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.

Details

MLS#: SC786
Price: $2,597,910

Style: Multi Family
Bedrooms: 0
Sq Ft: 18500
Year Built: 1930

County: Lackawanna
Lot Size: 80X108
Tax Fee: 11985.3

School District: Scranton