Redevelopment Opportunity in High-Traffic
968 Prescott Ave Scranton, PA 18510
For Sale
$550,000
Former bank building suitable for redevelopment or custom build-out.
Property Size4,475 SF
Price / SF$122.91
Days on Market102
Property Features for 968 Prescott Ave
General Information
Standard status
Active
Size
4,475 SF
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: Jul 10
Last Checked: Jul 26 at 7:30PM
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 For Specialty Retail
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 | $67.1k | $15.00 |
| − Vacancy | −$2.8k | −$0.63 |
| EGI | $64.3k | $14.37 |
| − OpEx | −$16.1k | −$3.59 |
| NOI | $48.2k | $10.78 |
4,475 SF · lease $15.00/SF/yr · vacancy 4.20% · expense 25.00%
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
Location Intelligence
Current Use
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.
