Renovation Duplex with Covered
534-536 CLARENCE AVE, State College, PA 16803
For Sale
$389,000
Two one-bedroom units feature separate services, active rental permits, and distinct renovation needs.
Property Size2,088 SF
Lot Size0.29 Acres
Price / SF$186.30
Days on Market49
Property Features for 534-536 CLARENCE AVE
General Information
Standard status
Size
Lot size
Property subtype
Property Condition
Severity
Evidence
Units
Unit Mix
Multifamily Units
Additional Details
Utilities to Site
Amenities
fireplaces
Listing Agency:
Kissinger, Bigatel & Brower
(814) 234-4000
Listed By:
Scott G Shamrock · License PA RS300260
(814) 360-5163
Source:
Keygroupmd
Added: Sep 22
Changed: Oct 31
Last Checked: Nov 8 at 5:50AM
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 Kissinger, Bigatel & Brower
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Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$18,531
Cap Rate
4.76%
Suggested Prices Based on Cap Rates
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
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 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 4.76%
Second Best
Apartment 5plus
$237.4K
$207.7K – $276.9K
NOI $16,616 @ 7.0% cap · market cap 4.27%
Theoretical Best
Office A
$461.1K
$403.5K – $538.0K
NOI $32,280 @ 7.0% cap · market cap 8.30%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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
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 $389,000.
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
