4-Unit Multifamily
New
For Sale
$875,000
824 ELMWOOD STREET, State College, PA 16801
Two duplexes share a 1.17-acre parcel with tenant laundry, outdoor living areas, and parking for eight vehicles.
Property Size7,680 SF
Lot Size1.17 Acres
Price / SF$113.93
Days on Market4
Property Features for 824 ELMWOOD STREET
General Information
Standard status
Active
Size
7,680 SF
Total Parking Spaces
8
Lot size
1.17 Acres
Property subtype
Quadruplex
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 4-5BR/2BA, 1 x 2BR, 1 x 1BR
Multifamily Units
4
Additional Details
Gross Income
$75,600
Amenities
laundry room
porches
deck
Building Details
Year Built
1937
Buildings
2
Listing Agency:
RE/MAX Centre Realty
(814) 231-8200
Listed By:
Steven Bodner · License #RS218863L
(814) 360-2924
Source:
Cummingsrealtors
Added: Sep 22
Changed: Sep 25
Last Checked: Sep 24 at 1:52PM
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 RE/MAX Centre Realty
Investment Insights
Based on property information with market context.
Built in 1937, the property comprises two duplexes with four rental units. The front building has two units, each with 4–5 bedrooms and 2 bathrooms; the rear building contains one 2-bedroom unit and one 1-bedroom unit. Hardwood floors, detailed trim, and numerous windows are found throughout. Shared amenities include a laundry room, porches, a deck, and parking for eight vehicles. The site spans 1.17 acres and backs to Spring Creek.
The property is on a bus line and within walking distance of the Village of Lemont and several restaurants and breweries. Nearby outdoor destinations include bike paths, Slab Cabin Park, and Mt. Nittany hiking trails. Penn State, State College, shopping, and highway access are also close by. Leases extend through July 31, 2027, and village zoning allows multiple uses.
The property is on a bus line and within walking distance of the Village of Lemont and several restaurants and breweries. Nearby outdoor destinations include bike paths, Slab Cabin Park, and Mt. Nittany hiking trails. Penn State, State College, shopping, and highway access are also close by. Leases extend through July 31, 2027, and village zoning allows multiple uses.
Key Highlights
- Four rental units across two duplex buildings
- Front duplex: two units, each with 4–5 bedrooms and 2 bathrooms
- Rear duplex includes 2‑bedroom and 1‑bedroom 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
$61,118
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
6.98%
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%
$1,222,360
$1.2M
Cap Rate 7%
$873,114
$873.1K
Cap Rate 9%
$679,089
$679.1K
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
$118.0K $15.36/SF
− Vacancy
−$6.8K −$0.89/SF
EGI
$111.1K $14.47/SF
− OpEx
−$50.0K −$6.51/SF
NOI
$61.1K $7.96/SF
Area
Centre County, PA
Vacancy
5.80%
Lease Rate
$15.36 /SF/Yr
Expense Ratio
45.00%
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%
$1,222,360
Cap Rate 7%
$873,114
Cap Rate 9%
$679,089
Alternative Uses
Best Use
Apartment 5plus
$873.1K
$764.0K – $1.02M
NOI $61,118 @ 7.0% cap · market cap 6.98%
Second Best
—
—
no second resolved use
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Two duplexes share a 1.17-acre parcel with tenant laundry, outdoor living areas, and parking for eight vehicles.
Where is this multifamily property 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 rental units across two duplex buildings; Front duplex: two units, each with 4–5 bedrooms and 2 bathrooms; Rear duplex includes 2‑bedroom and 1‑bedroom units
