Renovated Commercial Condo For
For Sale
Contact for pricing
2123 E College Ave, State College, PA 16801
Freshly renovated commercial condo with flexible space and high visibility.
Property Size1,250 SF
Price / SF$176
Days on Market869
Property Features for 2123 E College Ave
General Information
Standard status
Active
Size
1,250 SF
Class
B
Total Parking Spaces
56
Property subtype
Retail, Office
Zoning
Commercial General
Occupancy
100%
Building Details
Year Built
2009
Year Renovated
2018
Buildings
2
Stories
1
Tenancy
Multi
Listing Agency:
Landmark Commercial Realty
(717) 731-1990
Listed By:
Chuck Heller · License #PA
Source:
Crexi
Added: Apr 1, 2024
Changed: Aug 8
Last Checked: Aug 12 at 8:00AM
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 Landmark Commercial Realty
Investment Insights
Based on property information with market context.
This renovated commercial condo in the College Ave. Professional Park features a modern, open layout with high-end finishes. Currently used as a showroom, the space is designed to be flexible for various business needs. Situated along a major artery in State College, the property benefits from high visibility with over 22,000 vehicles passing daily. It also offers direct access to Route 322, placing it minutes from key population centers and customer bases. The condo association handles building upkeep, allowing occupants to focus on their business. The property size is 1250 square feet. Occupants are responsible for utilities, trash, and janitorial services. This property presents an opportunity to own commercial space in a dynamic market.
Key Highlights
- High‑visibility location on a major artery with 22,000+ vehicles passing daily and direct access to Route 322.
- Freshly renovated with a sleek, modern open layout and high‑end finishes.
- Flexible space adaptable to various business needs, currently functioning as a showroom.
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
$10,830
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
4.92%
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%
$216,600
$216.6K
Cap Rate 7%
$154,714
$154.7K
Cap Rate 9%
$120,333
$120.3K
Market Conditions
NOI Build-Up for 1,250 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
$16.2K $12.96/SF
− Vacancy
−$729 −$0.58/SF
EGI
$15.5K $12.38/SF
− OpEx
−$4.6K −$3.71/SF
NOI
$10.8K $8.66/SF
Area
Centre County, PA
Vacancy
4.50%
Lease Rate
$12.96 /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%
$216,600
Cap Rate 7%
$154,714
Cap Rate 9%
$120,333
Alternative Uses
Best Use
Retail
$154.7K
$135.4K – $180.5K
NOI $10,830 @ 7.0% cap · market cap 4.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$276.1K
$241.6K – $322.1K
NOI $19,325 @ 7.0% cap · market cap 8.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
267
Businesses Nearby
9k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Ocean State Job Lot
Shops & Services
8,014 visits/mo
0.2 miles
Pep Boys Auto Parts & Service
Shops & Services
783 visits/mo
0.2 miles
AAMCO Transmissions
Shops & Services
240 visits/mo
0.0 miles
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 Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Showroom - Freshly renovated commercial condo with flexible space and high visibility.
Where is this showroom located?
The property is located at 2123 E College Ave State College, PA.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: High‑visibility location on a major artery with 22,000+ vehicles passing daily and direct access to Route 322.; Freshly renovated with a sleek, modern open layout and high‑end finishes.; Flexible space adaptable to various business needs, currently functioning as a showroom.
