1214-1216 Vine St Scranton, PA 18510

Property Details for 1214-1216 Vine St

Property size

6,610 SF

Property type

Dormitories

Property subtype

Student housing

Description

This Scranton, PA, multifamily investment opportunity comprises two adjacent properties at 1214-1216 & 1218 Vine Street, totaling 6,610 square feet on a 6,210 square foot lot. The property features three units with 17 bedrooms and six parking spaces, currently boasting 100% occupancy through May 31, 2025. The buildings, constructed in 2008 and renovated in 2019, are zoned R-9 and offer significant income potential with current annual net operating income (NOI) of $90,214, representing a 12.14% capitalization rate. The asking price is $742,900, translating to $112.39 per square foot. Individual units range from 5 to 6 bedrooms, each with updated features including hardwood floors, decks, and in-unit laundry. The property's prime location, just 2.5 blocks from the University of Scranton, ensures strong demand from students attending the University of Scranton, Marywood University, Geisinger Medical, and Lackawanna College. The current lease agreements provide a guaranteed income stream, with potential for future rent increases given market rates of $550-$750 per bed. This presents a compelling value-add opportunity for investors seeking stable returns in a thriving student housing market. The property includes two three-story buildings. All utilities are the responsibility of the tenants, except for a potential cap of $600 per month for electricity. Property taxes, insurance, and property management fees are included in the provided financial data.

Location Insight

City

Scranton

County

Lackawanna

State

Pennsylvania

Longitude

-75.6512

Latitude

41.4061