Updated Duplex with Paved
New
For Sale
$367,000
328 MYRTLE STREET, Bellefonte, PA 16823
Both residences offer two bedrooms and one-and-a-half baths with recent updates.
Property Size2,112 SF
Days on Market5
Property Features for 328 MYRTLE STREET
General Information
Standard status
Active
Size
2,112 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$3,632
Building Details
Building Size
2,112 SF
Year Built
1988
Listing Agency:
Keller Williams Advantage Realty
Listed By:
Nyssa Smith · License #RS216690L
(814) 883-8830
Source:
Nelsonrealtypa
Added: Aug 30
Changed: Sep 1
Last Checked: Sep 2 at 9:19PM
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 Keller Williams Advantage Realty
Investment Insights
Based on property information with market context.
Built in 1988, this duplex contains two separately configured residences, each with two bedrooms and one full and one half bath. Both units have been recently updated, and a block wall divides the residences for added separation. Paved parking serves the property.
The building is positioned between Bellefonte and State College, with shopping nearby and access to Penn State within a quick drive. Both sides are fully rented through 07/31/27, providing an established occupancy profile for the property.
The building is positioned between Bellefonte and State College, with shopping nearby and access to Penn State within a quick drive. Both sides are fully rented through 07/31/27, providing an established occupancy profile for the property.
Key Highlights
- Two‑unit property with 4 total bedrooms, 2 full baths, and 2 half baths
- Each side includes 2 bedrooms and 1 full and 1 half bath
- Both units were recently updated
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
5.11%
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 5.11%
Second Best
Apartment 5plus
$240.1K
$210.1K – $280.1K
NOI $16,807 @ 7.0% cap · market cap 4.58%
Theoretical Best
Office A
$466.4K
$408.1K – $544.2K
NOI $32,651 @ 7.0% cap · market cap 8.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences offer two bedrooms and one-and-a-half baths with recent updates.
Where is this duplex located?
The property is located at 328 MYRTLE STREET Bellefonte, PA.
What is the asking price?
The asking price for this property is $367,000.
What are key features of this property?
This property features: Two‑unit property with 4 total bedrooms, 2 full baths, and 2 half baths; Each side includes 2 bedrooms and 1 full and 1 half bath; Both units were recently updated
