Electric City Center 329 Penn Ave
20,000 SF 100% Leased Office Building Scranton, PA 18503 $2,199,000 ($110/SF) 6.01% Cap Rate
Investment Highlights
- Electric City Center
- Private Parking Lots For 24 Cars
- Prime Location Downtown Scranton
Executive Summary
Electric City Center is a professional mixed-use building that features 2 floors of office space in Main Building and 6 luxury apartments in the attached 3 story building. The property has 24 total parking spaces and a 2 car garage. This property also includes tax id #1458301003 which is a parking lot. New rubber roof on both buildings done in 2017. The building is 100 Percent Occupied.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
---|---|---|
Gross Rental Income | $185,940 | $9.30 |
Other Income | - | - |
Vacancy Loss | - | - |
Effective Gross Income | $185,940 | $9.30 |
Taxes | - | - |
Operating Expenses | $53,681 | $2.68 |
Total Expenses | $53,681 | $2.68 |
Net Operating Income | - | - |
Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Office/Residential
Building Size
20,000 SF
Building Class
C
Year Built
1960
Price
$2,199,000
Price Per SF
$110
Cap Rate
6.01%
NOI
$132,259
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
10,000 SF
Building FAR
1.39
Lot Size
0.33 AC
Opportunity Zone
Yes
Zoning
Commercial - Commercial
Parking
24 Spaces (1.2 Spaces per 1,000 SF Leased)
Amenities
- Signage
1 of 1
Walk Score®
Very Walkable (89)
Bike Score®
Very Bikeable (75)
PROPERTY TAXES
Parcel Number | 14583010002 | Improvements Assessment | $25,000 (2024) |
Land Assessment | $28,750 (2024) | Total Assessment | $53,750 (2024) |