Office/Flex
For Sale
Contact for pricing
2590 Park Center Boulevard, State College, PA 16801
Professional commercial space in Park Center business district near I-99 and Route 322.
Property Size5,067 SF
Price / SF$236.83
Days on Market42
Property Features for 2590 Park Center Boulevard
General Information
Standard status
Active
Size
5,067 SF
Property subtype
Retail
Lease Type
NNN
Additional Details
Highway Access
Yes
Building Details
Buildings
1
Tenancy
Single
Building Size
5,067 SF
Listing Agency:
Bennett Williams Commercial Exton
(717) 843-5555
Listed By:
Derick Evans · License #RS379689
Source:
Crexi
Added: Jul 21
Changed: Aug 30
Last Checked: Jul 23 at 3:30AM
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 Bennett Williams Commercial Exton
Investment Insights
Based on property information with market context.
This 5,067-square-foot office and flex building at 2590 Park Center Blvd. provides a professional commercial setting within the Park Center business district. The property is positioned for office, medical, technology, or flex operations, offering a versatile format for businesses requiring both administrative and functional workspace.
Access is a key attribute, with the building located minutes from I-99, Route 322, Penn State University, and downtown State College. Its State College, PA location places the property within Centre County’s established business environment.
Access is a key attribute, with the building located minutes from I-99, Route 322, Penn State University, and downtown State College. Its State College, PA location places the property within Centre County’s established business environment.
Key Highlights
- 5,067 SF office/flex building
- Located in the Park Center business district
- Minutes from I‑99 and Route 322
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
$61,088
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
5.09%
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%
$1,221,760
$1.2M
Cap Rate 7%
$872,686
$872.7K
Cap Rate 9%
$678,756
$678.8K
Market Conditions
NOI Build-Up for 5,067 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
$111.3K $21.96/SF
− Vacancy
−$9.5K −$1.87/SF
EGI
$101.8K $20.09/SF
− OpEx
−$40.7K −$8.04/SF
NOI
$61.1K $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%
$1,221,760
Cap Rate 7%
$872,686
Cap Rate 9%
$678,756
Alternative Uses
Best Use
Healthcare Medical
$872.7K
$763.6K – $1.02M
NOI $61,088 @ 7.0% cap · market cap 5.09%
Second Best
Office B
$835.5K
$731.1K – $974.8K
NOI $58,486 @ 7.0% cap · market cap 4.87%
Theoretical Best
Office A
$1.12M
$979.2K – $1.31M
NOI $78,335 @ 7.0% cap · market cap 6.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
367
Businesses Nearby
Under-served
Demand for This Use
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Professional commercial space in Park Center business district near I-99 and Route 322.
Where is this flex space located?
The property is located at 2590 Park Center Boulevard State College, PA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 5,067 SF office/flex building; Located in the Park Center business district; Minutes from I‑99 and Route 322
