Renovated 17-Unit Apartment
For Sale
Contact for pricing
640 JEFFERSON AVE, Scranton, PA 18510
Renovated 2024–25 17-unit building with studio and 1–2 bedroom apartments on a 30,000 SF lot.
Property Size8,000 SF
Lot Size0.69 Acres
Price / SF$177.24
Days on Market186
Property Features for 640 JEFFERSON AVE
General Information
Standard status
Active
Size
8,000 SF
Class
B
Lot size
0.69 Acres
Property subtype
Multifamily
Zoning
N - City Neighborhood Mixed-Use
Occupancy
100%
Additional Details
Cap Rate
11.52%
Multifamily Units
17
Building Details
Year Built
1948
Year Renovated
2024
Units
17
Listing Agency:
Avison Young - Suburban Philadelphia
Listed By:
Adam Gillespie · License #PA RS293296
(215) 384-6040
Source:
Crexi
Added: Apr 24
Changed: Oct 25
Last Checked: Oct 24 at 3:58PM
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 Avison Young - Suburban Philadelphia
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Investment Insights
Based on property information with market context.
640 Jefferson Avenue is a 17-unit apartment property offering a unit mix of studios plus 1-bedroom and 2-bedroom apartments. The building was renovated in 2024/25 and is reported to be at 100% occupancy. Each unit type supports a diversified rental profile within the same asset.
The property is located at 640 Jefferson Avenue in Scranton, Pennsylvania, in Lackawanna County. It sits on a spacious 30,000 SF lot.
For investors, the offering includes a pro forma CAP rate of 11.52% and stated NOI of $176,286.
The property is located at 640 Jefferson Avenue in Scranton, Pennsylvania, in Lackawanna County. It sits on a spacious 30,000 SF lot.
For investors, the offering includes a pro forma CAP rate of 11.52% and stated NOI of $176,286.
Key Highlights
- 17‑unit multifamily building on a 30,000 SF lot
- Renovated 2024/25; Year built 1948
- Unit mix includes studios plus 1- and 2‑bedroom apartments
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$61,675
Cap Rate
4.35%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,233,500
$1.2M
Cap Rate 7%
$881,071
$881.1K
Cap Rate 9%
$685,278
$685.3K
Market Conditions
NOI Build-Up for 8,000 SF
Gross rent
$119.0K $14.88/SF
− Vacancy
−$6.9K −$0.86/SF
EGI
$112.1K $14.02/SF
− OpEx
−$50.5K −$6.31/SF
NOI
$61.7K $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%
$1,233,500
Cap Rate 7%
$881,071
Cap Rate 9%
$685,278
Alternative Uses
Best Use
Apartment 5plus
$881.1K
$770.9K – $1.03M
NOI $61,675 @ 7.0% cap · market cap 4.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.03M
$1.78M – $2.37M
NOI $142,138 @ 7.0% cap · market cap 10.02%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Lease Details
17
Residential units
100%
Occupancy
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Renovated 2024–25 17-unit building with studio and 1–2 bedroom apartments on a 30,000 SF lot.
Where is this apartment building located?
The property is located at 640 JEFFERSON AVE Scranton, PA.
What is the asking price?
The asking price for this property is $1,417,910.
What are key features of this property?
This property features: 17‑unit multifamily building on a 30,000 SF lot; Renovated 2024/25; Year built 1948; Unit mix includes studios plus 1- and 2‑bedroom apartments
