Building Details

Year Built 1860

Buildings 1

Construction Victorian

Listing Agency: Coldwell Banker Realty o***@bedorfprinceteam.com Show Phone

Listed By: JIM BEDORF Show Phone

Source: Cummingsrealtors

Added: Aug 16 Changed: Aug 23 Last Checked: Aug 22 at 4:53AM

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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 Coldwell Banker Realty

Investment Insights

Based on property information with market context.

Built in 1860, this 4,200-square-foot Victorian duplex combines a four-bedroom primary residence with a separate efficiency apartment. The apartment has its own entrance, providing distinct space within the property’s configuration. Historic details include high ceilings and oversized windows, while the home has been maintained with its original character in mind.

The property is located at 181 Main Street in Julian, Pennsylvania, between State College and Bellefonte. Penn State University and Beaver Stadium are approximately 16 minutes away, placing the property near university events, dining, shopping, and recreation. An in-ground swimming pool adds a substantial outdoor amenity for resident or guest use.

Key Highlights

• 4,200‑square‑foot Victorian duplex built in 1860
• Four‑bedroom main residence with separate efficiency apartment
• Efficiency apartment includes its own entrance

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

$33,424

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

8.36%

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%

$668,480 $668.5K

Cap Rate 7%

$477,486 $477.5K

Cap Rate 9%

$371,378 $371.4K

Market Conditions

NOI Build-Up for 4,200 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

$64.5K $15.36/SF

− Vacancy

−$3.7K −$0.89/SF

EGI

$60.8K $14.47/SF

− OpEx

−$27.3K −$6.51/SF

NOI

$33.4K $7.96/SF

Area

Centre County, PA

Vacancy

5.80%

Lease Rate

$15.36 /SF/Yr

Expense Ratio

45.00%

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%

$668,480

Cap Rate 7%

$477,486

Cap Rate 9%

$371,378

Alternative Uses

Best Use

Multifamily LT 5

$532.5K

$465.9K – $621.3K (±1% cap)

NOI $37,275 @ 7.0% cap · market cap 9.32%

Second Best

Apartment 5plus

$477.5K

$417.8K – $557.1K (±1% cap)

NOI $33,424 @ 7.0% cap · market cap 8.36%

Theoretical Best

Office A

$927.6K

$811.6K – $1.08M (±1% cap)

NOI $64,931 @ 7.0% cap · market cap 16.24%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick HVAC Service Auto Repair Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

22

Businesses Nearby

Explore this area Business Placement

Demographics for 16844, PA

2,644

Population

1,106

Households

2.4

Avg Household Size

46

Median Age

22%

College-Educated

95%

High-School Grad

62.0 sq mi

ZIP Area

43

Density / Sq Mi

$78,824

Median Household Income

$43,011

Median Earnings

$913

Median Rent

$222,300

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Historic duplex includes a private efficiency apartment and in-ground pool.

Where is this duplex located?

The property is located at 181 MAIN STREET Julian, PA.

What is the asking price?

The asking price for this property is $399,900.

What are key features of this property?

This property features: 4,200‑square‑foot Victorian duplex built in 1860; Four‑bedroom main residence with separate efficiency apartment; Efficiency apartment includes its own entrance