640 Jefferson Ave 17 Unit Apartment Building $1,973,816 CAD ($116,107 CAD/Unit) 8% Cap Rate Scranton, PA 18510

The Investment Sales Team of Avison Young is pleased to offer qualified investors the opportunity to acquire The Flats at Jefferson, a 17-unit multifamily property located at 640 Jefferson Avenue in Scranton’s desirable Hill Section. Comprised primarily of studio and one-bedroom apartments, the property is 100% occupied and benefits from strong demand driven by nearby healthcare and educational institutions.
Originally constructed in 1948 and extensively renovated in 2024, the property is adjacent to Commonwealth Health Regional Hospital and Geisinger School of Medicine and within walking distance of Moses Taylor Hospital and The University of Scranton. Its central location attracts a stable mix of medical professionals, students, and local residents, while providing convenient access to Route 11, Interstate 81, and Interstate 84.
The Flats at Jefferson offers value-add potential through the continued increase of below-market rents within a submarket reporting just 2.1% vacancy. Strong fundamentals and sustained demand for workforce and student housing support continued occupancy and rental growth.
Recent capital improvements include a new roof, updated plumbing and electrical systems, renovated units and bathrooms, a new hot water heater, upgraded fire alarm systems, and exterior improvements. The central boiler was replaced approximately seven years ago, further limiting near-term capital requirements.