Redevelopment Opportunity in High-Traffic
For Sale
$550,000
Pending
968 Prescott Ave, Scranton, PA 18510
Former bank building suitable for redevelopment or custom build-out.
Property Size4,475 SF
Days on Market134
Property Features for 968 Prescott Ave
General Information
Standard status
Pending
Size
4,475 SF
Taxes and HOA fees
Annual Taxes
$658
Listing Agency:
Christian Saunders Real Estate C.S. Branch
(570) 885-5889
Listed By:
Rita Tischler · License #RS346646
(570) 885-5889
Source:
Exprealty
Added: Apr 19
Changed: Aug 20
Last Checked: Aug 29 at 2:58PM
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 Christian Saunders Real Estate C.S. Branch
Investment Insights
Based on property information with market context.
This property presents a premier redevelopment opportunity with a distinctive architectural presence. Formerly a banking institution, it is positioned in a highly visible, high-traffic location, offering exceptional potential for redevelopment or a custom build-out. Situated on a desirable commercial corridor, the property benefits from strong exposure and convenient access, making it suitable for a variety of business uses. The interior has been fully cleared, with floors removed, presenting a blank slate for investors, developers, or owner-users seeking flexibility in design. The existing structure provides solid construction and the unique character of a former institution, offering possibilities for retail, medical, or mixed-use conversion. The property includes a dedicated 15-car parking lot, ensuring ample on-site parking for staff and customers. Its adaptable layout makes it a standout opportunity for those looking to create a customized commercial space in a sought-after area. The property size is 4,475 square feet and is located in Scranton, PA.
Key Highlights
- Premier redevelopment opportunity in a high‑traffic, highly visible location.
- Adaptable layout suitable for retail, medical, or mixed‑use conversion.
- Blank slate interior with floors removed, offering design flexibility.
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
$48,229
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
8.77%
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%
$964,580
$964.6K
Cap Rate 7%
$688,986
$689.0K
Cap Rate 9%
$535,878
$535.9K
Market Conditions
NOI Build-Up for 4,475 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
$67.1K $15.00/SF
− Vacancy
−$2.8K −$0.63/SF
EGI
$64.3K $14.37/SF
− OpEx
−$16.1K −$3.59/SF
NOI
$48.2K $10.78/SF
Area
Lackawanna County, PA
Vacancy
4.20%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
25.00%
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%
$964,580
Cap Rate 7%
$688,986
Cap Rate 9%
$535,878
Alternative Uses
Best Use
Specialty Retail
$689.0K
$602.9K – $803.8K
NOI $48,229 @ 7.0% cap · market cap 8.77%
Second Best
Retail
$600.8K
$525.7K – $700.9K
NOI $42,054 @ 7.0% cap · market cap 7.65%
Theoretical Best
Office A
$1.14M
$993.9K – $1.33M
NOI $79,509 @ 7.0% cap · market cap 14.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
871
Businesses Nearby
10k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Family Dollar
Shops & Services
5,759 visits/mo
0.4 miles
Exxon
Shops & Services
4,263 visits/mo
0.3 miles
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 Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Former bank building suitable for redevelopment or custom build-out.
Where is this bank located?
The property is located at 968 Prescott Ave Scranton, PA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Premier redevelopment opportunity in a high‑traffic, highly visible location.; Adaptable layout suitable for retail, medical, or mixed‑use conversion.; Blank slate interior with floors removed, offering design flexibility.
