316 320 Taylor Avenue, Scranton, PA 18510
$2,597,910
Property Type:
Commercial Sale
Square Footage:
18,500
Lot Size (sq. ft.):
1,742
Status:
Active
Current Price:
$2,597,910
List Date:
1/24/2024
Last Modified:
1/24/2024
Description
Delighted to present an exclusive opportunity to acquire The Royal Residences, a multifamily building offering 19 units and 53 beds, strategically located adjacent to the University of Scranton in the heart of the renowned ''Eds and Meds'' neighborhood known as The Hill.
The Royal Residences present an enticing investment opportunity in a thriving educational and medical hub. With recent capital improvements, a strategic location, and a diverse tenant base, this property is well-positioned for sustained growth and financial success.
Nestled between the University of Scranton, The Commonwealth School of Medicine, Marywood University, Lackawanna College, and Penn State - Worthington campus, The Royal Residences occupy a coveted spot within close proximity to major educational institutions.
The property is conveniently situated near Scranton Regional Hospital, Moses Taylor Hospital, and Geisinger Hospital, making it an ideal residence for medical professionals and students in the healthcare field.
The current ownership has executed a comprehensive $650,000+- capital expenditure plan at Taylor Ave. This plan includes renovations to 18 units, a new roof installation, upgraded laundry facilities, and various other improvements, enhancing the overall quality and appeal of the property.
The 3BR units boast spacious layouts of 1,003+ square feet, offering a comfortable and modern living experience. Additional value-add opportunities are present in the 2BR units, with a targeted lease-up strategy for 2024-2025.
The City of Scranton hosts approximately 15,000 students from local colleges and universities. This, combined with the influx of professionals and medical staff from nearby hospitals, creates a diverse and dynamic tenant pool. Families seeking quality housing also contribute to the broad appeal of The Royal Residences.
More Information MLS# SC-786
Contract Information
Current Price: $2,597,910
List Price: $2,597,910
Status: Active
Listing Contract Date: 2024-01-24
Property Sub Type: Multi Family
Listing Agreement: Exclusive Right To Sell
Listing Service: Full Service
Buyer Brokerage Compensation: 2
Buyer Brokerage Compensation Type: %
Sub Agency Compensation Type: %
Transaction Broker Compensation Type: %
Dual Or Variable Rate Commission YN: Yes
Owner Name: UM SCRANTON 320 LLC
Environmental Survey YN: No
Location, Tax, and Legal
Street Number: 316
Street Name: 320 Taylor
Street Suffix: Avenue
Municipality: Scranton City
State: PA
Postal Code: 18510
County: Lackawanna
High School District: Scranton
City Region: Hill Section
County Tax Amount: 2684.64
Municipal Tax Amount: 3295.22
School Tax Amount: 6209.64
Tax Annual Amount: 11985.3
Tax Year: 2024
Tax Assessed Value: 42000
Tax Information: Available
Tax Other Annual Assessment Amount: 42000
Parcel Number: 15709020005
Zoning: R2
Zoning Description: Multi-Family
Directions: Take Scranton Expressway to Mulberry St., Continue on Mulberry St. to Taylor Ave., take a right turn on to Taylor Ave.
Tax Book Number: 1208/0799
General Property Information
Number Of Buildings: 2
Number Of Units Total: 19
Building Area Total: 18500
Building Area Total (Report Only): 18500
Enhanced Accessible: No
Year Built: 1930
Building Name: Royal Residences
Parking Total: 6
Lot Size Acres: 0.04
Lot Size Dimensions: 80X108
Lot Dimensions Source: Assessor
Land Lease YN: No
Basement YN: Yes
Stories: 4
Sign On Property YN: Yes
Rent Control YN: No
Auction YN: No
List Price/SqFt: 140.43
Remarks and Miscellaneous
Public Remarks: Delighted to present an exclusive opportunity to acquire The Royal Residences, a multifamily building offering 19 units and 53 beds, strategically located adjacent to the University of Scranton in the heart of the renowned ''Eds and Meds'' neighborhood known as The Hill.
The Royal Residences present an enticing investment opportunity in a thriving educational and medical hub. With recent capital improvements, a strategic location, and a diverse tenant base, this property is well-positioned for sustained growth and financial success.
Nestled between the University of Scranton, The Commonwealth School of Medicine, Marywood University, Lackawanna College, and Penn State - Worthington campus, The Royal Residences occupy a coveted spot within close proximity to major educational institutions.
The property is conveniently situated near Scranton Regional Hospital, Moses Taylor Hospital, and Geisinger Hospital, making it an ideal residence for medical professionals and students in the healthcare field.
The current ownership has executed a comprehensive $650,000+- capital expenditure plan at Taylor Ave. This plan includes renovations to 18 units, a new roof installation, upgraded laundry facilities, and various other improvements, enhancing the overall quality and appeal of the property.
The 3BR units boast spacious layouts of 1,003+ square feet, offering a comfortable and modern living experience. Additional value-add opportunities are present in the 2BR units, with a targeted lease-up strategy for 2024-2025.
The City of Scranton hosts approximately 15,000 students from local colleges and universities. This, combined with the influx of professionals and medical staff from nearby hospitals, creates a diverse and dynamic tenant pool. Families seeking quality housing also contribute to the broad appeal of The Royal Residences.
Status Change Information
Major Change Timestamp: 2024-01-24T19:37:34Z
Major Change Type: New Listing
Status Change Timestamp: 2024-01-24
Property Features
Basement: Unfinished
Community Features: Sidewalks
Current Use: Investment; Multi-Family; Residential
Flooring: Carpet; Luxury Vinyl
Heating: Natural Gas
Levels: Three Or More
Listing Terms: Cash; Conventional
Lot Features: Level
Parking Features: Off Street; On Street; Parking Lot
Possession: Negotiable
Possible Use: Multi-Family
Property Condition: Updated/Remodeled
Road Frontage Type: City Street
Road Surface Type: Paved
Sewer: Public Sewer
Structure Type: Multi Family
Utilities: Cable Available
Water Source: Public
Showing Requirements: Appointment Only; Show Notice Required
Listing Office: ERA One Source Realty
Last Updated: January - 24 - 2024
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
Information deemed reliable but not guaranteed.