Fully Rented Two-Unit
For Sale
$229,000
131 North Thomas Street, Bellefonte, PA 16823
Up-and-down layout with equipped kitchens, covered porches, and natural gas forced-air heat.
Property Size1,232 SF
Price / SF$185.88
Days on Market202
Property Features for 131 North Thomas Street
General Information
Standard status
Active
Size
1,232 SF
Property subtype
Multi-Family / Fee Simple
Zoning
HARB
Occupancy
100%
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,618
Amenities
covered porch
No
No Pool
Above Grade
Porch(es), Roof
Building Details
Year Built
1914
Listing Agency:
RE/MAX Centre Realty
(814) 280-2424
Listed By:
Ryan S Lowe · License #AB066402
(814) 280-2424
Source:
Compass
Added: Feb 10
Changed: Aug 31
Last Checked: Aug 31 at 3:26AM
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 RE/MAX Centre Realty
Investment Insights
Based on property information with market context.
This 1,232-square-foot duplex contains two residential units in an up-and-down configuration. Each unit offers one bedroom, one full bathroom, living space, an equipped kitchen with a range and refrigerator, and a covered porch. Natural gas forced-air heat serves both units. The property was built in 1914 and is zoned HARB.
Both units are currently leased, with one agreement extending through May 31, 2026, and the other through July 31, 2026. Tenants handle electric, natural gas, cable, and internet, while ownership covers water, sewer, refuse, lawn care, and snow removal. Located at 131 North Thomas Street in downtown Bellefonte, the property is near local parks, recreation areas, dining, and small-town businesses.
Both units are currently leased, with one agreement extending through May 31, 2026, and the other through July 31, 2026. Tenants handle electric, natural gas, cable, and internet, while ownership covers water, sewer, refuse, lawn care, and snow removal. Located at 131 North Thomas Street in downtown Bellefonte, the property is near local parks, recreation areas, dining, and small-town businesses.
Key Highlights
- Fully rented two‑unit duplex with one‑bedroom, one‑bath units
- 1,232 square feet across an up‑and‑down layout
- Each unit includes a covered porch and equipped kitchen
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
$10,934
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
4.77%
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%
$218,680
$218.7K
Cap Rate 7%
$156,200
$156.2K
Cap Rate 9%
$121,489
$121.5K
Market Conditions
NOI Build-Up for 1,232 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
$16.7K $13.56/SF
− Vacancy
−$1.1K −$0.88/SF
EGI
$15.6K $12.68/SF
− OpEx
−$4.7K −$3.80/SF
NOI
$10.9K $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%
$218,680
Cap Rate 7%
$156,200
Cap Rate 9%
$121,489
Alternative Uses
Best Use
Multifamily LT 5
$156.2K
$136.7K – $182.2K
NOI $10,934 @ 7.0% cap · market cap 4.77%
Second Best
Apartment 5plus
$140.1K
$122.6K – $163.4K
NOI $9,804 @ 7.0% cap · market cap 4.28%
Theoretical Best
Office A
$272.1K
$238.1K – $317.5K
NOI $19,047 @ 7.0% cap · market cap 8.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
656
Businesses Nearby
Explore this area
Business Placement
Demographics for 16823, PA
29,345
Population
11,679
Households
2.5
Avg Household Size
42
Median Age
29%
College-Educated
92%
High-School Grad
124.3 sq mi
ZIP Area
236
Density / Sq Mi
$75,717
Median Household Income
$41,842
Median Earnings
$1,013
Median Rent
$258,100
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 - Up-and-down layout with equipped kitchens, covered porches, and natural gas forced-air heat.
Where is this duplex located?
The property is located at 131 North Thomas Street Bellefonte, PA.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: Fully rented two‑unit duplex with one‑bedroom, one‑bath units; 1,232 square feet across an up‑and‑down layout; Each unit includes a covered porch and equipped kitchen
