Renovated 17-Unit Apartment
For Sale
Contact for pricing
640 JEFFERSON AVE, Scranton, PA 18510
Fully occupied multifamily property with studio and one-bedroom apartments in a city neighborhood mixed-use district.
Property Size8,000 SF
Price / SF$177.24
Days on Market10
Property Features for 640 JEFFERSON AVE
General Information
Standard status
Active
Size
8,000 SF
Class
B
Property subtype
Multifamily
Zoning
N - City Neighborhood Mixed-Use
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
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
Source:
Crexi
Added: Jul 28
Changed: Aug 4
Last Checked: Aug 5 at 1:33PM
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
Investment Insights
Based on property information with market context.
The property is an 8,000-square-foot apartment building constructed in 1948 and extensively renovated in 2024. It contains 17 units, primarily studios and one-bedroom apartments, and is 100% occupied. Recent work includes a new roof, updated plumbing and electrical systems, renovated apartments and bathrooms, a new hot water heater, upgraded fire alarm systems, and exterior improvements. The central boiler was replaced approximately seven years ago.
Located at 640 Jefferson Avenue in Scranton’s Hill Section, the building is adjacent to Commonwealth Health Regional Hospital and Geisinger School of Medicine. Moses Taylor Hospital and The University of Scranton are within walking distance. Route 11, Interstate 81, and Interstate 84 provide regional access. The property is zoned N - City Neighborhood Mixed-Use.
Located at 640 Jefferson Avenue in Scranton’s Hill Section, the building is adjacent to Commonwealth Health Regional Hospital and Geisinger School of Medicine. Moses Taylor Hospital and The University of Scranton are within walking distance. Route 11, Interstate 81, and Interstate 84 provide regional access. The property is zoned N - City Neighborhood Mixed-Use.
Key Highlights
- 17‑unit apartment building with 8,000 SF of property size
- 100% occupied with primarily studio and one‑bedroom apartments
- Extensively renovated in 2024
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $119.0k | $14.88 |
| − Vacancy | −$6.9k | −$0.86 |
| EGI | $112.1k | $14.02 |
| − OpEx | −$50.5k | −$6.31 |
| NOI | $61.7k | $7.71 |
8,000 SF · lease $14.88/SF/yr · vacancy 5.80% · expense 45.00%
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.
Property Analytics
Current Use
Lease Details
17
Residential units
100%
Occupancy
Yes
Highway access
Yes
Paved road access
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 - Fully occupied multifamily property with studio and one-bedroom apartments in a city neighborhood mixed-use district.
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 apartment building with 8,000 SF of property size; 100% occupied with primarily studio and one‑bedroom apartments; Extensively renovated in 2024
