Top-Floor Residential Income
New
For Sale
$430,000
333 S ALLEN STREET Unit 703, State College, PA 16801
Three-bedroom corner unit with elevator access, updated interiors, and one-floor living.
Property Size1,726 SF
Days on Market6
Property Features for 333 S ALLEN STREET Unit 703
General Information
Standard status
Active
Size
1,726 SF
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$5,572
Amenities
elevator
parking deck
Building Details
Building Size
1,726 SF
Year Built
1985
Listing Agency:
RE/MAX Centre Realty
(814) 777-0519
Listed By:
Brian Rater · License #RS272074
(814) 777-0519
Source:
Nelsonrealtypa
Added: Aug 18
Changed: Aug 23
Last Checked: Aug 23 at 8:12AM
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 RE/MAX Centre Realty
Investment Insights
Based on property information with market context.
This top-floor corner unit provides three bedrooms and two baths across a single level. The owner's suite includes a walk-in closet, built-ins, and an ensuite bath, while the two additional bedrooms are served by a nearby remodeled bathroom. Updated flooring, new windows, and refreshed paint support immediate occupancy. Southern exposure brings abundant natural light, and the property includes access to a below-ground parking deck via the building elevator.
The residence is positioned downtown and near campus, with restaurants, services, and other daily destinations described as accessible without driving. Common areas have also been updated, adding to the building's shared amenities. Built in 1985, the unit combines a top-floor setting with an open-concept layout and views over downtown activity.
The residence is positioned downtown and near campus, with restaurants, services, and other daily destinations described as accessible without driving. Common areas have also been updated, adding to the building's shared amenities. Built in 1985, the unit combines a top-floor setting with an open-concept layout and views over downtown activity.
Key Highlights
- Three‑bedroom, two‑bath top‑floor corner unit
- One‑floor layout with elevator access from the below‑ground parking deck
- Owner's suite features a walk‑in closet, built‑ins, and ensuite bath
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
$13,736
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
3.19%
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%
$274,720
$274.7K
Cap Rate 7%
$196,229
$196.2K
Cap Rate 9%
$152,622
$152.6K
Market Conditions
NOI Build-Up for 1,726 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
$26.5K $15.36/SF
− Vacancy
−$1.5K −$0.89/SF
EGI
$25.0K $14.47/SF
− OpEx
−$11.2K −$6.51/SF
NOI
$13.7K $7.96/SF
Area
Centre County, PA
Vacancy
5.80%
Lease Rate
$15.36 /SF/Yr
Expense Ratio
45.00%
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%
$274,720
Cap Rate 7%
$196,229
Cap Rate 9%
$152,622
Alternative Uses
Best Use
Apartment 5plus
$196.2K
$171.7K – $228.9K
NOI $13,736 @ 7.0% cap · market cap 3.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$381.2K
$333.6K – $444.7K
NOI $26,684 @ 7.0% cap · market cap 6.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,328
Businesses Nearby
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Three-bedroom corner unit with elevator access, updated interiors, and one-floor living.
Where is this residential income property located?
The property is located at 333 S ALLEN STREET Unit 703 State College, PA.
What is the asking price?
The asking price for this property is $430,000.
What are key features of this property?
This property features: Three‑bedroom, two‑bath top‑floor corner unit; One‑floor layout with elevator access from the below‑ground parking deck; Owner's suite features a walk‑in closet, built‑ins, and ensuite bath
