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    1001 Ellman Ln State College, PA 16801

    Sponsored
    For Sale
    $510,000

    MULTI_FAMILY - Other - STATE COLLEGE, PA

    Property size:
    2,496 SF
    Lot size:
    1.00 Acre
    Days on Market:
    1
    Last Refresh:
    Feb 9 at 10:06 pm

    Property Features for 1001 Ellman Ln

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Dining Room
    Parking
    8
    Parking features
    Driveway, Garage - Attached
    Interior features
    Bathroom - Tub Shower, Built-Ins, Combination Kitchen/Dining, Kitchen - Table Space
    Size
    2,496 SF
    Lot size
    1.00 Acre

    Utilities

    Heating system
    Baseboard, Electric (Heating)
    Cooling system
    Ductless

    Building Details

    Year built
    1979
    Number of units
    2
    Building materials
    Brick, Wood Siding
    Architectural style
    Other

    We can help!

    Listing Contact
    Kristin O'Brien

    Keller Williams Advantage Realty (814) 280-0727

    Listing agent Kristin O'Brien (814) 272-6106 License #RS295569

    Listing date Feb 9, 2026

    MLS# PACE2517604 Listing URL

    Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Versatile Carriage Home Investment Opportunity

    This carriage home offers versatility as a full-time residence, an investment property, or a combination of both. Situated a few miles from downtown State College, it is conveniently located near shopping centers such as Sam's Club, Mt. Nittany Hospital, and Penn State, while benefiting from Benner Township's flexibility regarding rental opportunities. Unit 1003 has been completely renovated, featuring vinyl plank flooring, a new kitchen with solid wood cabinetry, countertops, stainless steel appliances, fresh paint, and ductless ceiling mini-split cooling throughout. This unit includes 4 bedrooms and 1.5 bathrooms and is currently not rented. Unit 1001 is currently rented and has 3 bedrooms and 1.5 bathrooms. This side has a similar layout without the 4th bedroom on the lower level; instead, it features a 2nd family room. Both units have 1-car garages, laundry hook-ups, rear decks, and front porches. The property is located on a 1-acre lot with a new 16x40 shed at the rear, providing storage space for lawn maintenance equipment or rental to tenants. The property size is 2496 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Spa & Massage Center Hotel & Motel Department Store Electronics & Wireless Store Bed & Breakfast Cosmetic Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    State College
    County
    Centre
    State
    Pennsylvania
    Longitude
    -77.82661
    Latitude
    40.84043

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    FAQs

    What type of property is this?
    Duplex - Carriage home near downtown State College, suitable for residence/investment.
    Where is this duplex located?
    The property is located at 1001 Ellman Ln State College, PA.
    What is the asking price?
    The asking price for this property is $510,000.
    What are key features of this property?
    This property features: - Versatile property suitable as a full-time residence, investment property, or full-time investment.; - Located a few miles from downtown State College, shopping centers, Mt. Nittany Hospital, and Penn State.; - **Unit 1003 is completely renovated with new flooring, kitchen, countertops, appliances, paint, and ductless mini-split cooling.**
    (814) 272-6106
    Request Owner's contact information
    1001 Ellman Ln State College, PA 16801
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    State College, PA 16801
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1001 Ellman Ln State College, PA 16801
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    We can help!
    Listing Contact
    Kristin O'Brien
    Real Estate License ID: RS295569
    (814) 272-6106
    Learn more
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