Mixed-Use Property with
For Sale
Contact for pricing
228 East College Avenue, State College, PA 16801
The property pairs renovated ground-floor retail with upper-level apartments in a commercially zoned setting.
Property SizeContact for details
Lot Size0.17 Acres
Days on Market141
Property Features for 228 East College Avenue
General Information
Standard status
Active
Total Parking Spaces
3
Lot size
0.17 Acres
Property subtype
Mixed Use
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$236,700
Financials
Asking Price
$6,000,000
Cap Rate
3.94%
Gross Income
$328,010
Additional Details
Road Access
Yes
Multifamily Units
5
Building Details
Tenancy
Multi
Listing Agency:
State College Downtown Properties
Listed By:
Charlene Friedman · License #PA RM420979
Source:
Crexi
Added: Apr 13
Changed: Aug 29
Last Checked: Aug 30 at 5:50PM
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 State College Downtown Properties
Investment Insights
Based on property information with market context.
Located at 228 East College Avenue in downtown State College, this mixed-use property combines residential and commercial components within one commercially zoned asset. The building contains 5 apartments and 2 commercial spaces, with the ground-floor retail area renovated for Raising Cane’s. The property is fully leased, providing an established operating profile across both use categories.
The site occupies a 50' x 150' lot along East College Avenue, near Penn State University and downtown anchors including Target, GIANT, and DICK’S Sporting Goods. Its location provides access to the surrounding university-adjacent commercial environment and established downtown activity.
The site occupies a 50' x 150' lot along East College Avenue, near Penn State University and downtown anchors including Target, GIANT, and DICK’S Sporting Goods. Its location provides access to the surrounding university-adjacent commercial environment and established downtown activity.
Key Highlights
- 5 apartments and 2 commercial spaces
- Ground‑floor retail area renovated for Raising Cane’s
- Fully leased mixed‑use property
Property Analytics
Current Use
Lease Details
5
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,179
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - The property pairs renovated ground-floor retail with upper-level apartments in a commercially zoned setting.
Where is this mixed-use property located?
The property is located at 228 East College Avenue State College, PA.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: 5 apartments and 2 commercial spaces; Ground‑floor retail area renovated for Raising Cane’s; Fully leased mixed‑use property
