Four-Unit Quadplex with
For Sale
$819,000
2990 BUFFALO RUN ROAD, Bellefonte, PA 16823
Fully rented property with private storage, basement laundry access, and paved parking on a spacious lot.
Property Size4,356 SF
Lot Size4.00 Acres
Days on Market184
Property Features for 2990 BUFFALO RUN ROAD
General Information
Standard status
Active
Size
4,356 SF
Lot size
4.00 Acres
Property subtype
Quadruplex
Occupancy
100%
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$6,724
Amenities
basement coin-operated washer and dryer
private storage areas
front porch
Building Details
Building Size
4,356 SF
Year Built
1970
Listing Agency:
Kissinger & Associates LLC
(814) 206-8065
Listed By:
Matt Cover · License #RS304938
(814) 206-8065
Source:
Nelsonrealtypa
Added: Feb 27
Changed: Aug 29
Last Checked: Aug 29 at 10:39AM
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 & Associates LLC
Investment Insights
Based on property information with market context.
This four-unit quadplex, built in 1970, includes four residences in good condition. Each unit provides approximately 1,100 square feet with two bedrooms, a primary bedroom half bath, a full hall bathroom, and a large living and dining area. Separate kitchens include cabinet storage and room for a small table, while front porches add outdoor space. Basement amenities include coin-operated laundry and private storage areas for tenants.
The property occupies an expansive 4-acre lot with paved parking and substantial yard area. It is located within the State College Area School District and a short distance from Toftrees and Penn State. All four units are currently rented.
The property occupies an expansive 4-acre lot with paved parking and substantial yard area. It is located within the State College Area School District and a short distance from Toftrees and Penn State. All four units are currently rented.
Key Highlights
- Four‑unit property with all units currently rented
- Each unit offers approximately 1,100 square feet, two bedrooms, and 1.5 bathrooms
- Expansive 4‑acre lot with paved parking and substantial yard space
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
$38,660
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
4.72%
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%
$773,200
$773.2K
Cap Rate 7%
$552,286
$552.3K
Cap Rate 9%
$429,556
$429.6K
Market Conditions
NOI Build-Up for 4,356 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
$59.1K $13.56/SF
− Vacancy
−$3.8K −$0.88/SF
EGI
$55.2K $12.68/SF
− OpEx
−$16.6K −$3.80/SF
NOI
$38.7K $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%
$773,200
Cap Rate 7%
$552,286
Cap Rate 9%
$429,556
Alternative Uses
Best Use
Multifamily LT 5
$552.3K
$483.3K – $644.3K
NOI $38,660 @ 7.0% cap · market cap 4.72%
Second Best
Apartment 5plus
$495.2K
$433.3K – $577.8K
NOI $34,665 @ 7.0% cap · market cap 4.23%
Theoretical Best
Office A
$962.0K
$841.8K – $1.12M
NOI $67,343 @ 7.0% cap · market cap 8.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
8
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully rented property with private storage, basement laundry access, and paved parking on a spacious lot.
Where is this quadplex located?
The property is located at 2990 BUFFALO RUN ROAD Bellefonte, PA.
What is the asking price?
The asking price for this property is $819,000.
What are key features of this property?
This property features: Four‑unit property with all units currently rented; Each unit offers approximately 1,100 square feet, two bedrooms, and 1.5 bathrooms; Expansive 4‑acre lot with paved parking and substantial yard space
