Residential Income Property with Private
For Sale
$989,000
425 WINDMERE DR #4A, State College, PA 16801
Condominium residence with expansive terraces, panoramic views, and extensive shared amenities.
Property Size3,532 SF
Price / SF$280.01
Days on Market8
Property Features for 425 WINDMERE DR #4A
General Information
Standard status
Active
Size
3,532 SF
Total Parking Spaces
2
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Units
Multifamily Units
1
Parking per Unit
2
Taxes and HOA fees
Annual Taxes
$10,885
Amenities
guest suite
guest apartment with full kitchen
fitness room
heated swimming pool
private storage area
wine cellar
on-site building manager
secure entry system
Building Details
Building Size
3,532 SF
Year Built
1989
Listing Agency:
Keller Williams Advantage Realty
(814) 880-6754
Listed By:
Jo Ann Smith · License #RS328934
(814) 880-6754
Source:
Nelsonrealtypa
Added: Aug 3
Changed: Aug 10
Last Checked: Aug 10 at 8:50AM
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.
This residential income property is a condominium residence in a ten-home complex, offering more than 3,532 square feet of living space. The layout includes two bedrooms, two full baths, a formal dining room, family room, office/library, kitchen with breakfast nook, laundry/utility room, gallery foyer, and an all-glass sunroom. A private elevator opens directly into the residence, while expansive windows and multiple terraces frame broad views of the surrounding mountains and State College area.
Shared facilities include a guest suite, guest apartment with full kitchen, fitness room, heated 20' x 40' in-ground swimming pool, wine cellar, private storage area, two below-grade parking spaces, secure entry system, and an on-site building manager. Built in 1989, the property is near shopping, dining, and walking and biking paths.
Shared facilities include a guest suite, guest apartment with full kitchen, fitness room, heated 20' x 40' in-ground swimming pool, wine cellar, private storage area, two below-grade parking spaces, secure entry system, and an on-site building manager. Built in 1989, the property is near shopping, dining, and walking and biking paths.
Key Highlights
- More than 3,532 square feet in a ten‑residence condominium complex
- Private elevator opens directly into the residence
- All‑glass sunroom plus multiple terraces with panoramic mountain‑area views
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
$28,108
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
2.84%
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%
$562,160
$562.2K
Cap Rate 7%
$401,543
$401.5K
Cap Rate 9%
$312,311
$312.3K
Market Conditions
NOI Build-Up for 3,532 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
$54.3K $15.36/SF
− Vacancy
−$3.1K −$0.89/SF
EGI
$51.1K $14.47/SF
− OpEx
−$23.0K −$6.51/SF
NOI
$28.1K $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%
$562,160
Cap Rate 7%
$401,543
Cap Rate 9%
$312,311
Alternative Uses
Best Use
Apartment 5plus
$401.5K
$351.4K – $468.5K
NOI $28,108 @ 7.0% cap · market cap 2.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$780.1K
$682.6K – $910.1K
NOI $54,604 @ 7.0% cap · market cap 5.52%
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
740
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 - Condominium residence with expansive terraces, panoramic views, and extensive shared amenities.
Where is this residential income property located?
The property is located at 425 WINDMERE DR #4A State College, PA.
What is the asking price?
The asking price for this property is $989,000.
What are key features of this property?
This property features: More than 3,532 square feet in a ten‑residence condominium complex; Private elevator opens directly into the residence; All‑glass sunroom plus multiple terraces with panoramic mountain‑area views
