Historic Multifamily Building Near
For Sale
Contact for pricing
925 Prospect Ave, Scranton, PA 18505
Well-maintained, fully occupied 36-unit multifamily asset near downtown Scranton.
Property Size42,050 SF
Lot Size1.00 Acre
Price / SF$86.80
Days on Market172
Property Features for 925 Prospect Ave
General Information
Standard status
Active
Size
42,050 SF
Lot size
1.00 Acre
Property subtype
Mixed Use, Multifamily, Office
Zoning
C06
Building Details
Year Built
1897
Buildings
2
Stories
3
Units
36
Listing Agency:
ERA One Source Realty
(570) 510-5840
Listed By:
Sunita Arora · License #RM061605A
Source:
Crexi
Added: Feb 20
Changed: Aug 8
Last Checked: Aug 11 at 5:18PM
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 ERA One Source Realty
Investment Insights
Based on property information with market context.
Goodwill Residences is a well-maintained, fully occupied 36-unit multifamily asset situated on nearly one acre. The 42,050 square-foot building features a mix of one- and two-bedroom apartments, designed for comfort and accessibility. The property is housed in a repurposed historic former high school, blending architectural character with modern functionality. Apartments feature high ceilings, open floor plans, natural light, modern kitchens, large closets, and individually controlled heating and cooling. Select units are handicap accessible. Amenities include on-site laundry facilities, a community kitchen, a library, and wall-to-wall carpeting. The property includes over 17 on-site parking spaces. The commercial portion of the building offers office space and a gym, providing potential for additional income. Located minutes from downtown Scranton, the property offers access to I-81, hospitals, parks, shopping, and essential services, making it an attractive and affordable housing option for senior residents.
Key Highlights
- Fully occupied 36‑unit multifamily asset in a desirable location near downtown Scranton, I‑81, hospitals, parks, and shopping.
- Repurposed historic former high school blending architectural character with modern functionality.
- Mix of one- and two‑bedroom apartments feature high ceilings, open floor plans, abundant natural light, modern kitchens, and individually controlled heating and cooling.
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
$324,177
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
8.88%
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%
$6,483,540
$6.5M
Cap Rate 7%
$4,631,100
$4.6M
Cap Rate 9%
$3,601,967
$3.6M
Market Conditions
NOI Build-Up for 42,050 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
$625.7K $14.88/SF
− Vacancy
−$36.3K −$0.86/SF
EGI
$589.4K $14.02/SF
− OpEx
−$265.2K −$6.31/SF
NOI
$324.2K $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 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%
$6,483,540
Cap Rate 7%
$4,631,100
Cap Rate 9%
$3,601,967
Alternative Uses
Best Use
Office B
$7.72M
$6.75M – $9.01M
NOI $540,370 @ 7.0% cap · market cap 14.80%
Second Best
Mixed Use
$6.08M
$5.32M – $7.10M
NOI $425,756 @ 7.0% cap · market cap 11.66%
Theoretical Best
Office A
$10.67M
$9.34M – $12.45M
NOI $747,115 @ 7.0% cap · market cap 20.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
731
Businesses Nearby
Explore this area
Business Placement
Demographics for 18505, PA
20,982
Population
9,996
Households
2.1
Avg Household Size
39
Median Age
26%
College-Educated
87%
High-School Grad
8.8 sq mi
ZIP Area
2,384
Density / Sq Mi
$52,599
Median Household Income
$34,155
Median Earnings
$954
Median Rent
$139,800
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained, fully occupied 36-unit multifamily asset near downtown Scranton.
Where is this apartment building located?
The property is located at 925 Prospect Ave Scranton, PA.
What is the asking price?
The asking price for this property is $3,650,000.
What are key features of this property?
This property features: Fully occupied 36‑unit multifamily asset in a desirable location near downtown Scranton, I‑81, hospitals, parks, and shopping.; Repurposed historic former high school blending architectural character with modern functionality.; Mix of one- and two‑bedroom apartments feature high ceilings, open floor plans, abundant natural light, modern kitchens, and individually controlled heating and cooling.
