Commercial Property in Lackawanna County, Pennsylvania
Lackawanna County is located in the northeast part of Pennsylvania and is one of 67 counties in the state. The county has an area of 464 square miles. Lackawanna County was named after the Lackawanna River. As of 2020, the county population exceeded 215,000. Scranton is the county seat. Some of the commercial businesses include retail and department stores, medical and pharmaceutical services, restaurant and entertainment, social services and many more. Find your ideal commercial property through the listings below, contact one of our agents or sign up for our newsletter to be notified promptly about any of our upcoming listings.
Commercial For Lease
1818 PA-106, Clifford, Pennsylvania 18413
1Bathroom(s)
Private 1- 10Parking(s)
1,200Sqft
$1,200
Commercial For Sale
595 Easton Tpke, Lake Ariel, Pennsylvania 18436
1Bathroom(s)
Private 10+Parking(s)
28Picture(s)
2,512Sqft
$249,000
Commercial For Lease
1818 PA-106, Clifford, Pennsylvania 18413
1Bathroom(s)
Private 1- 10Parking(s)
800Sqft
$800
Commercial For Sale
101 Hawkins Road, Towanda, Pennsylvania 18848
3Bathroom(s)
GarageParking(s)
36Picture(s)
7,258Sqft
$650,000
Commercial For Sale
1344 Providence Rd, Scranton, Pennsylvania 18508
Private 1- 10Parking(s)
5Picture(s)
$60,000
Commercial For Sale
854 Rt 6, Shohola, Pennsylvania 18458
2Bathroom(s)
Private pavedParking(s)
31Picture(s)
10,864Sqft
$2,600,000
Commercial For Sale
10 William St, Pittston, Pennsylvania 18640
2Bathroom(s)
Private 1- 10Parking(s)
42Picture(s)
2,087Sqft
$695,000
Commercial For Lease
261 Grove St, Clarks Green, Pennsylvania 18411
2Bathroom(s)
Private 10+Parking(s)
17Picture(s)
2,350Sqft
$3,525
Commercial For Sale
330 Montage Mmt Rd, Moosic, Pennsylvania 18507
6Bathroom(s)
Private 10+Parking(s)
19Picture(s)
10,595Sqft
$1,690,000
$975
Commercial For Sale
408-466 Main Street, Wilkes-Barre, Pennsylvania 18702
6Bathroom(s)
Private 10+Parking(s)
45Picture(s)
90,000Sqft
$3,500,000
Commercial For Sale
219 Jackson St, Montrose, Pennsylvania 18801
1Bathroom(s)
Private 10+Parking(s)
23Picture(s)
1,200Sqft
$69,000
Loans, Grants & Tax Benefits for Businesses in Lackawanna County
There are a number of great benefits in Lackawanna County for businesses. If you’re beginning new construction or looking to expand your operations, the Local Economic Revitalization Tax Assistance Program offers a 10-year, 100% tax abatement on owner improvements to businesses inside the city of Scranton. Additionally, the Revolving Loan Fund makes loans to businesses that can’t otherwise obtain traditional bank financing.
Frequently Asked Questions (FAQs)
What are the key differences between a residential and a commercial loan?
Residential loans:
- Mortgages are typically made by individuals or LLCs
- Payments shouldn’t be more than 28-30% of the individual’s earnings
- It’s not uncommon to see loan-to-value (LTV) ratios approaching 100% with loan options such a FHA being a popular choice for homebuyers
- Though adjustable rate mortgages do exist, the majority of residential loans have the debt repaid to the bank in regular installments over a period of time
Commercial loans:
- Mortgages are generally made by business entities (i.e. corporations, limited partnerships, trusts)
- The bank will look at the debt-service coverage ratio (DSCR) to make sure the property can earn what it owes, at least a 1:1 ratio
- Lenders usually require LTV ratios lower than 80%
- The amortization period is often longer than the term of the loan, which is commonly five years or more
How long are commercial real estate loans?
Commercial real estate loans range from 5-to-10 year terms, but are amortized up to a 25-year term. The longer the loan term, the less the monthly payment. However, a longer loan term means greater interest costs associated with the loan.
In a situation where a 5-year term was taken for a commercial loan (amortization period of twenty-five years), the investor would make monthly payments over the course of five years based upon the loan being paid off over twenty-five years. At the end of the five years, one balloon payment would need to be made in order to pay off the remaining balance of the loan in full.
How long does it take to close on a commercial property?
With the complexity involved with commercial real estate loans, it usually takes around three or four months to close on a typical commercial loan. Quicker deals can come together between 75 and 90 days to close on a commercial property.
As an investor, make sure you have sufficient time for due diligence. A period of time for completing inspections, investigating intended use, among other things should be accounted for during your due diligence period. Before setting a closing date, the purchaser and their agent should consult attorneys (real estate/title), engineers, inspectors and any other professionals needed to see what availability they have in their schedule.
How long does an inspection take for a commercial property?
Inspections for commercial real estate deals can take anywhere from 1 to 6 hours in length, but usually take longer to schedule. The inspections may require multiple site visits to complete or do follow-up. It’s always best to ask the commercial property inspector what the timetable for a specific property would look like in order to complete the inspection.
What makes a commercial property purchase a good investment?
Commercial real estate purchases have the potential for higher returns than residential properties. Investors enjoy other perks like attractive financing options, flexible lease terms, equity appreciation, among other things.
Having a relationship with an experienced, commercial real estate professional is pivotal. Investors know having an advocate to assist them every step of the way through their deal will save them more than the agent’s services cost. He or she will help with your search, weeding through the various commercial real estate property types, finding a good investment, negotiating the price, terms and conditions.
Further explore this type of investment and continue to ask questions. Knowing these six tips for financing commercial real estate can also give you a clearer picture of what’s on the horizon.
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