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640 Jefferson Ave
Scranton, PA 18510
Multifamily Property For Sale
·
17 Units
Executive Summary
The Investment Sales Team of Avison Young is pleased to offer qualified investors the opportunity to acquire The Flats at Jefferson, a 17-unit multifamily property located at 640 Jefferson Avenue in Scranton’s desirable Hill Section. Comprised primarily of studio and one-bedroom apartments, the property is 100% occupied and benefits from strong demand driven by nearby healthcare and educational institutions.
Originally constructed in 1948 and extensively renovated in 2024, the property is adjacent to Commonwealth Health Regional Hospital and Geisinger School of Medicine and within walking distance of Moses Taylor Hospital and The University of Scranton. Its central location attracts a stable mix of medical professionals, students, and local residents, while providing convenient access to Route 11, Interstate 81, and Interstate 84.
The Flats at Jefferson offers value-add potential through the continued increase of below-market rents within a submarket reporting just 2.1% vacancy. Strong fundamentals and sustained demand for workforce and student housing support continued occupancy and rental growth.
Recent capital improvements include a new roof, updated plumbing and electrical systems, renovated units and bathrooms, a new hot water heater, upgraded fire alarm systems, and exterior improvements. The central boiler was replaced approximately seven years ago, further limiting near-term capital requirements.
Originally constructed in 1948 and extensively renovated in 2024, the property is adjacent to Commonwealth Health Regional Hospital and Geisinger School of Medicine and within walking distance of Moses Taylor Hospital and The University of Scranton. Its central location attracts a stable mix of medical professionals, students, and local residents, while providing convenient access to Route 11, Interstate 81, and Interstate 84.
The Flats at Jefferson offers value-add potential through the continued increase of below-market rents within a submarket reporting just 2.1% vacancy. Strong fundamentals and sustained demand for workforce and student housing support continued occupancy and rental growth.
Recent capital improvements include a new roof, updated plumbing and electrical systems, renovated units and bathrooms, a new hot water heater, upgraded fire alarm systems, and exterior improvements. The central boiler was replaced approximately seven years ago, further limiting near-term capital requirements.
Property Facts
| Price Per Unit | $83,406 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.69 AC |
| Cap Rate | 8% | Building Size | 8,000 SF |
| No. Units | 17 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 1948/2024 |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | c - Multi-Family 17 unit Property in one Building, | ||
| Price Per Unit | $83,406 |
| Sale Type | Investment |
| Cap Rate | 8% |
| No. Units | 17 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.69 AC |
| Building Size | 8,000 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1948/2024 |
| Opportunity Zone |
Yes |
| Zoning | c - Multi-Family 17 unit Property in one Building, |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Site Amenities
- Laundry Facilities
- Maintenance on site
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 17 | - | 500 |
Property Taxes
| Parcel Number | 14677020006 | Improvements Assessment | $550,010 |
| Land Assessment | $139,600 | Total Assessment | $689,610 |
Property Taxes
Parcel Number
14677020006
Land Assessment
$139,600
Improvements Assessment
$550,010
Total Assessment
$689,610
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