Renovated Duplex Investment
For Sale
$347,000
328-330 MYRTLE Street, Bellefonte, PA 16823
Multi-Family, BELLEFONTE, PA
Property Size2,112 SF
Lot Size0.32 Acres
Price / SF$164.30
Days on Market24
Property Features for 328-330 MYRTLE Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking
4
Parking features
Parking Lot
Elementary school district
BELLEFONTE AREA
Middle school district
BELLEFONTE AREA
High school district
BELLEFONTE AREA
Standard status
Active
Size
2,112 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Annual Amount
3632
Utilities
Heating system
Electric (Heating), Baseboard
Amenities
soundproofing between units
Building Details
Year built
1988
Number of units
2
Building materials
Brick, Vinyl Siding, Block
Architectural style
Other
Listing Agency:
Keller Williams Advantage Realty · Keller Williams Realty
(814) 272-3333
Listed By:
Nyssa Smith · License #RS216690L
(814) 883-8830
Added: Aug 30
Changed: Sep 17
Last Checked: Sep 22 at 11:06PM
MLS# PACE2520396
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,112-square-foot duplex at 328-330 Myrtle Street includes two separate units, each with 2 bedrooms and 1.5 baths, for a combined total of 4 bedrooms, 2 full baths, and 2 half baths. Both sides were recently renovated, and a block wall separates the units. The property was built in 1988 and features brick, vinyl siding, and block construction, along with electric baseboard heating and a paved parking lot.
The 0.32-acre property is located in Bellefonte, between Bellefonte and State College, with access to restaurants, shopping, entertainment, sports, schools, and Penn State. Both units are leased through 07/31/27. Leases and financials are available for review.
The 0.32-acre property is located in Bellefonte, between Bellefonte and State College, with access to restaurants, shopping, entertainment, sports, schools, and Penn State. Both units are leased through 07/31/27. Leases and financials are available for review.
Key Highlights
- 2,112‑square‑foot duplex on a 0.32‑acre lot
- Two units, each with 2 bedrooms and 1.5 baths
- Both sides recently renovated
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
$18,744
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
5.40%
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%
$374,880
$374.9K
Cap Rate 7%
$267,771
$267.8K
Cap Rate 9%
$208,267
$208.3K
Market Conditions
NOI Build-Up for 2,112 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
$28.6K $13.56/SF
− Vacancy
−$1.9K −$0.88/SF
EGI
$26.8K $12.68/SF
− OpEx
−$8.0K −$3.80/SF
NOI
$18.7K $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%
$374,880
Cap Rate 7%
$267,771
Cap Rate 9%
$208,267
Alternative Uses
Best Use
Multifamily LT 5
$267.8K
$234.3K – $312.4K
NOI $18,744 @ 7.0% cap · market cap 5.40%
Second Best
Apartment 5plus
$240.1K
$210.1K – $280.1K
NOI $16,807 @ 7.0% cap · market cap 4.84%
Theoretical Best
Office A
$466.4K
$408.1K – $544.2K
NOI $32,651 @ 7.0% cap · market cap 9.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
502
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two recently renovated units offer separate living spaces, paved parking, and current leases extending through 07/31/27.
Where is this duplex located?
The property is located at 328-330 MYRTLE Street Bellefonte, PA.
What is the asking price?
The asking price for this property is $347,000.
What are key features of this property?
This property features: 2,112‑square‑foot duplex on a 0.32‑acre lot; Two units, each with 2 bedrooms and 1.5 baths; Both sides recently renovated
