Four-Unit Apartment
New
For Sale
$469,000
829-833 ELMWOOD STREET, State College, PA 16801
Two duplex-style buildings offer four apartments, including one two-bedroom unit and three one-bedroom units.
Property Size2,981 SF
Lot Size0.34 Acres
Days on Market5
Property Features for 829-833 ELMWOOD STREET
General Information
Standard status
Active
Size
2,981 SF
Lot size
0.34 Acres
Property subtype
Quadruplex
Taxes and HOA fees
Annual Taxes
$4,688
Building Details
Building Size
2,981 SF
Year Built
1880
Buildings
2
Tenancy
Multi
Listing Agency:
Kissinger, Bigatel & Brower
(814) 360-5163
Listed By:
Scott G Shamrock · License #RS300260
(814) 360-5163
Source:
Nelsonrealtypa
Added: Aug 1
Changed: Aug 2
Last Checked: Aug 4 at 9:16AM
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 Kissinger, Bigatel & Brower
Investment Insights
Based on property information with market context.
This quadplex comprises two duplex-style buildings with four apartments on a 0.34-acre lot. Units 829 Suite A and Suite B are one-bedroom apartments, while 831 provides a two-bedroom, two-story layout. Unit 833 is a larger one-bedroom apartment featuring a formal living room, fireplace, sunroom, and porch. An attached garage is also included. All four units are leased through 2026, providing established occupancy for the property. The asset is positioned near Penn State University, the Village of Lemont, and downtown State College. Built in 1880, the property offers a mix of apartment layouts within a compact residential income configuration.
Key Highlights
- Four‑unit property arranged in two duplex‑style buildings
- 0.34‑acre lot with an attached garage
- Units 829 Suite A and Suite B are one‑bedroom apartments
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 | $40.4k | $13.56 |
| − Vacancy | −$2.6k | −$0.88 |
| EGI | $37.8k | $12.68 |
| − OpEx | −$11.3k | −$3.80 |
| NOI | $26.5k | $8.88 |
2,981 SF · lease $13.56/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$377.9K
$330.7K – $440.9K
NOI $26,456 @ 7.0% cap · market cap 5.64%
Second Best
Apartment 5plus
$338.9K
$296.5K – $395.4K
NOI $23,723 @ 7.0% cap · market cap 5.06%
Theoretical Best
Office A
$658.4K
$576.1K – $768.1K
NOI $46,086 @ 7.0% cap · market cap 9.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
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 - Two duplex-style buildings offer four apartments, including one two-bedroom unit and three one-bedroom units.
Where is this quadplex located?
The property is located at 829-833 ELMWOOD STREET State College, PA.
What is the asking price?
The asking price for this property is $469,000.
What are key features of this property?
This property features: Four‑unit property arranged in two duplex‑style buildings; 0.34‑acre lot with an attached garage; Units 829 Suite A and Suite B are one‑bedroom apartments
