Waterfront Four-Unit
824 ELMWOOD Street, State College, PA 16801
For Sale
$875,000
Multi-Family, STATE COLLEGE, PA
Property Size7,680 SF
Lot Size1.17 Acres
Price / SF$113.93
Days on Market48
Property Features for 824 ELMWOOD Street
General Information
Property type
Property subtype
Rooms
Parking
Parking features
Interior features
Subdivision
Elementary school
Middle school
High school
Elementary school district
Middle school district
High school district
Standard status
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Annual Amount
Utilities
Heating system
Water front features
Water front
Amenities
laundry room
porches
deck
Building Details
Year built
Number of units
Building materials
Architectural style
Buildings
Listing Agency:
RE/MAX Centre Realty · RE/MAX International
(814) 231-8200
Listed By:
Steven Bodner · License #RS218863L
(814) 360-2924
Added: Sep 22
Changed: Oct 29
Last Checked: Nov 8 at 10:06AM
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.
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Investment Insights
Based on property information with market context.
This four-unit property consists of two duplex buildings on a 1.17-acre parcel. The front building contains two units with four to five bedrooms and two bathrooms per side, while the rear building includes one two-bedroom unit and one one-bedroom unit. Interior features include hardwood floors, wood trim, built-ins, plentiful windows, and attic space. A shared laundry room, porches, deck, and parking for eight vehicles serve the property. Built in 1937, the improvements use brick and wood siding with hot-water heating.
The property backs to Spring Creek and includes waterfront frontage, a yard, and outdoor areas. It is within walking distance of the Village of Lemont and nearby cafes, breweries, restaurants, and other businesses. Bike paths, Slab Cabin Park, and Mt. Nittany hiking trails are a short distance away. The property is also on a bus line and offers access to State College, Penn State, shopping, restaurants, and highways. Leases extend through July 31, 2027, and Village zoning allows many uses.
The property backs to Spring Creek and includes waterfront frontage, a yard, and outdoor areas. It is within walking distance of the Village of Lemont and nearby cafes, breweries, restaurants, and other businesses. Bike paths, Slab Cabin Park, and Mt. Nittany hiking trails are a short distance away. The property is also on a bus line and offers access to State College, Penn State, shopping, restaurants, and highways. Leases extend through July 31, 2027, and Village zoning allows many uses.
Key Highlights
- Two duplex buildings provide four residential units with varied bedroom configurations
- 1.17‑acre parcel backing to Spring Creek with waterfront features
- Front duplex has 4‑5 bedrooms and 2 bathrooms per side; rear duplex has 2‑bedroom and 1‑bedroom units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$68,160
Cap Rate
7.79%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
269
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Quadplex - Two duplex buildings offer varied unit layouts, tenant laundry, outdoor living areas, and off-street parking.
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: Two duplex buildings provide four residential units with varied bedroom configurations; 1.17‑acre parcel backing to Spring Creek with waterfront features; Front duplex has 4‑5 bedrooms and 2 bathrooms per side; rear duplex has 2‑bedroom and 1‑bedroom units
