Two-Unit Duplex with Covered
For Sale
$225,000
224 E BISHOP STREET, Bellefonte, PA 16823
Up/down duplex features two covered exterior living areas, separate unit layouts, and a newer roof from 2019.
Property Size1,704 SF
Days on Market90
Property Features for 224 E BISHOP STREET
General Information
Standard status
Active
Size
1,704 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,698
Building Details
Building Size
1,704 SF
Year Built
1890
Tenancy
Multi
Listing Agency:
Kissinger, Bigatel & Brower
Listed By:
Jennifer Glantz · License #RS306822
(814) 360-7799
Source:
Nelsonrealtypa
Added: Jun 9
Changed: Sep 5
Last Checked: Sep 5 at 7:29AM
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.
This up/down duplex includes two residential units with distinct living spaces. The main-floor unit offers a spacious living room, eat-in kitchen, one bedroom, one full bathroom, and a covered patio. The second-floor unit has a private interior staircase, a light-filled living room, eat-in kitchen, two bedrooms, and one full bathroom, along with a covered porch. Hardwood floors are throughout, and a metal roof is noted. The property also includes a basement with washer and dryer, along with a newer roof (2019) and newer electrical service entry and panels (2021). Brick exterior construction is also described.
The property is located in the heart of downtown Bellefonte, with access to nearby local amenities including Masulla Park, Talleyrand Park, The Match Factory, Spring Creek, and Bellefonte shopping and dining, all described as minutes away.
Offered for sale as a duplex, the building provides separate unit configurations with covered front/outdoor areas for both levels.
The property is located in the heart of downtown Bellefonte, with access to nearby local amenities including Masulla Park, Talleyrand Park, The Match Factory, Spring Creek, and Bellefonte shopping and dining, all described as minutes away.
Offered for sale as a duplex, the building provides separate unit configurations with covered front/outdoor areas for both levels.
Key Highlights
- Up/down duplex with two separate unit layouts and private interior staircase for the second‑floor unit
- Two covered exterior living areas: large covered front porch and covered patio/porch
- Year built 1890 with wood floors and hardwood floors
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
$15,123
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
6.72%
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%
$302,460
$302.5K
Cap Rate 7%
$216,043
$216.0K
Cap Rate 9%
$168,033
$168.0K
Market Conditions
NOI Build-Up for 1,704 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
$23.1K $13.56/SF
− Vacancy
−$1.5K −$0.88/SF
EGI
$21.6K $12.68/SF
− OpEx
−$6.5K −$3.80/SF
NOI
$15.1K $8.88/SF
Area
Centre County, PA
Vacancy
6.50%
Lease Rate
$13.56 /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%
$302,460
Cap Rate 7%
$216,043
Cap Rate 9%
$168,033
Alternative Uses
Best Use
Multifamily LT 5
$216.0K
$189.0K – $252.1K
NOI $15,123 @ 7.0% cap · market cap 6.72%
Second Best
Apartment 5plus
$193.7K
$169.5K – $226.0K
NOI $13,560 @ 7.0% cap · market cap 6.03%
Theoretical Best
Office A
$376.3K
$329.3K – $439.1K
NOI $26,344 @ 7.0% cap · market cap 11.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
684
Businesses Nearby
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Up/down duplex features two covered exterior living areas, separate unit layouts, and a newer roof from 2019.
Where is this duplex located?
The property is located at 224 E BISHOP STREET Bellefonte, PA.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Up/down duplex with two separate unit layouts and private interior staircase for the second‑floor unit; Two covered exterior living areas: large covered front porch and covered patio/porch; Year built 1890 with wood floors and hardwood floors
