216-Unit Self Storage
For Sale
$4,250,000
138 Yearicks Boulevard, Centre Hall, PA 16828
Well-maintained 216-unit storage facility with multiple access points, office, fenced grounds, and strong in-place occupancy.
Property Size35,850 SF
Lot Size8.34 Acres
Price / SF$118.55
Days on Market275
Property Features for 138 Yearicks Boulevard
General Information
Standard status
Active
Size
35,850 SF
Lot size
8.34 Acres
Property subtype
Commercial
Occupancy
79%
Lease Term
[]
Site & Location
Traffic Count
14,000 vehicles/day
Highway Access
Yes
Fenced Yard
Yes
Additional Details
Cap Rate
6.4%
Building Details
Year Built
2005
Listing Agency:
Kissinger,Bigatel & Brower
Listed By:
Erin Calandra Witmer
(814) 234-4000
Source:
Deepcreeklake
Added: Dec 11, 2025
Changed: Sep 12
Last Checked: Sep 12 at 9:51AM
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 Kissinger,Bigatel & Brower
Investment Insights
Based on property information with market context.
322 Self Storage is a 216-unit self-storage facility built in 2005, totaling 35,850 SF. The property is 79% occupied and is producing in-place income, with a current 6.4% cap rate referenced in the materials. Site and building features include wide drive aisles, multiple access points, an on-site office, fenced grounds, security cameras, and extensive exterior lighting.
The facility is located at 138 Yearicks Boulevard in Centre Hall, PA, directly off Highway 322. The property is positioned for visibility with illuminated signage described as being seen by over 14,000 vehicles daily. The site spans 8.34 acres and includes significant excess land.
For buyers and operators, the configuration supports self-storage demand while the excess land provides permitted expansion opportunities. The materials describe potential paths to diversify beyond a single storage use, including additional self-storage, industrial storage, automotive storage, or select retail uses, subject to approvals. With the property also cited as being about 8.7 miles from State College and Penn State University, plus a broader surrounding population base described in the offering, the asset is positioned for steady customer draw.
The facility is located at 138 Yearicks Boulevard in Centre Hall, PA, directly off Highway 322. The property is positioned for visibility with illuminated signage described as being seen by over 14,000 vehicles daily. The site spans 8.34 acres and includes significant excess land.
For buyers and operators, the configuration supports self-storage demand while the excess land provides permitted expansion opportunities. The materials describe potential paths to diversify beyond a single storage use, including additional self-storage, industrial storage, automotive storage, or select retail uses, subject to approvals. With the property also cited as being about 8.7 miles from State College and Penn State University, plus a broader surrounding population base described in the offering, the asset is positioned for steady customer draw.
Key Highlights
- 216‑unit, 35,850 SF self‑storage facility built in 2005
- 79% occupied with a current 6.4% cap rate and in‑place income
- Set on 8.34 acres with fenced grounds, an on‑site office, security cameras, and exterior lighting
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
$308,066
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
7.25%
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%
$6,161,320
$6.2M
Cap Rate 7%
$4,400,943
$4.4M
Cap Rate 9%
$3,422,956
$3.4M
Market Conditions
NOI Build-Up for 35,850 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
$473.2K $13.20/SF
− Vacancy
−$33.1K −$0.92/SF
EGI
$440.1K $12.28/SF
− OpEx
−$132.0K −$3.68/SF
NOI
$308.1K $8.59/SF
Area
Centre County, PA
Vacancy
7.00%
Lease Rate
$13.20 /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%
$6,161,320
Cap Rate 7%
$4,400,943
Cap Rate 9%
$3,422,956
Alternative Uses
Best Use
Self Storage
$4.40M
$3.85M – $5.13M
NOI $308,066 @ 7.0% cap · market cap 7.25%
Second Best
Industrial
$2.97M
$2.60M – $3.46M
NOI $207,895 @ 7.0% cap · market cap 4.89%
Theoretical Best
Office A
$7.92M
$6.93M – $9.24M
NOI $554,235 @ 7.0% cap · market cap 13.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
14,000 VPD
Traffic count
79%
Occupancy
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
21
Businesses Nearby
Explore this area
Business Placement
Demographics for 16828, PA
4,377
Population
2,175
Households
2
Avg Household Size
47
Median Age
29%
College-Educated
93%
High-School Grad
55.7 sq mi
ZIP Area
79
Density / Sq Mi
$73,810
Median Household Income
$48,331
Median Earnings
$993
Median Rent
$275,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Northeast region
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Frequently Asked Questions
What type of property is this?
Self storage facility - Well-maintained 216-unit storage facility with multiple access points, office, fenced grounds, and strong in-place occupancy.
Where is this self storage facility located?
The property is located at 138 Yearicks Boulevard Centre Hall, PA.
What is the asking price?
The asking price for this property is $4,250,000.
What are key features of this property?
This property features: 216‑unit, 35,850 SF self‑storage facility built in 2005; 79% occupied with a current 6.4% cap rate and in‑place income; Set on 8.34 acres with fenced grounds, an on‑site office, security cameras, and exterior lighting
