Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Mixed-Use Development Opportunity Title is generated by Realmo AI

    132 Franklin Manor Ln, State College, PA

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Proposed mixed-use development near Penn State University.

    Type:RETAIL
    Property size:
    22,320 SF
    Lot size:
    12.36 Acres
    Added:
    Nov 25, 2025
    Days on Market:
    182
    Last Refresh:
    May 20 at 8:48 pm

    Property Features for 132 Franklin Manor Ln

    General Information

    Standard status
    Active
    Size
    22,320 SF
    Lot size
    12.36 Acres
    Property subtype
    RETAIL

    Properties For Sale

    at 132 Franklin Manor Ln Contact us

    We can help!

    Listing Contact
    Joe Waters

    Listing agent Joe Waters

    Listing office Waters Retail Group

    Listing date Nov 25, 2025

    Source Moodyscre

    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 Waters Retail Group

    HighLights

    • Proposed mixed‑use development with grocery, retail, outparcel, and townhomes.
    • Outstanding location only 2.5 miles from Penn State University Main Campus.
    • Easy access to major roads: N. Atherton Street, Vairo Boulevard, and Martin Street.
    • Fully signalized intersection for convenient access.
    • Includes a 22,320 SF grocer space.
    • Includes 54 townhomes.

    Overview

    Atherton Commons II is a proposed mixed-use land development project located in State College, PA. The current land proposal includes a 22,320 square foot grocer and a 17,984 square foot retail space. Additionally, the plan features a 2,100 square foot outparcel space and 54 townhomes. The location is approximately 2.5 miles from the Pennsylvania State University Main Campus. The site offers convenient access to N. Atherton Street, Vairo Boulevard, and Martin Street, and is fully signalized. The property consists of 6.5 acres zoned C-2 Commercial and 6.5 acres zoned R-3 Residential.
    Property Profile Location Intelligence

    Current Use by Public Records

    Shopping centers

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Similar Places Nearby

    • Northland Center — 231 Northland Center, State College, PA 16801
    • Colonnade at State College — N Atherton St, State College, PA 16803
    • Village Square — 18-012-,175-,0000, 1688 N Atherton St, State College, PA 16803
    • Coinstar Kiosk | Bitcoin ATM — Giant Carlisle, 255 Clinton Ave, State College, PA 16803

    Location Insight

    • Map
    • Local Demand
    City
    State College
    County
    Centre
    State
    Pennsylvania
    Longitude
    -77.8966
    Latitude
    40.8065

    Nearby Similar for Sale

    • $229,900
      1,250 SF

      State College Office/Retail Space

      Renovated showroom/office space with high traffic and ample parking.
      2123 E College Ave, State College, PA
      View Details
    • $1,500,000
      7,880 SF

      Spacious Commercial Space, State College

      7,880 SF commercial space with fitness area in State College.
      2160 A&B SANDY DR., STATE COLLEGE, PA 16803
      View Details
    • $2,890,000

      Spacious Medical Office Investment Opportunity

      Large medical office with established tenant and additional vacant space.
      2014 SANDY Drive, STATE COLLEGE, PA 16803
      View Details
    • $9,700,000

      State College Storage Development

      Self-storage and industrial property for sale in State College, PA.
      3490 W College Ave, State College, PA
      View Details
    • $130,000
      900 SF

      State College Retail Investment Opportunity

      900 SF retail or restaurant space in State College.
      Address Not Disclosed, State College, PA
      View Details
    • $3,900,000

      Turnkey Restaurant & Sustainable Farm

      Turnkey restaurant and sustainable farm with real estate for sale.
      1000 S Filmore Rd, State College, PA
      View Details
    • Contact for pricing

      Retail Space Available For Sale

      Retail property with 10,202 square feet available for sale.
      2268 East College Avenue, State College, PA 16801
      View Details
    • Contact for pricing
      263,784 SF

      Industrial Property with Extensive Parking

      Large industrial property featuring varied ceiling heights and ample parking.
      1900 W College Ave, State College, PA
      View Details
    • $2,890,000
      9,202 SF

      Medical Building in Science Park

      Two-unit dental office building near Penn State University.
      2014 Sandy Dr, State College, PA 16803
      View Details
    • Contact for pricing
      46,000 SF

      Class-A Office Building Opportunity

      Class-A office building for lease, purchase, or investment.
      476 Rolling Ridge Dr, State College, PA 16801
      View Details
    • $229,900
      1,250 SF

      Renovated Commercial Condo For Sale

      Freshly renovated commercial condo with flexible space and high visibility.
      2123 E College Ave, State College, PA 16801
      View Details

    FAQs

    What type of property is this?
    Shopping center - Proposed mixed-use development near Penn State University.
    Where is this shopping center located?
    The property is located at 132 Franklin Manor Ln State College, PA.
    What are key features of this property?
    This property features: Proposed mixed‑use development with grocery, retail, outparcel, and townhomes.; Outstanding location only 2.5 miles from Penn State University Main Campus.; Easy access to major roads: N. Atherton Street, Vairo Boulevard, and Martin Street.
    (610) 388-6600 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Joe Waters
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    132 Franklin Manor Ln, State College, PA
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!