36-Unit Apartment
For Sale
$3,650,000
925 Prospect Avenue, Scranton, PA 18505
Commercial Sale, Scranton, PA
Property Size42,050 SF
Lot Size0.97 Acres
Price / SF$86.80
Days on Market196
Property Features for 925 Prospect Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C06
Rooms
Basement
Parking
17
Basement
Full
Lot features
City Lot
Elementary school district
Scranton
Middle school district
Scranton
High school district
Scranton
Directions
From Moosic Ave to right on Prospect Ave follow to the corner of Prospect and Beech
Standard status
Active
APN
15620010010
Size
42,050 SF
Lot size
0.97 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
290X145 Pawnee Coal Co L 1Inc7 B 32 W-19
Tax Annual Amount
27693
Legal Description
290X145 Pawnee Coal Co L 1Inc7 B 32 W-19
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
on-site laundry
community kitchen
library
Building Details
Year built
1897
Floors in Building
3
Number of units
37
Flooring type
Carpet, Tile
Building materials
Brick, Stone
Roof type
Asphalt, Rolled Hot Mop
Listing Agency:
ERA One Source Realty · ERA Real Estate
(570) 587-9999
Listed By:
Leah Gianacopoulos · License #RS325414
(570) 947-9250
Added: Feb 5
Changed: Aug 19
Last Checked: Aug 20 at 2:06PM
MLS# SC260464
Copyright © 2026 Greater Scranton Board of Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 42,050-square-foot apartment property contains 36 residences in a repurposed historic former high school dating to 1897. The unit mix includes one- and two-bedroom apartments with high ceilings, open layouts, natural light, modern kitchens, large closets, and individually controlled heating and cooling. Select apartments are handicap accessible. The building is fully occupied and includes on-site laundry, a community kitchen, library, and carpeting throughout. Construction includes brick and stone, with tile flooring in designated areas, natural gas heat, central air, public water, and public sewer.
The 0.97-acre property provides more than 17 on-site parking spaces. Additional building areas include office space, a gym, and a basement, expanding the functional mix beyond the residential units. The property is located in Scranton near downtown, I-81, hospitals, parks, shopping, and essential services.
The 0.97-acre property provides more than 17 on-site parking spaces. Additional building areas include office space, a gym, and a basement, expanding the functional mix beyond the residential units. The property is located in Scranton near downtown, I-81, hospitals, parks, shopping, and essential services.
Key Highlights
- 36‑unit apartment property with one- and two‑bedroom residences
- 42,050 square feet on a 0.97‑acre parcel
- Repurposed historic former high school built in 1897
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
Apartment 5plus
$4.63M
$4.05M – $5.40M
NOI $324,177 @ 7.0% cap · market cap 8.88%
Second Best
—
—
no second resolved use
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
Lease Details
36
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
908
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Repurposed historic school property with one- and two-bedroom residences, shared amenities, office space, and a gym.
Where is this apartment building located?
The property is located at 925 Prospect Avenue 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: 36‑unit apartment property with one- and two‑bedroom residences; 42,050 square feet on a 0.97‑acre parcel; Repurposed historic former high school built in 1897
