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    116 Penn St Bellefonte, PA 16823

    For Sale
    $359,300

    Turnkey Italian eatery plus rental income.

    Property size:
    3,002 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    361
    This exceptional mixed-use property in Bellefonte, Pennsylvania, presents a unique investment opportunity. Located at 116 S Penn St, 16823, this two-story building boasts 3,002 square feet on a 0.14-acre lot and offers a thriving Italian restaurant currently operating at 100% occupancy. The asking price is $359,300, translating to $119.69 per square foot. The restaurant is a turnkey operation, including appliances and recipes, ensuring a smooth transition for the new owner. Beyond the restaurant, the property includes a second unit generating $925 in monthly rental income. The building features nine parking spaces, a significant advantage in a busy commercial area. Constructed in 1965, the structure is zoned CR & RO, allowing for a variety of commercial uses. The versatile zoning, combined with the existing rental income and prime Bellefonte location within a growing commercial community, makes this property an attractive investment for both restaurant operators and real estate investors seeking diverse income streams. Potential alternative uses include an AirBnB or other retail businesses. This property offers a blend of established income and future development potential.

    Property Features for 116 Penn St

    General Information

    Property type
    Restaurants
    Square Feet
    3,002 SF
    Lot Size
    6,098 SF

    Building Details

    Year Built
    1965
    Stories
    2
    Units
    2

    HighLights

    • Exceptional mixed‑use investment opportunity in Bellefonte, PA.
    • 116 S Penn St, 16823: 3,002 SF building on a 0.14‑acre lot, asking $359,300 ($119.69/SF).
    • Turnkey Italian restaurant with 100% occupancy, plus a second unit generating $925/month in rental income.
    • Nine parking spaces.
    • CR & RO zoning allows for diverse commercial uses.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Gym & Fitness Building Supply

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Bellefonte
    County
    Centre
    State
    Pennsylvania
    Longitude
    -77.7760957
    Latitude
    40.9118353

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    FAQs

    What type of property is this?
    Restaurant - Turnkey Italian eatery plus rental income.
    Where is this restaurant located?
    The property is located at 116 Penn St Bellefonte, PA.
    What is the asking price?
    The asking price for this property is $359,300.
    What are key features of this property?
    This property features: Exceptional mixed-use investment opportunity in Bellefonte, PA.; 116 S Penn St, 16823: 3,002 SF building on a 0.14-acre lot, asking $359,300 ($119.69/SF).; Turnkey Italian restaurant with 100% occupancy, plus a second unit generating $925/month in rental income.
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    116 Penn St Bellefonte, PA 16823
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    Bellefonte, PA 16823
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    116 Penn St Bellefonte, PA 16823
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