Leased Two-Unit
For Sale
$235,000
Pending
1016 Old Boalsburg Road, State College, PA 16801
R3-zoned property with two-bedroom units and leases extending through August 2027.
Property Size1,180 SF
Days on Market175
Property Features for 1016 Old Boalsburg Road
General Information
Standard status
Pending
Size
1,180 SF
Total Parking Spaces
4
Property subtype
Multi-Family / Fee Simple
Zoning
R3
Taxes and HOA fees
Annual Taxes
$4,659
Amenities
Stove, Refrigerator, Washer, Dryer
No Stairs
No Pool
Above Grade
Building Details
Year Built
1945
Listing Agency:
Continental Real Estate Management
(814) 308-4768
Listed By:
David Fonash · License #RS329103
(814) 308-4768
Source:
Compass
Added: Mar 10
Changed: Aug 30
Last Checked: Aug 30 at 9:18PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Continental Real Estate Management
Investment Insights
Based on property information with market context.
This two-unit duplex contains 1,180 square feet and was built in 1945. Each residence offers 2 bedrooms and 1.5 bathrooms, along with a stove, refrigerator, washer, and dryer. Both units have no stairs, and each carries a rental permit for up to three graduate or professional occupants.
The property is positioned at the corner of Easterly Parkway and Old Boalsburg Road in State College Borough, with downtown State College a short distance away. A bus stop is located less than 1 mile from the property. Both units are currently leased through August 2027, and showings require 24-hour notice because the property is tenant-occupied.
The property is positioned at the corner of Easterly Parkway and Old Boalsburg Road in State College Borough, with downtown State College a short distance away. A bus stop is located less than 1 mile from the property. Both units are currently leased through August 2027, and showings require 24-hour notice because the property is tenant-occupied.
Key Highlights
- Two‑unit duplex with 1,180 square feet, built in 1945
- Both units leased through August 2027
- Each unit includes 2 bedrooms and 1.5 bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$10,473
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.46%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$209,460
$209.5K
Cap Rate 7%
$149,614
$149.6K
Cap Rate 9%
$116,367
$116.4K
Market Conditions
NOI Build-Up for 1,180 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$16.0K $13.56/SF
− Vacancy
−$1.0K −$0.88/SF
EGI
$15.0K $12.68/SF
− OpEx
−$4.5K −$3.80/SF
NOI
$10.5K $8.88/SF
Area
Centre County, PA
Vacancy
6.50%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$209,460
Cap Rate 7%
$149,614
Cap Rate 9%
$116,367
Alternative Uses
Best Use
Multifamily LT 5
$149.6K
$130.9K – $174.6K
NOI $10,473 @ 7.0% cap · market cap 4.46%
Second Best
Apartment 5plus
$134.1K
$117.4K – $156.5K
NOI $9,390 @ 7.0% cap · market cap 4.00%
Theoretical Best
Office A
$260.6K
$228.0K – $304.1K
NOI $18,243 @ 7.0% cap · market cap 7.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,516
Businesses Nearby
Explore this area
Business Placement
Demographics for 16801, PA
42,446
Population
19,242
Households
2.2
Avg Household Size
28
Median Age
67%
College-Educated
98%
High-School Grad
31.1 sq mi
ZIP Area
1,365
Density / Sq Mi
$62,821
Median Household Income
$27,598
Median Earnings
$1,221
Median Rent
$400,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - R3-zoned property with two-bedroom units and leases extending through August 2027.
Where is this duplex located?
The property is located at 1016 Old Boalsburg Road State College, PA.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,180 square feet, built in 1945; Both units leased through August 2027; Each unit includes 2 bedrooms and 1.5 bathrooms
