Two-Duplex Multifamily
For Sale
$822,500
627 Prescott Avenue, Scranton, PA 18510
New construction combines two separately deeded duplexes in Scranton’s Hill Section.
Property Size3,928 SF
Price / SF$209.39
Days on Market27
Property Features for 627 Prescott Avenue
General Information
Standard status
Active
Size
3,928 SF
Property subtype
Residential Income
Financials
Gross Income
$80,700
Opportunity Zone
Yes
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$548
Building Details
Buildings
2
Listing Agency:
Steel City Realty
(610) 217-6330
Listed By:
Jennifer L. DeJesus · License #RM423820
(610) 217-6330
Source:
Exprealty
Added: Jul 28
Changed: Aug 21
Last Checked: Aug 23 at 6:25AM
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.
This multifamily offering at 627 and 629 Prescott Avenue includes two brand-new duplex buildings totaling 4 units and 3,928 square feet. Each property carries a separate deed, creating a clearly divided package structure. Tenants are responsible for utilities, supporting straightforward operating arrangements.
The properties are located in Scranton City’s Hill Section and qualify for an approved LERTA tax abatement. The package is also situated within an Opportunity Zone and is FHA/VA eligible. The combination of new construction, separate ownership documents, and four total units provides a defined residential configuration for buyers evaluating duplex assets.
The properties are located in Scranton City’s Hill Section and qualify for an approved LERTA tax abatement. The package is also situated within an Opportunity Zone and is FHA/VA eligible. The combination of new construction, separate ownership documents, and four total units provides a defined residential configuration for buyers evaluating duplex assets.
Key Highlights
- Two brand‑new duplexes totaling 4 units
- 3,928 square feet across the package
- Separate deeds for 627 and 629 Prescott Avenue
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
Property Profile
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 - New construction combines two separately deeded duplexes in Scranton’s Hill Section.
Where is this duplex located?
The property is located at 627 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: Two brand‑new duplexes totaling 4 units; 3,928 square feet across the package; Separate deeds for 627 and 629 Prescott Avenue
