Four-Unit Quadplex with Creek
For Sale
$875,000
824 ELMWOOD Street, State College, PA 16801
MULTI_FAMILY - Other - STATE COLLEGE, PA
Property Size7,680 SF
Lot Size1.17 Acres
Price / SF$113.93
Days on Market149
Property Features for 824 ELMWOOD Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Rooms
Basement
Parking features
Off Street, Parking Lot, Driveway
Interior features
Attic, Built-Ins, Wood Floors
Subdivision
LEMONT
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
7200
Utilities
Heating system
Hot Water(Heating)
Building Details
Year built
1937
Number of units
4
Building materials
Brick
Architectural style
Other
Listing Agency:
SERHANT PENNSYLVANIA LLC
(610) 635-9977
Listed By:
Satishchandra Brahmbhatt · License #RS369677
(561) 631-2389
Added: Mar 6
Changed: Aug 1
Last Checked: Aug 2 at 7:06AM
MLS# PACE2517818
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.
Four-unit quadplex offering two income-producing duplex buildings for a total of four units. The 824 & 828 Elmwood duplex is an all-brick structure with two 5BR/2BA units, covered porches, private basements, and a separate laundry room located in the rear of the building. The 830 & 832 Elmwood duplex features one 1BR unit and one 4BR unit, and includes a separate laundry room in the rear of the building. The property sits on a 1.17-acre lot and includes attic, built-ins, and wood floors, with hot water heating. Parking is available off street, with a parking lot and driveway.
The rear duplex received a brand-new shingle roof in 2025. The property backs directly to Spring Creek. Leases are secured through July 31, 2026, and the building was constructed in 1937. The address is 824 Elmwood Street in State College, PA, in Centre County, with proximity described as minutes to Penn State University, Lemont, and Rt. 322.
Total building area is listed at 7,680 square feet.
The rear duplex received a brand-new shingle roof in 2025. The property backs directly to Spring Creek. Leases are secured through July 31, 2026, and the building was constructed in 1937. The address is 824 Elmwood Street in State College, PA, in Centre County, with proximity described as minutes to Penn State University, Lemont, and Rt. 322.
Total building area is listed at 7,680 square feet.
Key Highlights
- 1.17‑acre creek‑front lot backing directly to Spring Creek
- Four income‑producing units across two duplexes (824 & 828, 830 & 832 Elmwood)
- Leases secured through July 31, 2026
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
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
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 - 1.17-acre creek-front quadplex with four income-producing units, off-street parking, and a rear duplex roof replacement in 2025.
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: 1.17‑acre creek‑front lot backing directly to Spring Creek; Four income‑producing units across two duplexes (824 & 828, 830 & 832 Elmwood); Leases secured through July 31, 2026
