Mixed-Use Property with Veterinary
For Sale
$1,990,000
200 ELMWOOD STREET, State College, PA 16801
Two renovated components combine an established veterinary tenancy with a three-bedroom residential apartment.
Property Size7,579 SF
Lot Size1.30 Acres
Price / SF$262.57
Days on Market69
Property Features for 200 ELMWOOD STREET
General Information
Standard status
Active
Size
7,579 SF
Total Parking Spaces
25
Lot size
1.30 Acres
Property subtype
Commercial
Zoning
Gateway Commercial (GC)
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
1 x 3BR/1BA
Multifamily Units
1
Building Details
Year Built
1965
Listing Agency:
Keller Williams Advantage Realty
(814) 272-3333
Listed By:
James Bradley · License #RS323140
(814) 574-1196
Source:
Cummingsrealtors
Added: Jul 10
Changed: Sep 15
Last Checked: Sep 15 at 7:10AM
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 Keller Williams Advantage Realty
Investment Insights
Based on property information with market context.
This mixed-use property combines a veterinary practice with a residential apartment across approximately 7,579 SF. The veterinary operation occupies approximately 5,905 SF over two floors and includes space added through the conversion of former garage and storage areas. It operates under a triple net lease. The approximately 1,674-SF apartment contains three bedrooms and one bathroom and has been renovated. The property was built in 1965 and sits on approximately 1.30 acres with approximately 25 parking spaces.
Located at 200 Elmwood Street in State College, Pennsylvania, the property is near Penn State University, Downtown State College, Route 322, and I-99. Gateway Commercial zoning supports a range of commercial uses, while the existing veterinary and residential configuration provides two distinct components within the same property.
Located at 200 Elmwood Street in State College, Pennsylvania, the property is near Penn State University, Downtown State College, Route 322, and I-99. Gateway Commercial zoning supports a range of commercial uses, while the existing veterinary and residential configuration provides two distinct components within the same property.
Key Highlights
- Approximately 7,579 SF mixed‑use property on approximately 1.30 acres
- Veterinary practice occupies approximately 5,905 SF across two floors
- Renovated 1,674‑SF apartment with 3 bedrooms and 1 bathroom
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
$91,373
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
4.59%
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%
$1,827,460
$1.8M
Cap Rate 7%
$1,305,329
$1.3M
Cap Rate 9%
$1,015,256
$1.0M
Market Conditions
NOI Build-Up for 7,579 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
$166.4K $21.96/SF
− Vacancy
−$14.1K −$1.87/SF
EGI
$152.3K $20.09/SF
− OpEx
−$60.9K −$8.04/SF
NOI
$91.4K $12.06/SF
Area
Centre County, PA
Vacancy
8.50%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
40.00%
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%
$1,827,460
Cap Rate 7%
$1,305,329
Cap Rate 9%
$1,015,256
Alternative Uses
Best Use
Healthcare Medical
$1.31M
$1.14M – $1.52M
NOI $91,373 @ 7.0% cap · market cap 4.59%
Second Best
Mixed Use
$1.10M
$959.2K – $1.28M
NOI $76,737 @ 7.0% cap · market cap 3.86%
Theoretical Best
Office A
$1.67M
$1.46M – $1.95M
NOI $117,170 @ 7.0% cap · market cap 5.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
309
Businesses Nearby
Explore this area
Business Placement
Demographics for 16801, PA
42,446
Population
19,242
Households
2.2
Avg Household Size
28
Median Age
67%
College-Educated
98%
High-School Grad
31.1 sq mi
ZIP Area
1,365
Density / Sq Mi
$62,821
Median Household Income
$27,598
Median Earnings
$1,221
Median Rent
$400,400
Median Home Value
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two renovated components combine an established veterinary tenancy with a three-bedroom residential apartment.
Where is this mixed-use property located?
The property is located at 200 ELMWOOD STREET State College, PA.
What is the asking price?
The asking price for this property is $1,990,000.
What are key features of this property?
This property features: Approximately 7,579 SF mixed‑use property on approximately 1.30 acres; Veterinary practice occupies approximately 5,905 SF across two floors; Renovated 1,674‑SF apartment with 3 bedrooms and 1 bathroom
