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Scranton New Construction Portfolio 7 Multifamily Properties Offered at $2,900,000 in Scranton, PA
INVESTMENT HIGHLIGHTS
- Brand New Construction from the ground up
- Separate Utilities for every unit
- Spray Foam Insulation and Central Air
- 10 Year Tax Abatement on all improvement values
- More than required parking (702 E Elm offers oversized garages per unit)
EXECUTIVE SUMMARY
Scope Commercial Real Estate Investment Services is pleased to exclusively present for sale The
Scranton New Construction Duplex Portfolio, a collection of 14 newly-built units in 7 properties. The
properties are located at 119 Prospect Avenue, 216 Harrison Avenue, 525 Harrison Avenue, 627
Prescott Avenue, 629 Prescott Avenue, 702 E. Elm Street, and 708 Harrison Avenue, all in Scranton, PA.
Each property contains 2 units.
All of the properties have secured 10-year tax abatements, and all the properties have fully separated
utilities placing all utility charges on the tenants. The units have central air, stainless steel appliances,
spray foam insulation, granite countertops, and plentiful off-street parking. The average rent per bed in
the portfolio is approximately $1,698 per month, with potential for further rental increases. The portfolio
grosses approximately $285,000 in annual rental income, with a low expense load of 13.6% due to tax
abatements and efficiencies generated from new construction. The portfolio generates a net operating
income of approximately $246,000.
In the Scranton multifamily market, over the past year, multifamily rents have increased by 3.3%,
reaching an average of $1,400 per month, indicating strong demand. The market has seen 13 units of net
deliveries with no new construction currently underway, suggesting a balanced market with limited
competition. Sales activity has been robust, with 16 transactions totaling approximately $7 million in
volume, reflecting investor confidence. The vacancy rate stands at a manageable 5.4%, lower than the
national average, indicating a tight rental market favorable for landlords and investors.
Scranton New Construction Duplex Portfolio, a collection of 14 newly-built units in 7 properties. The
properties are located at 119 Prospect Avenue, 216 Harrison Avenue, 525 Harrison Avenue, 627
Prescott Avenue, 629 Prescott Avenue, 702 E. Elm Street, and 708 Harrison Avenue, all in Scranton, PA.
Each property contains 2 units.
All of the properties have secured 10-year tax abatements, and all the properties have fully separated
utilities placing all utility charges on the tenants. The units have central air, stainless steel appliances,
spray foam insulation, granite countertops, and plentiful off-street parking. The average rent per bed in
the portfolio is approximately $1,698 per month, with potential for further rental increases. The portfolio
grosses approximately $285,000 in annual rental income, with a low expense load of 13.6% due to tax
abatements and efficiencies generated from new construction. The portfolio generates a net operating
income of approximately $246,000.
In the Scranton multifamily market, over the past year, multifamily rents have increased by 3.3%,
reaching an average of $1,400 per month, indicating strong demand. The market has seen 13 units of net
deliveries with no new construction currently underway, suggesting a balanced market with limited
competition. Sales activity has been robust, with 16 transactions totaling approximately $7 million in
volume, reflecting investor confidence. The vacancy rate stands at a manageable 5.4%, lower than the
national average, indicating a tight rental market favorable for landlords and investors.
DATA ROOM Click Here to Access
- Offering Memorandum
TAXES & OPERATING EXPENSES (ACTUAL - 2025) Click Here to Access |
ANNUAL |
|---|---|
| Taxes |
$99,999
|
| Operating Expenses |
-
|
| Total Expenses |
$99,999
|
TAXES & OPERATING EXPENSES (ACTUAL - 2025) Click Here to Access
| Taxes | |
|---|---|
| Annual | $99,999 |
| Operating Expenses | |
|---|---|
| Annual | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
PROPERTY FACTS
| Price | $2,900,000 | Number of Properties | 7 |
| Price / SF | $199.75 / SF | Individually For Sale | 0 |
| Cap Rate | 8.50% | Total Building Size | 14,518 SF |
| Sale Type | Investment | Total Land Area | 0.82 AC |
| Status | Under Contract |
| Price | $2,900,000 |
| Price / SF | $199.75 / SF |
| Cap Rate | 8.50% |
| Sale Type | Investment |
| Status | Under Contract |
| Number of Properties | 7 |
| Individually For Sale | 0 |
| Total Building Size | 14,518 SF |
| Total Land Area | 0.82 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
| 119 Prospect Ave, Scranton, PA 18505 | Multifamily | 3,080 SF | 2023 | - |
| 702 E Elm St, Scranton, PA 18505 | Multifamily | 2,346 SF | 2025 | - |
| 627 Prescott Ave, Scranton, PA 18510 | Multifamily | 1,984 SF | 2024 | - |
| 629 Prescott Ave, Scranton, PA 18510 | Multifamily | 1,984 SF | 2024 | - |
| 708-710 Harrison Ave, Scranton, PA 18510 | Multifamily | 1,984 SF | 2025 | - |
| 525 Harrison Ave, Scranton, PA 18510 | Multifamily | 1,984 SF | 2024 | - |
| 216 Harrison Ave, Scranton, PA 18510 | Multifamily | 1,156 SF | 2024 | - |
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Scranton New Construction Portfolio
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