Duplex with Covered
New
For Sale
$399,000
534 CLARENCE AVENUE, State College, PA 16803
Two one-bedroom units offer separate utilities and defined renovation scope.
Property Size2,088 SF
Price / SF$191.09
Days on Market6
Property Features for 534 CLARENCE AVENUE
General Information
Standard status
Active
Size
2,088 SF
Property subtype
Duplex
Building Details
Year Built
1958
Listing Agency:
Kissinger, Bigatel & Brower
(814) 360-5163
Listed By:
Scott G Shamrock · License #RS300260
(814) 360-5163
Source:
Cummingsrealtors
Added: Aug 27
Changed: Aug 31
Last Checked: Aug 31 at 2:33PM
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.
Built in 1958, this duplex contains two one-bedroom, two-bathroom residences, each arranged with a living room, kitchen, fireplace, and large windows. A covered carport occupies the space between the units, while parquet flooring and other mid-century details remain in place. The 0.29-acre parcel includes mature landscaping and a wooded, private setting.
Both residences have current rental permits. The unit at 534 Clarence Avenue also holds a student rental license allowing up to three unrelated students, subject to the stated license terms. Each side has independent public water and sewer service, along with separate electric, natural gas, and refuse accounts. Unit 536 is substantially intact but requires updating; Unit 534 is an unfinished renovation needing completion of its kitchen, bathrooms, and additional interior finishes. The property is in College Heights in State College, near Penn State.
Both residences have current rental permits. The unit at 534 Clarence Avenue also holds a student rental license allowing up to three unrelated students, subject to the stated license terms. Each side has independent public water and sewer service, along with separate electric, natural gas, and refuse accounts. Unit 536 is substantially intact but requires updating; Unit 534 is an unfinished renovation needing completion of its kitchen, bathrooms, and additional interior finishes. The property is in College Heights in State College, near Penn State.
Key Highlights
- Two one‑bedroom, two‑bathroom units
- 534 Clarence Avenue has a student rental license for up to three unrelated students
- Both units carry 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
Property Profile
Current Use
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 offer separate utilities and defined renovation scope.
Where is this duplex located?
The property is located at 534 CLARENCE AVENUE 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 one‑bedroom, two‑bathroom units; 534 Clarence Avenue has a student rental license for up to three unrelated students; Both units carry current rental permits
