Brick Flex Space with
For Sale
$269,500
146 S WATER STREET, Bellefonte, PA 16823
Brick commercial space combines office areas, warehouse capacity, a garage bay, and on-site parking.
Property Size2,064 SF
Lot Size0.35 Acres
Price / SF$130.57
Days on Market52
Property Features for 146 S WATER STREET
General Information
Standard status
Active
Size
2,064 SF
Lot size
0.35 Acres
Property subtype
Industrial
Additional Details
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$2,394
Building Details
Building Size
2,064 SF
Year Built
1950
Construction
brick
Listing Agency:
Realty One Group Landmark
Listed By:
Josie Tekely · License #RS368736
(814) 592-7631
Source:
Nelsonrealtypa
Added: Jul 29
Changed: Sep 17
Last Checked: Sep 18 at 1:40PM
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 Realty One Group Landmark
Investment Insights
Based on property information with market context.
Built in 1950, this approximately 2,064-square-foot brick flex property occupies 0.35 acres and combines office or workspace areas with garage and warehouse space. A garage bay and on-site parking support customer, employee, and service-vehicle access. The configuration can accommodate a range of commercial operations, including automotive-related businesses, contractors, workshops, specialty retail, and event-oriented uses, subject to applicable zoning and municipal approval.
The property is located at 146 S Water Street in Bellefonte, near historic downtown Bellefonte, Talleyrand Park, Spring Creek, and the waterfront district. The offering is available for sale, with a lease-option purchase arrangement also open for consideration on acceptable terms.
The property is located at 146 S Water Street in Bellefonte, near historic downtown Bellefonte, Talleyrand Park, Spring Creek, and the waterfront district. The offering is available for sale, with a lease-option purchase arrangement also open for consideration on acceptable terms.
Key Highlights
- Approximately 2,064 square feet on 0.35 acres
- Brick commercial building constructed in 1950
- Office or workspace areas plus garage and warehouse space
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
$14,534
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
5.39%
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%
$290,680
$290.7K
Cap Rate 7%
$207,629
$207.6K
Cap Rate 9%
$161,489
$161.5K
Market Conditions
NOI Build-Up for 2,064 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
$18.1K $8.76/SF
− Vacancy
−$982 −$0.48/SF
EGI
$17.1K $8.28/SF
− OpEx
−$2.6K −$1.24/SF
NOI
$14.5K $7.04/SF
Area
Centre County, PA
Vacancy
5.43%
Lease Rate
$8.76 /SF/Yr
Expense Ratio
15.00%
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%
$290,680
Cap Rate 7%
$207,629
Cap Rate 9%
$161,489
Alternative Uses
Best Use
Warehouse
$207.6K
$181.7K – $242.2K
NOI $14,534 @ 7.0% cap · market cap 5.39%
Second Best
Flex RnD
$206.3K
$180.5K – $240.6K
NOI $14,438 @ 7.0% cap · market cap 5.36%
Theoretical Best
Office A
$455.8K
$398.9K – $531.8K
NOI $31,909 @ 7.0% cap · market cap 11.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
656
Businesses Nearby
Under-served
Demand for This Use
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
Check the figures for this property
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?
Flex space - Brick commercial space combines office areas, warehouse capacity, a garage bay, and on-site parking.
Where is this flex space located?
The property is located at 146 S WATER STREET Bellefonte, PA.
What is the asking price?
The asking price for this property is $269,500.
What are key features of this property?
This property features: Approximately 2,064 square feet on 0.35 acres; Brick commercial building constructed in 1950; Office or workspace areas plus garage and warehouse space
