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
Walk Score®
Very Walkable (89)
Bike Score®
Very Bikeable (75)

PROPERTY TAXES

  • Listing ID: 34033511

  • Date on Market: 11/29/2024

  • Last Updated:

  • Address: 329 Penn Ave, Scranton, PA 18503