316 320 Taylor Avenue
Scranton, PA, 18510 $ 2,597,910
Baths0.0 Sq 18,500 Monthly Estimate*
$ 17,267
Studio
for $2,597,910. This 18,500 square foot home was built in 1930 on a lot size of 0.04.
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.
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FeaturesGeneralSewer Public Sewer
Heating Natural Gas
Utilities Cable Available
Possession Negotiable
Zoning R2
Garage Spaces 0
Year Built 1930
Stories 4
Levels Three Or More
Property SubType Multi Family
Tax Year 2024
Current Use Investment Residential Multi-Family
Community Features Sidewalks
Building Name Royal Residences
County Lackawanna
Property Type Commercial Sale
Possible Use Multi-Family
Status Active
Directions Take Scranton Expressway to Mulberry St. Continue on Mulberry St. to Taylor Ave. take a right turn on to Taylor Ave.
City Scranton
Buyer Agent Compensation 2.00
High School District Scranton
Zoning Description Multi-Family
NumberOfUnitsTotal 19
Street Name 320 Taylor
Land Lease Y/N N
Tax Annual Amount 11985.3
Property Condition Updated/Remodeled
Rent Control Y/N N
Days on Market 115
Structure Type Multi Family
Standard Status Active
Tax Assessed Value 42000
TaxOtherAnnualAssessmentAmount 42000
Buyer Agent Compensation Type %
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InteriorBasement Unfinished
Flooring Carpet Luxury Vinyl
Basement (Y/N) Y
Street Suffix Avenue
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ExteriorParking Features Off Street Parking Lot On Street
Lot Features Level
Water Source Public
Total Parking 6
Number of Buildings 2
Building Area Total 18500
Lot Dimensions 80X108
Lot Size Acres 0.04
Road Surface Type Paved
Road Frontage Type City Street
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* Excluded FeaturesList ByEra One Source RealtyBroker
Leah.Gianacopoulos@gmail.comEmail
Affordability Calculator
- Monthly Principal & Interest
- $17,267
- Monthly Property Taxes
- $999
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 6.99% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbyMulti-family listings in Scranton, PA
Average List Price $321,541
Percent of Sale Price 88%
About Scranton, PA 74,523 Population
-2% Since 2002
$ 39,001 Median Income
38.39 Median Age
24% Households with Children
Trends Information provided by ATTOM Data Solutions.
2391763 Elementary School
2391680 Middle School
Unknown High School High School
Pricing HistoryDate | Price | Price Change | Description |
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1/24/2024 | $2,597,910 | | Listed Price |