1618 Main AveScranton, PA 18508

Property Details for 1618 Main Ave

Lot size

0.11 AC

Property type

Investment properties

Property subtype

Live-work space

APN

13416010035

APU

13416010035

Description

This exceptional three-unit mixed-use building at 1618 N Main Avenue in Scranton, PA, presents a rare investment opportunity. The property boasts 3,200 square feet on a 0.11-acre lot and is priced at $249,000. The building features a brand new roof, ensuring long-term cost savings. High-visibility signage enhances its commercial appeal. Inside, you'll find beautiful fixtures, crown molding, and fresh paint throughout, reflecting meticulous upkeep. A substantial three-bedroom apartment occupies the second floor, complete with front and rear balconies and newly constructed back steps. Each of the three units benefits from separate meters and ductless heat/AC systems. A paved driveway leads to a rear parking lot with capacity for approximately five vehicles. The existing commercial units on the first floor each include kitchenettes and bathrooms, presenting a potential for expansion. With necessary approvals, the property could accommodate two additional apartments on the first floor, significantly increasing rental income. The building's quality construction, attractive features, and strong income potential make it a standout investment in the Scranton market. This is a unique chance to acquire a well-maintained, high-return property in a desirable location.

• CAP approach

  CAP return

  Valuation

  6%

  $1,175,005

  6.5%

  $1,084,620

  7%

  $1,007,147

• Comparable approach

  Method

  Valuation

  Relative Method

  $622,176

  Geo Method

  $618,022

• Alternative Use

  Use

  Valuation

  Residential

  $1,344,929

  Hospitality

  $1,231,948

  Educational

  $1,024,966

  Medical

  $1,060,216

  Retail

  $1,594,392

Location Insight

City

Scranton

County

Lackawanna

State

Pennsylvania

Latitude

41.4343

Longitude

-75.6609

CBSA code

42540

CBSA name

SCRANTON--WILKES-BARRE, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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