Fraternity House with 31
329 E PROSPECT AVE, State College, PA 16801
For Sale
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Grandfathered Greek occupancy and an existing master lease support continued fraternity or sorority use.
Property Size15,452 SF
Price / SF$453.01
Days on Market12
Property Features for 329 E PROSPECT AVE
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Occupancy
Additional Details
Tenant in Place
Amenities
commercial kitchen
great room
library/billiards room
dining area
indoor balcony
rec area
patio
yard
surveillance system
exercise room
Building Details
Year Built
Buildings
Tenancy
Listing Agency:
Lusk & Associates Sotheby's International Realty
Listed By:
Anne M. Lusk · License PA RS210178L
(717) 271-9339
Source:
Crexi
Added: Oct 29
Changed: Nov 8
Last Checked: Nov 8 at 4:45PM
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 Lusk & Associates Sotheby's International Realty
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Built in 1989, this three-level fraternity house contains approximately 15,452 square feet and 31 double-occupancy rooms. The building includes commercial bathrooms on each level, a commercial kitchen, a great room, library and billiards room, dining area, and indoor balcony. A finished lower-level recreation area has a built-in bar and walkout access to a large patio and rear yard. The property also has 27 parking spaces and a 32-camera surveillance system. Updates include a new roof in 2025 and, in 2026, a rear fence, renovated third-floor gender-neutral commercial bathroom, exercise room, and interior touch-ups.
The property is at 329 E Prospect Avenue, just off the Pennsylvania State University campus in State College. College Avenue is approximately a 10-minute walk away, Old Main is about a 15-minute walk, and the Bryce Jordan Center and Beaver Stadium are each a 5-minute drive.
Alpha Phi Delta occupies the property under a seven-year master lease and is in its third year. The existing Greek use is grandfathered, while the current zoning prohibits construction of new chapter houses. Other student housing arrangements may also be explored.
The property is at 329 E Prospect Avenue, just off the Pennsylvania State University campus in State College. College Avenue is approximately a 10-minute walk away, Old Main is about a 15-minute walk, and the Bryce Jordan Center and Beaver Stadium are each a 5-minute drive.
Alpha Phi Delta occupies the property under a seven-year master lease and is in its third year. The existing Greek use is grandfathered, while the current zoning prohibits construction of new chapter houses. Other student housing arrangements may also be explored.
Key Highlights
- Approximately 15,452 square feet across finished main, upper, and lower levels
- 31 double‑occupancy rooms, with commercial bathrooms on each level
- 27 parking spaces and a 32‑camera surveillance system
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Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,194
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Multifamily property - Grandfathered Greek occupancy and an existing master lease support continued fraternity or sorority use.
Where is this multifamily property located?
The property is located at 329 E PROSPECT AVE State College, PA.
What is the asking price?
The asking price for this property is $6,999,900.
What are key features of this property?
This property features: Approximately 15,452 square feet across finished main, upper, and lower levels; 31 double‑occupancy rooms, with commercial bathrooms on each level; 27 parking spaces and a 32‑camera surveillance system
