Three-Unit Condominium
For Sale
Contact for pricing
227 Strouse Avenue, State College, PA 16803
Well-maintained triplex with three 2-bedroom units, private decks, and in-unit laundry in an established State College setting.
Property Size3,264 SF
Price / SF$205.24
Days on Market96
Property Features for 227 Strouse Avenue
General Information
Standard status
Active
Size
3,264 SF
Class
B
Total Parking Spaces
8
Property subtype
Multifamily
Zoning
R
Occupancy
66%
Investment Type
Stabilized
Net Operating Income
$27,481
Additional Details
Business Included
Yes
Multifamily Units
3
Building Details
Year Built
1981
Buildings
3
Stories
2
Units
3
Tenancy
Multi
Listing Agency:
Annette Yorks REALTOR
Listed By:
Annette Yorks · License #PA RS276283
(814) 360-0140
Source:
Crexi
Added: Jun 16
Changed: Sep 2
Last Checked: Sep 18 at 8:11AM
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 Annette Yorks REALTOR
Investment Insights
Based on property information with market context.
This for-sale triplex includes all three condominium units in one property, each offering 2 bedrooms and 1.5 baths. The units are well-maintained and feature private decks, kitchen appliances, and washer/dryers included. Each unit also has a finished lower level with a family room and dedicated laundry area, with bathroom configurations in the basement varying by unit. Unit 227 has a finished lower-level family room, laundry area, and bathroom, and a basement bathroom remodel is scheduled for completion by the end of June 2026. Unit 229 includes a lower-level family room that can serve as a home office or den, plus a dedicated laundry area. Unit 231 offers a spacious lower-level family room, laundry area, and a full basement bathroom.
The property is located just minutes from Penn State University and is conveniently situated along the CATA bus route. Additional conveniences nearby are described as shopping, dining, and public transportation.
For investors or owner-occupants seeking rental-ready condominium living, this package provides three separate 2-bedroom, 1.5-bath units with private outdoor space and in-unit laundry. A monthly condominium fee of $200 per unit covers common area maintenance, exterior maintenance, building insurance, lawn care, snow removal, and trash service, supporting a more managed ownership structure.
The property is located just minutes from Penn State University and is conveniently situated along the CATA bus route. Additional conveniences nearby are described as shopping, dining, and public transportation.
For investors or owner-occupants seeking rental-ready condominium living, this package provides three separate 2-bedroom, 1.5-bath units with private outdoor space and in-unit laundry. A monthly condominium fee of $200 per unit covers common area maintenance, exterior maintenance, building insurance, lawn care, snow removal, and trash service, supporting a more managed ownership structure.
Key Highlights
- Triplex built in 1981 with three well‑maintained condominium units (each 2BR/1.5BA)
- Each unit includes a private deck plus kitchen appliances and washer/dryers
- Unit 227 Strouse Ave features a finished lower‑level family room and laundry area; basement bathroom remodel scheduled by end of June 2026
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
$28,968
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
4.32%
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%
$579,360
$579.4K
Cap Rate 7%
$413,829
$413.8K
Cap Rate 9%
$321,867
$321.9K
Market Conditions
NOI Build-Up for 3,264 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
$44.3K $13.56/SF
− Vacancy
−$2.9K −$0.88/SF
EGI
$41.4K $12.68/SF
− OpEx
−$12.4K −$3.80/SF
NOI
$29.0K $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%
$579,360
Cap Rate 7%
$413,829
Cap Rate 9%
$321,867
Alternative Uses
Best Use
Multifamily LT 5
$413.8K
$362.1K – $482.8K
NOI $28,968 @ 7.0% cap · market cap 4.32%
Second Best
Apartment 5plus
$371.1K
$324.7K – $432.9K
NOI $25,975 @ 7.0% cap · market cap 3.88%
Theoretical Best
Office A
$720.9K
$630.8K – $841.0K
NOI $50,461 @ 7.0% cap · market cap 7.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
590
Businesses Nearby
Explore this area
Business Placement
Demographics for 16803, PA
24,751
Population
12,155
Households
2
Avg Household Size
29
Median Age
74%
College-Educated
98%
High-School Grad
23.0 sq mi
ZIP Area
1,076
Density / Sq Mi
$71,993
Median Household Income
$35,405
Median Earnings
$1,363
Median Rent
$395,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Well-maintained triplex with three 2-bedroom units, private decks, and in-unit laundry in an established State College setting.
Where is this triplex located?
The property is located at 227 Strouse Avenue State College, PA.
What is the asking price?
The asking price for this property is $669,900.
What are key features of this property?
This property features: Triplex built in 1981 with three well‑maintained condominium units (each 2BR/1.5BA); Each unit includes a private deck plus kitchen appliances and washer/dryers; Unit 227 Strouse Ave features a finished lower‑level family room and laundry area; basement bathroom remodel scheduled by end of June 2026
