Creek-Front
For Sale
$875,000
824 ELMWOOD STREET, State College, PA 16801
Four rental units include varied bedroom layouts, covered porches, private basements, and separate laundry facilities.
Property Size7,680 SF
Lot Size1.17 Acres
Days on Market151
Property Features for 824 ELMWOOD STREET
General Information
Standard status
Active
Size
7,680 SF
Lot size
1.17 Acres
Property subtype
Quadruplex
Occupancy
100%
Additional Details
Gross Income
$68,700
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$7,200
Building Details
Building Size
7,680 SF
Year Built
1937
Buildings
2
Listing Agency:
SERHANT PENNSYLVANIA LLC
(561) 631-2389
Listed By:
Satishchandra Brahmbhatt · License #RS369677
(561) 631-2389
Source:
Nelsonrealtypa
Added: Mar 6
Changed: Aug 4
Last Checked: Aug 4 at 3:09AM
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 SERHANT PENNSYLVANIA LLC
Investment Insights
Based on property information with market context.
Built in 1937, this creek-front multifamily property comprises two duplex buildings totaling four rental units on 1.17 acres. The all-brick duplex contains two 5BR/2BA residences, each with a covered porch and private basement; a separate laundry room serves the rear of the building. The second duplex has wood siding and combines one 1BR unit with one 4BR unit.
The property is directly adjacent to Spring Creek and is near Penn State University, Lemont, and Rt. 322. Occupancy is reported at 100%, with leases extending through July 31, 2026. The rear duplex received a new shingle roof in 2025.
The property is directly adjacent to Spring Creek and is near Penn State University, Lemont, and Rt. 322. Occupancy is reported at 100%, with leases extending through July 31, 2026. The rear duplex received a new shingle roof in 2025.
Key Highlights
- Four total rental units across two duplex buildings
- 1.17‑acre creek‑front property adjacent to Spring Creek
- Unit mix includes two 5BR/2BA units, one 1BR unit, and one 4BR unit
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $104.1k | $13.56 |
| − Vacancy | −$6.8k | −$0.88 |
| EGI | $97.4k | $12.68 |
| − OpEx | −$29.2k | −$3.80 |
| NOI | $68.2k | $8.88 |
7,680 SF · lease $13.56/SF/yr · vacancy 6.50% · expense 30.00%
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
Current Use
Lease Details
4
Residential units
100%
Occupancy
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four rental units include varied bedroom layouts, covered porches, private basements, and separate laundry facilities.
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 total rental units across two duplex buildings; 1.17‑acre creek‑front property adjacent to Spring Creek; Unit mix includes two 5BR/2BA units, one 1BR unit, and one 4BR unit
