Scranton, Pennsylvania, offers a unique opportunity for investors to capitalize on the city's growing economy and rich cultural heritage. With a diverse range of industries, including healthcare, academia, and manufacturing, Scranton provides a stable foundation for businesses to thrive. Retail Properties in Scranton, in particular, offer a compelling investment opportunity, with a range of options available to suit different needs and budgets. From small, independent shops to larger retail centers, Scranton's Retail Properties cater to a wide range of consumers, including students, professionals, and families. The city's amenities, such as the Lackawanna County Library System and Nay Aug Park, also make it an attractive location for businesses and residents alike. Additionally, Scranton's proximity to major highways, including Interstate 81 and Interstate 84, and the Wilkes-Barre/Scranton International Airport, provides easy access to markets and customers. With a strong educational system, including institutions like The University of Scranton and Marywood University, Scranton is an ideal location for businesses looking to tap into a skilled and educated workforce. The city's rich cultural scene, including annual events like La Festa Italiana and the Saint Patrick's Day Parade, also makes it an attractive location for businesses looking to connect with the local community.
Currently, there are 17 Retail Properties available for sale in Scranton, offering a range of options for investors. The average price per square foot for Retail Properties in Scranton is $176 USD, with an average size of 6,319 square feet. The largest Retail Property available for sale in Scranton is 24,660 square feet. In addition to Retail Properties, Scranton also offers a range of other property types, including Shopping Centers, Restaurants, Office Properties, and Hotels. Shopping Centers in Scranton, such as the Mall at Steamtown, offer a range of retail and dining options, while Restaurants, like the iconic Coney Island Lunch, provide a unique dining experience. Office Properties, such as the Scranton Enterprise Center, offer a range of office space options, while Hotels, like the Hilton Scranton & Conference Center, provide a convenient and comfortable place to stay. With its diverse range of property types and amenities, Scranton is an attractive location for businesses and investors looking to capitalize on the city's growing economy.
What is the average cap rate for retail properties in Scranton?
When it comes to investing in retail properties in Scranton, understanding the average cap rate is crucial. According to our current listings, the average cap rate for retail properties in Scranton is 7.54%, which is a key metric to consider when evaluating potential investments, as it represents the rate of return on investment based on the property's net operating income; to learn more about how cap rates work, check out our article on what is a cap rate.
How do location and foot traffic affect retail property values?
In Scranton, Pennsylvania, the location and foot traffic of retail properties significantly impact their values. For instance, properties situated in high-traffic areas like downtown Scranton, near major transportation hubs, or along busy highways like Interstate 81 and Interstate 84, tend to command higher prices due to their visibility and accessibility, with an average price per square foot of $176 USD and an average size of 6,319 square feet, and a largest size of 24,660 square feet, resulting in a higher average cap rate of 7.54%.
