Brand-New Duplex
For Sale
Contact for pricing
627-629 Prescott Avenue, 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 Market50
Property Features for 627-629 Prescott Avenue
General Information
Standard status
Active
Size
3,928 SF
Class
A
Total Parking Spaces
8
Property subtype
Multifamily
Zoning
Multi-Family
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$78,612
Additional Details
Opportunity Zone
Yes
Multifamily Units
4
Building Details
Year Built
2024
Buildings
2
Units
4
Tenancy
Multi
Listing Agency:
Steel City Realty
(484) 895-9005
Listed By:
Jennifer DeJesus · License #PA RM423820
Source:
Crexi
Added: Jul 13
Changed: Aug 8
Last Checked: Aug 29 at 7:20PM
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
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 = 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
$32,393
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
3.94%
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%
$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
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
$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 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%
$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.
Property Analytics
Current Use
Lease Details
4
Residential units
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
Questions? Ask Rey
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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 Avenue 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
