$489,000
Scranton, PA 18505
MLS# PW-251537
8 beds | 5 baths | 7200 sqft
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Property Description
Turnkey 5-Unit Investment Opportunity on River Street Fully occupied and generating over $54,600 in annual gross income, this well-maintained 5-unit complex is a strong, cash-flowing asset. Four of the five units have been extensively upgraded with modern kitchens featuring granite countertops and new appliances, updated flooring, fresh paint, and remodeled bathrooms—providing quality living spaces tenants appreciate. Each unit is separately metered, with tenants responsible for their own electric (including heat and hot water). Water is sub-metered and can be billed back, optimizing your utility cost management. The building offers coded front and rear entry for both security and ease of access. Additional highlights include a large backyard and rear off-street parking for tenant convenience. Bonus Value-Add Potential: Unlock even more income with the property's expansive walk-up attic, offering the perfect canvas for future apartment conversions, premium storage units, or creative revenue streams. With the right vision and upgrades, this untapped space could dramatically increase long-term returns. Additionally, the full-height basement provides an excellent opportunity to install tenant storage lockers or other rentable features, adding immediate, low-maintenance monthly income. Owner is a Licensed RE Broker.
Details
Documents
Contract Information
Listing Service: Full Service
Current Price: $489,000
List Price: $489,000
Status: Active
Listing Contract Date: 2025-05-24
Property Sub Type: Apartment
Location, Tax, and Legal
Municipality: City Of Scranton
High School District: Scranton School District
County Tax Amount: 1934.58
Municipal Tax Amount: 894.32
School Tax Amount: 3178.75
Tax Annual Amount: 7129.04
Tax Year: 2024
Tax Assessed Value: 316265
Parcel Number: 15616040055
Additional Parcels YN: No
Zoning: Residential
Tax Book Number: 202213445
General Property Information
Number Of Buildings: 1
Number Of Units Total: 5
Bathrooms Half: 0
Above Grade Finished Area: 7200
Below Grade Finished Area: 2400
Lot Size Acres: 0.16
Lot Size Dimensions: 45’x157’x45’x157’
Lot Dimensions Source: Public Records
Association YN: No
Year Built Source: Public Records
New Construction YN: No
Garage YN: No
Garage Spaces: 0
Waterfront YN: No
Water Body Name: None
Basement YN: Yes
Stories: 3
List Price/SqFt: 67.92
Bedrooms Total: 8
Bathrooms Total: 5
Bathrooms Full: 5
Living Area: 7200
Year Built: 1919
Remarks and Miscellaneous
Public Remarks: Turnkey 5-Unit Investment Opportunity on River Street
Fully occupied and generating over $54,600 in annual gross income, this well-maintained 5-unit complex is a strong, cash-flowing asset. Four of the five units have been extensively upgraded with modern kitchens featuring granite countertops and new appliances, updated flooring, fresh paint, and remodeled bathrooms—providing quality living spaces tenants appreciate.
Each unit is separately metered, with tenants responsible for their own electric (including heat and hot water). Water is sub-metered and can be billed back, optimizing your utility cost management. The building offers coded front and rear entry for both security and ease of access.
Additional highlights include a large backyard and rear off-street parking for tenant convenience.
Bonus Value-Add Potential:
Unlock even more income with the property's expansive walk-up attic, offering the perfect canvas for future apartment conversions, premium storage units, or creative revenue streams. With the right vision and upgrades, this untapped space could dramatically increase long-term returns. Additionally, the full-height basement provides an excellent opportunity to install tenant storage lockers or other rentable features, adding immediate, low-maintenance monthly income.
Owner is a Licensed RE Broker.
Appliances
Electric Oven: 1
Microwave: 1
Refrigerator: 1
Basement
Full: 1
Heated: 1
Unfinished: 1
Cooling
Ceiling Fan(s): 1
Current Use
Commercial: 1
Multi-Family: 1
Exterior Features
Balcony: 1
Private Yard: 1
Flooring
Luxury Vinyl: 1
Heating
Baseboard: 1
Electric: 1
Levels
Three Or More: 1
Parking Features
Alley Access: 1
Off Street: 1
On Street: 1
Property Condition
Updated/Remodeled: 1
Road Frontage Type
City Street: 1
Road Responsibility
Public Maintained Road: 1
Sewer
Public Sewer: 1
Structure Type
Multi Family: 1
Water Source
Public: 1
Income and Expenses
Gross Income: 54600
Unit 1
Unit #: 1
Actual Rent: 825
Security Deposit $: 825
SqFt Total: 1250
Baths Total: 1
Beds Total: 2
Dining Room YN: Yes
Kitchen YN: Yes
Living Room YN: Yes
Occupied YN: Yes
Unit Remarks: M-M
Unit 2
Unit #: 2
Actual Rent: 700
Security Deposit $: 700
SqFt Total: 1250
Baths Total: 1
Beds Total: 2
Dining Room YN: Yes
Kitchen YN: Yes
Living Room YN: Yes
Occupied YN: Yes
Unit Remarks: M-M
Unit 3
Unit #: 3
Actual Rent: 1050
Security Deposit $: 1050
SqFt Total: 1250
Baths Total: 1
Beds Total: 2
Dining Room YN: No
Kitchen YN: Yes
Living Room YN: Yes
Occupied YN: Yes
Lease Expiration Date: 2026-02-28
Unit 4
Unit #: 4
Actual Rent: 975
Security Deposit $: 975
SqFt Total: 1000
Baths Total: 1
Beds Total: 1
Dining Room YN: No
Kitchen YN: Yes
Living Room YN: Yes
Occupied YN: Yes
Unit Remarks: M-M
Unit 5
Unit #: 5
Actual Rent: 1000
Security Deposit $: 1000
SqFt Total: 1000
Baths Total: 1
Beds Total: 1
Dining Room YN: No
Kitchen YN: Yes
Living Room YN: Yes
Occupied YN: Yes
Unit Remarks: M-M
Tenant Pays
Electricity: 1
Water: 1
Other: 1
Unit Details
1 Bedroom: 2
2 Bedroom: 3
Income Includes
Rent Only: 1
Location Tax and Legal
Street Number: 522
Street Name: 524 River
Street Suffix: Street
County: Lackawanna
State: PA
Postal Code: 18505
Subdivision Name: None
Status Change Information
Major Change Timestamp: 2025-11-01T13:30:01Z
Major Change Type: Status Change
Price Change Timestamp: 2025-08-19T23:50:38Z
Property Features
Appliances: Electric Oven; Microwave; Refrigerator
Basement: Full; Heated; Unfinished
Cooling: Ceiling Fan(s)
Current Use: Commercial; Multi-Family
Exterior Features: Balcony; Private Yard
Flooring: Luxury Vinyl
Heating: Baseboard; Electric
Income Includes: Rent Only
Levels: Three Or More
Parking Features: Alley Access; Off Street; On Street
Property Condition: Updated/Remodeled
Road Frontage Type: City Street
Road Responsibility: Public Maintained Road
Sewer: Public Sewer
Structure Type: Multi Family
Tenant Pays: Electricity; Water; Other
Water Source: Public
Lead-Based Paint Hazards Disclosure 
Listing Office: SIX PM LLC
Last Updated: November - 01 - 2025
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