Student-Permitted
New
For Sale
$695,000
840 OLD BOALSBURG ROAD, State College, PA 16801
Three-unit property featuring a four-bedroom home, a one-bedroom apartment, and an efficiency apartment.
Property Size2,485 SF
Price / SF$279.68
Days on Market7
Property Features for 840 OLD BOALSBURG ROAD
General Information
Standard status
Active
Size
2,485 SF
Property subtype
Triplex
Zoning
R-3
Units
Unit Mix
1 x 4BR/2BA, 1 x 1BR/1BA, 1 x efficiency
Multifamily Units
3
Building Details
Year Built
1930
Buildings
1
Listing Agency:
Kissinger, Bigatel & Brower
(814) 777-7918
Listed By:
Curt Kowalski · License #RS152263A
(814) 777-7918
Source:
Cummingsrealtors
Added: Aug 11
Changed: Aug 16
Last Checked: Aug 17 at 5:32AM
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 2,485-square-foot triplex combines a four-bedroom, two-bath home with a one-bedroom apartment and an efficiency apartment. The property was constructed in 1930 and is permitted for occupancy by 7 students, providing a defined three-unit configuration for residential use.
Set within the State College Borough, the property occupies over 1/3 of an acre and carries R-3 zoning. Existing rental commitments extend through August 2027. The address is 840 Old Boalsburg Road, State College, Pennsylvania 16801.
Set within the State College Borough, the property occupies over 1/3 of an acre and carries R-3 zoning. Existing rental commitments extend through August 2027. The address is 840 Old Boalsburg Road, State College, Pennsylvania 16801.
Key Highlights
- Triplex with 2,485 square feet of building area
- Unit mix includes a 4‑bedroom, 2‑bath home, 1‑bedroom apartment, and efficiency apartment
- Permitted for 7 students
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
$22,054
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
3.17%
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%
$441,080
$441.1K
Cap Rate 7%
$315,057
$315.1K
Cap Rate 9%
$245,044
$245.0K
Market Conditions
NOI Build-Up for 2,485 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
$33.7K $13.56/SF
− Vacancy
−$2.2K −$0.88/SF
EGI
$31.5K $12.68/SF
− OpEx
−$9.5K −$3.80/SF
NOI
$22.1K $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 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%
$441,080
Cap Rate 7%
$315,057
Cap Rate 9%
$245,044
Alternative Uses
Best Use
Multifamily LT 5
$315.1K
$275.7K – $367.6K
NOI $22,054 @ 7.0% cap · market cap 3.17%
Second Best
Apartment 5plus
$282.5K
$247.2K – $329.6K
NOI $19,776 @ 7.0% cap · market cap 2.85%
Theoretical Best
Office A
$548.8K
$480.2K – $640.3K
NOI $38,418 @ 7.0% cap · market cap 5.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,790
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?
Triplex - Three-unit property featuring a four-bedroom home, a one-bedroom apartment, and an efficiency apartment.
Where is this triplex located?
The property is located at 840 OLD BOALSBURG ROAD State College, PA.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Triplex with 2,485 square feet of building area; Unit mix includes a 4‑bedroom, 2‑bath home, 1‑bedroom apartment, and efficiency apartment; Permitted for 7 students
