1214-1216 Vine St

What the listing says

Rare opportunity to acquire a two-unit, 11-bedroom multifamily property in Scranton's Hill Section, approximately 2.5 blocks from the University of Scranton. The property offers established student-housing demand, separate utilities, current rental income, below-market rents and meaningful cosmetic value-add potential. PROPERTY HIGHLIGHTS Asking Price: $410,500 11 bedrooms 4 full bathrooms 2 residential units Approximately 4,400 SF R-9 zoning All utilities separately metered Off-street parking Hardwood floors, deck and porch Washer/dryer in each unit Approximately 1,650 SF full walk-out basement with full bathroom Basement currently unleased and outside the existing two-unit leased space STUDENT HOUSING / RENTAL HISTORY The property has historically operated as student housing serving the University of Scranton market. Current tenants are paying below historical and current market rents, providing an opportunity for a future owner to reposition the property as leases expire. Historical rents have reached approximately $535 $550 per bedroom/month. Current market rents are estimated at approximately $575 $600 per bedroom/month, subject to condition, lease terms and market conditions. At $575/bedroom/month, 11 bedrooms represent approximately $75,900 in potential annual gross rental income. At $600/bedroom/month, potential gross rental income is approximately $79,200 annually. Current tenant leases expire December 31, 2026 and may be extended or transitioned to month-to-month arrangements. VALUE-ADD OPPORTUNITY Straightforward cosmetic value-add opportunity including painting, flooring, kitchen cabinet refinishing or replacement, countertops, appliances and general kitchen/bathroom updates. Improvements could enhance student appeal and support higher rents as leases turn over. ADDITIONAL LOWER-LEVEL SPACE The approximately 1,650 SF full walk-out basement is currently not utilized as rental space and is outside the existing two leased units. It includes a full bathroom and provides a future owner with flexibility to determine its highest and best use. The property is zoned R-9. INVESTMENT UNDERWRITING Illustrative underwriting using $575/bedroom/month: Potential Gross Rental Income: $75,900/year Less 5% Vacancy: ($3,795) Effective Gross Income: $72,105/year Estimated expenses: Property Taxes: $4,281/year Insurance: $2,000/year Landlord-Paid Utilities: $0 Maintenance: $2,400/year Property Management: 3% of gross income, $2,277/year Illustrative NOI: $61,100/year At the $410,500 asking price, this represents an illustrative 14.9% capitalization rate based on $575/bedroom market rent. At $600/bedroom/month, potential gross rental income is approximately $79,200/year before vacancy and expenses. Figures are illustrative and based on estimated market rents rather than current contract rents. Buyer should independently verify leases, rents, expenses, taxes, insurance, square footage, zoning and other property information. LOCATION Approximately 0.1 mile from the University of Scranton and near Moses Taylor Hospital, Geisinger Medical Center, Lackawanna College, Regional Hospital of Scranton, Geisinger Commonwealth School of Medicine and Marywood University. OWNER/SELLER DISCLOSURE Seller is a licensed Pennsylvania real estate broker and is a principal in an affiliated limited liability company that has an ownership interest in the subject property. The property is being offered for sale directly by the owner and is not listed with a real estate brokerage. Seller financing may be considered for a qualified buyer.