Renovation Duplex with Covered
New
For Sale
$399,000
534-536 CLARENCE AVE, State College, PA 16803
Two one-bedroom units feature separate services, active rental permits, and distinct renovation needs.
Property Size2,088 SF
Lot Size0.29 Acres
Price / SF$191.09
Days on Market4
Property Features for 534-536 CLARENCE AVE
General Information
Standard status
Active
Size
2,088 SF
Lot size
0.29 Acres
Property subtype
Multi-family
Property Condition
Severity
Repairs Needed
Evidence
renovation opportunity
Units
Unit Mix
2 x 1BR/2BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
fireplaces
Listing Agency:
Kissinger, Bigatel & Brower
(814) 234-4000
Listed By:
Scott G Shamrock · License #RS300260
(814) 360-5163
Source:
Keygroupmd
Added: Sep 22
Changed: Sep 23
Last Checked: Sep 24 at 9:13AM
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 Kissinger, Bigatel & Brower
Investment Insights
Based on property information with market context.
This 2,088-square-foot duplex at 534–536 Clarence Avenue contains two one-bedroom, two-bathroom units, each with a living room, kitchen, fireplace, and expansive windows. Original details include parquet flooring and mid-century glass, while a covered carport sits between the residences. Unit 536 remains substantially intact and functional, whereas Unit 534 is an unfinished renovation requiring completion of its kitchen, bathrooms, and other interior finishes.
Both residences have current rental permits. The 534 unit also has a student rental license allowing up to three unrelated students. Each unit is independently connected to public water and sewer and has separate electric, natural gas, and refuse service. The property occupies a wooded 0.29-acre lot in the College Heights neighborhood of State College, near Penn State.
Both residences have current rental permits. The 534 unit also has a student rental license allowing up to three unrelated students. Each unit is independently connected to public water and sewer and has separate electric, natural gas, and refuse service. The property occupies a wooded 0.29-acre lot in the College Heights neighborhood of State College, near Penn State.
Key Highlights
- Two 1‑bedroom, 2‑bathroom units totaling 2,088 SF
- 534 Clarence Avenue has a student rental license for up to 3 unrelated students
- Both units hold current rental permits
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
$18,531
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
4.64%
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%
$370,620
$370.6K
Cap Rate 7%
$264,729
$264.7K
Cap Rate 9%
$205,900
$205.9K
Market Conditions
NOI Build-Up for 2,088 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
$28.3K $13.56/SF
− Vacancy
−$1.8K −$0.88/SF
EGI
$26.5K $12.68/SF
− OpEx
−$7.9K −$3.80/SF
NOI
$18.5K $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%
$370,620
Cap Rate 7%
$264,729
Cap Rate 9%
$205,900
Alternative Uses
Best Use
Multifamily LT 5
$264.7K
$231.6K – $308.9K
NOI $18,531 @ 7.0% cap · market cap 4.64%
Second Best
Apartment 5plus
$237.4K
$207.7K – $276.9K
NOI $16,616 @ 7.0% cap · market cap 4.16%
Theoretical Best
Office A
$461.1K
$403.5K – $538.0K
NOI $32,280 @ 7.0% cap · market cap 8.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
464
Businesses Nearby
Explore this area
Business Placement
Demographics for 16803, PA
24,751
Population
12,155
Households
2
Avg Household Size
29
Median Age
74%
College-Educated
98%
High-School Grad
23.0 sq mi
ZIP Area
1,076
Density / Sq Mi
$71,993
Median Household Income
$35,405
Median Earnings
$1,363
Median Rent
$395,800
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 - Two one-bedroom units feature separate services, active rental permits, and distinct renovation needs.
Where is this duplex located?
The property is located at 534-536 CLARENCE AVE State College, PA.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Two 1‑bedroom, 2‑bathroom units totaling 2,088 SF; 534 Clarence Avenue has a student rental license for up to 3 unrelated students; Both units hold current rental permits
