The University of Scranton Student Housing Portfolio

-Scope Commercial Real Estate Investment Services is pleased to exclusively present for sale The University of Scranton Student Housing Portfolio, located at 420 Taylor Avenue, 716 Vine Street, 820-822 Vine Street, 931-933 Richmont Street, and 1010 Olive Street in Scranton, PA. This portfolio consists of five buildings with a total of 44 beds. 716 Vine contains 9 bedrooms in a 3,000 square foot building, 820-822 Vine contains 15 bedrooms in a 6,093 square foot building, 420 Taylor contains 8 bedrooms in a 3,215 square foot building, 931-933 Richmont contains 8 bedrooms in a 1,750 squar e foot building, and 1010 Olive contains 4 bedrooms in a 1,775 square foot building. All properties are situated in an Opportunity Zone, offering attractive tax incentives and stable investment opportunities. The portfolio primarily serves students at The University of Scranton. The average rent per bed in the portfolio is approximately $495 per month, with potential for significant rental increases to reach the submarket average. The portfolio grosses approximately $326,000 in annual rental income, with an expense load of 30.5% of its effective gross income, generating a net operating income of approximately $181,000. The Scranton multifamily submarket is particularly promising for student housing investments. Over the past year, multifamily rents have increased by 3.3%, reaching an average of $1,400 per month, indicating strong demand. The market has seen 13 units o f net deliveries with no new construction currently underway, suggesting a balanced market with limited competition. Sales activity has been robust, with 16 transactions totaling approximately $7 million in volume, reflecting investor confidence. The vacancy rate stands at a manageable 5.4%, lower than the national average, indicating a tight rental market favorable for landlords and investors. Rents in 1 & 2 S tar buildings, which are more likely to cater to student housing, have seen an increase, now averaging $1,180 per month. This affordability is attractive to students and ensures a steady demand for these units. The University of Scranton is a distinguished private Jesuit university known for its rigorous academic programs and commitment to personal and professional success. With approximately 4,700 students, the university offers a wide range of undergraduate and graduate programs. Its strong community ties and focus on service and leadership make it an integral part of the Scranton area, providing a steady demand for student housing.