For Sale
$569,000

510 Quincy AveScranton, PA 18510

Six-unit apartment building, strong cash flow

Overview

Added:
Dec 11, 2024
Days on market:
114
This well-maintained, two-story apartment building in Scranton, PA, presents a compelling investment opportunity. The property, located at 510 Quincy Ave, features six one-bedroom, one-bathroom units, each with its own electric meter. All units are currently occupied, generating a substantial net operating income (NOI) of $48,316, representing an 8.49% capitalization rate. Built in 1950, the 3,900 square foot building sits on a 0.08-acre lot and is zoned for multi-family use. The asking price is $569,000, translating to $145.90 per square foot and $94,833.33 per unit. The property's consistent occupancy and strong rental demand in the downtown Scranton area promise stable and immediate cash flow for investors. This represents a chance to acquire a multi-unit property, streamlining investment and diversifying risk. The building's history of low maintenance costs further enhances its appeal. This is an excellent opportunity for investors seeking a proven, income-generating asset in a desirable location. The property's location in downtown Scranton offers easy access to local amenities and transportation. The building's solid construction and consistent occupancy history make it a low-risk, high-reward investment.

Highlights

  • $569,000 asking price for a six-unit apartment building.
  • 3,900 square feet, 8.49% cap rate, and $48,316 net operating income (NOI).
  • Six one-bedroom, one-bathroom units in a two-story building.
  • Located at 510 Quincy Ave, Scranton, PA 18510, on a 0.08-acre lot.
  • Built in 1950, Class C multifamily property with all units currently occupied.

Property Details for 510 Quincy Ave

Property type
Apartment buildings
Square Feet
3,900 SF
Class
C
Year Built
1950
Buildings
1
Stories
2
Lot Size (sq. ft)
3,485 SF
Units
6

Location Insight

City
Scranton
County
Lackawanna
State
Pennsylvania
Latitude
41.408013
Longitude
-75.653419
510 Quincy Ave, Scranton, Pennsylvania

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510 Quincy Ave
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