Two-Story Duplex with Off-Street
New
For Sale
$475,000
508-510 ROYAL Road, State College, PA 16801
MULTI_FAMILY - Other - STATE COLLEGE, PA
Property Size2,091 SF
Lot Size0.34 Acres
Price / SF$227.16
Days on Market1
Property Features for 508-510 ROYAL Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking features
Driveway, Off Street
Subdivision
STATE COLLEGE BORO
Elementary school district
STATE COLLEGE AREA
Middle school district
STATE COLLEGE AREA
High school district
STATE COLLEGE AREA
Standard status
Active
Size
2,091 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Annual Amount
5792
Utilities
Heating system
Electric (Heating), Ceiling, Baseboard
Building Details
Year built
1973
Number of units
2
Building materials
Vinyl Siding, Brick
Architectural style
Other
Listing Agency:
RE/MAX Centre Realty · RE/MAX International
(814) 231-8200
Listed By:
Ryan S Lowe · License #AB066402
(814) 280-2424
Added: Aug 10
Last Checked: Aug 10 at 4:06PM
MLS# PACE2520130
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 two-story duplex contains 2,091 square feet on a 0.34-acre parcel and includes basement space. Built in 1973, the property features vinyl siding and brick construction, electric heating with ceiling and baseboard systems, and a roof installed in 2019. Each unit has an active lease, with occupancy extending through 2026 and 2027. Off-street parking is provided through a driveway and additional parking area.
The property is located at 508-510 Royal Road in State College Borough, just off University Drive. Penn State University, downtown State College, shopping, dining, and daily services are identified nearby. Both units have active rental permits and student home licenses. Tenants are responsible for electric heat and hot water, water and sewer, trash, lawn care, and snow removal.
The property is located at 508-510 Royal Road in State College Borough, just off University Drive. Penn State University, downtown State College, shopping, dining, and daily services are identified nearby. Both units have active rental permits and student home licenses. Tenants are responsible for electric heat and hot water, water and sewer, trash, lawn care, and snow removal.
Key Highlights
- 2,091‑square‑foot duplex on a 0.34‑acre parcel
- Two‑story layout with basement space
- Roof replaced in 2019
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
$18,558
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
3.91%
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%
$371,160
$371.2K
Cap Rate 7%
$265,114
$265.1K
Cap Rate 9%
$206,200
$206.2K
Market Conditions
NOI Build-Up for 2,091 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
$28.4K $13.56/SF
− Vacancy
−$1.8K −$0.88/SF
EGI
$26.5K $12.68/SF
− OpEx
−$8.0K −$3.80/SF
NOI
$18.6K $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%
$371,160
Cap Rate 7%
$265,114
Cap Rate 9%
$206,200
Alternative Uses
Best Use
Multifamily LT 5
$265.1K
$232.0K – $309.3K
NOI $18,558 @ 7.0% cap · market cap 3.91%
Second Best
Apartment 5plus
$237.7K
$208.0K – $277.3K
NOI $16,640 @ 7.0% cap · market cap 3.50%
Theoretical Best
Office A
$461.8K
$404.1K – $538.8K
NOI $32,327 @ 7.0% cap · market cap 6.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
579
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Fully occupied units carry active rental permits and student home licenses.
Where is this duplex located?
The property is located at 508-510 ROYAL Road State College, PA.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 2,091‑square‑foot duplex on a 0.34‑acre parcel; Two‑story layout with basement space; Roof replaced in 2019
