Scranton, Pennsylvania, is a city that offers a unique blend of industrial heritage, cultural diversity, and economic growth, making it an attractive location for investing in restaurants. With a population of around 70,000, Scranton serves as the cultural and economic center of Northeastern Pennsylvania, providing a solid customer base for restaurants. Restaurants in Scranton can cater to a diverse range of customers, from students and faculty at institutions like the University of Scranton and Marywood University to employees of major corporations like Geisinger Commonwealth School of Medicine and Johnson College. The city's infrastructure, including the County of Lackawanna Transit System and highways like Interstate 81 and Interstate 84, makes it easily accessible for customers. Additionally, Scranton's rich cultural landscape, with events like La Festa Italiana and the Saint Patrick's Day Parade, provides opportunities for restaurants to capitalize on tourism. The city's geography, with its hilly terrain and scenic views, also offers a unique setting for restaurants to establish themselves.
Currently, there are 3 restaurants for sale in Scranton, offering a range of investment opportunities. These restaurants can vary in size, with the average size being around 1,737 square feet, and the largest size being around 2,562 square feet. The average price per square foot for restaurants in Scranton is around $454 USD, and the average cap rate is around 5.5%. In addition to restaurants, Scranton also offers investment opportunities in other property types, such as apartment buildings, shopping centers, specialty properties, and hotels. Apartment buildings in Scranton can offer a stable source of income, with many students and young professionals looking for housing. Shopping centers, like the Viewmont Mall, provide a hub for retail activity, while specialty properties, such as the historic Iron Furnaces, offer unique opportunities for investment. Hotels, like the Hilton Scranton & Conference Center, cater to the city's tourism industry, providing a range of amenities for visitors. Overall, Scranton's diverse economy and rich cultural landscape make it an attractive location for investing in restaurants and other property types.
What is the average cost per square foot for a restaurant in Scranton?
The average cost per square foot for a restaurant in Scranton is $454 USD per square foot, with an average size of 1,737 square feet and a largest size of 2,562 square feet, among the 3 available listings of restaurants for sale in the area.
What factors determine the value of a restaurant for sale in Scranton?
When evaluating the value of a restaurant for sale in Scranton, several key factors come into play, including:
- Location, with proximity to major transportation hubs like the Wilkes-Barre/Scranton International Airport and highways such as Interstate 81 and Interstate 84, as well as foot traffic in popular areas like downtown Scranton and the North Scranton neighborhood;
- The restaurant's size, with an average size of 1,737 square feet, and a maximum size of 2,562 square feet, which can impact seating capacity, kitchen space, and overall operational efficiency;
- Financial performance, including the average price per square foot of $454 USD and an average cap rate of 5.5%, which can indicate the restaurant's profitability and potential for growth.
