avenue present a package sale of two brand-new duplexes totaling four residential units, each on separate deeds. The combined rent is listed at $6,725 per month ($80,700 per year gross), and tenants are responsible for utilities.
The property is located in the Hill Section of Scranton, Pennsylvania, and is designated as an Opportunity Zone. A LERTA tax abatement is reported as approved for major tax savings compared to non-abated new construction. FHA/VA eligibility is also stated.
As presented, this is a four-unit residential income offering structured for flexibility between investment and owner-occupancy, with the benefit of separate deeds.
The property is located in the Hill Section of Scranton, Pennsylvania, and is designated as an Opportunity Zone. A LERTA tax abatement is reported as approved for major tax savings compared to non-abated new construction. FHA/VA eligibility is also stated.
As presented, this is a four-unit residential income offering structured for flexibility between investment and owner-occupancy, with the benefit of separate deeds.
Key Highlights
- Package sale: two brand‑new duplexes (4 units total) at 627 & 629 Prescott Ave, Hill Section
- Separate deeds for each duplex, giving flexibility for sale or financing
- Year built 2024; $6,725/mo combined ($80,700/yr) gross rent
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$32,393
Cap Rate
3.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$647,860
$647.9K
Cap Rate 7%
$462,757
$462.8K
Cap Rate 9%
$359,922
$359.9K
Market Conditions
NOI Build-Up for 3,928 SF
Gross rent
$49.5K $12.60/SF
− Vacancy
−$3.2K −$0.82/SF
EGI
$46.3K $11.78/SF
− OpEx
−$13.9K −$3.53/SF
NOI
$32.4K $8.25/SF
Area
Lackawanna County, PA
Vacancy
6.50%
Lease Rate
$12.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$647,860
Cap Rate 7%
$462,757
Cap Rate 9%
$359,922
Alternative Uses
Best Use
Multifamily LT 5
$462.8K
$404.9K – $539.9K
NOI $32,393 @ 7.0% cap · market cap 3.94%
Second Best
Apartment 5plus
$432.6K
$378.5K – $504.7K
NOI $30,282 @ 7.0% cap · market cap 3.68%
Theoretical Best
Office A
$997.0K
$872.4K – $1.16M
NOI $69,790 @ 7.0% cap · market cap 8.49%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,453
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
Frequently Asked Questions
What type of property is this?
Duplex - Two brand-new duplexes with four units and separate deeds, with tenants paying utilities.
Where is this duplex located?
The property is located at 627-629 Prescott Ave Scranton, PA.
What is the asking price?
The asking price for this property is $822,500.
What are key features of this property?
This property features: Package sale: two brand‑new duplexes (4 units total) at 627 & 629 Prescott Ave, Hill Section; Separate deeds for each duplex, giving flexibility for sale or financing; Year built 2024; $6,725/mo combined ($80,700/yr) gross rent
