Waterfront Quadplex with Duplex
New
For Sale
$875,000
824 ELMWOOD Street, State College, PA 16801
Multi-Family, STATE COLLEGE, PA
Property Size7,680 SF
Lot Size1.17 Acres
Price / SF$113.93
Days on Market2
Property Features for 824 ELMWOOD Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Rooms
Basement
Parking
9
Parking features
Off Street, Driveway, Parking Lot
Interior features
Attic, Built-Ins, Wood Floors
Subdivision
LEMONT
Elementary school
SPRING CREEK
Middle school
MOUNT NITTANY
High school
STATE COLLEGE AREA
Elementary school district
STATE COLLEGE AREA
Middle school district
STATE COLLEGE AREA
High school district
STATE COLLEGE AREA
Standard status
Active
Size
7,680 SF
Lot size
1.17 Acres
Taxes and HOA fees
Tax Annual Amount
7399
Utilities
Heating system
Hot Water(Heating)
Water front features
Waterfront
Water front
1
Amenities
laundry room
porches
deck
Building Details
Year built
1937
Number of units
4
Building materials
Brick, Wood Siding
Architectural style
Other
Listing Agency:
RE/MAX Centre Realty · RE/MAX International
(814) 231-8200
Listed By:
Steven Bodner · License #RS218863L
(814) 360-2924
Added: Sep 22
Last Checked: Sep 23 at 2:06AM
MLS# PACE2520596
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 four-unit property consists of two duplex buildings on a 1.17-acre parcel with 7,680 square feet of building area. The front structure has two units with 4–5 bedrooms and 2 bathrooms per side, while the rear structure includes one 2-bedroom unit and one 1-bedroom unit. Interior features include wood flooring, built-ins, attic space, plentiful windows, and detailed trim. Tenant amenities include a laundry room, porches, a deck, and parking for eight vehicles.
The property is located in the Lemont area of State College, close to Penn State’s campus and within walking distance of the Village of Lemont and several restaurants and breweries. Bike paths, Slab Cabin Park, Mt. Nittany hiking trails, shopping, highway access, and a bus line are also nearby. The property fronts Spring Creek, and leases extend through July 31, 2027.
The property is located in the Lemont area of State College, close to Penn State’s campus and within walking distance of the Village of Lemont and several restaurants and breweries. Bike paths, Slab Cabin Park, Mt. Nittany hiking trails, shopping, highway access, and a bus line are also nearby. The property fronts Spring Creek, and leases extend through July 31, 2027.
Key Highlights
- Four‑unit property with two duplex buildings on 1.17 acres
- 7,680 square feet of building area
- Front duplex includes two 4–5 bedroom, 2‑bathroom units
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
$68,160
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
7.79%
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%
$1,363,200
$1.4M
Cap Rate 7%
$973,714
$973.7K
Cap Rate 9%
$757,333
$757.3K
Market Conditions
NOI Build-Up for 7,680 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
$104.1K $13.56/SF
− Vacancy
−$6.8K −$0.88/SF
EGI
$97.4K $12.68/SF
− OpEx
−$29.2K −$3.80/SF
NOI
$68.2K $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%
$1,363,200
Cap Rate 7%
$973,714
Cap Rate 9%
$757,333
Alternative Uses
Best Use
Multifamily LT 5
$973.7K
$852.0K – $1.14M
NOI $68,160 @ 7.0% cap · market cap 7.79%
Second Best
Apartment 5plus
$873.1K
$764.0K – $1.02M
NOI $61,118 @ 7.0% cap · market cap 6.98%
Theoretical Best
Office A
$1.70M
$1.48M – $1.98M
NOI $118,732 @ 7.0% cap · market cap 13.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
269
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Quadplex - Two duplex buildings offer varied bedroom layouts, tenant laundry, off-street parking, and outdoor areas beside Spring Creek.
Where is this quadplex located?
The property is located at 824 ELMWOOD Street State College, PA.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Four‑unit property with two duplex buildings on 1.17 acres; 7,680 square feet of building area; Front duplex includes two 4–5 bedroom, 2‑bathroom units
