Electric City Center | 329 Penn Ave
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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 |
-
|
-
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $185,940 |
| Annual Per SF | $9.30 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $185,940 |
| Annual Per SF | $9.30 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | $53,681 |
| Annual Per SF | $2.68 |
| Total Expenses | |
|---|---|
| Annual | $53,681 |
| Annual Per SF | $2.68 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
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) |
PROPERTY TAXES
Parcel Number
14583010002
Land Assessment
$28,750 (2024)
Improvements Assessment
$25,000 (2024)
Total Assessment
$53,750 (2024)
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Electric City Center | 329 Penn Ave
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