Log In/Sign Up
Your email has been sent.
228-232 E College Ave 4,662 SF Retail Building State College, PA 16801 $6,000,000 ($1,287.00/SF) 3.94% Cap Rate
Matterport 3D Tours
Investment Highlights
- Highly visible, trophy mixed-use asset located in Downtown State College, directly across from Penn State, with unmatched pedestrian traffic.
- Anchored by Raising Cane’s on the renovated ground floor, providing stable retail income supported by a long-term lease with options.
- Prime frontage along East College Avenue, the premier retail corridor, offering strong accessibility and regular pedestrian flow.
- Diversified income stream balances risk through a mix of residential and retail tenancy, delivering consistent cash flow and future upside.
- Residential units fully leased through 2028, delivering predictable revenue and long-term stability within a strong university-driven market.
Executive Summary
Situated in the heart of Downtown State College, directly across from Penn State University, 228 E College Avenue offers an opportunity to acquire a highly visible, trophy mixed-use property with unmatched pedestrian traffic driven by over 40,000 students, faculty, and visitors.
Anchored by Raising Cane’s on the renovated ground floor, this mixed-use property comprises five apartments and two commercial spaces, positioned on a 50-foot by 150-foot commercially zoned lot. The apartments are fully leased through 2028, while Raising Cane’s operates under a long-term lease with options, creating a diversified income stream that balances cash flow and risk while delivering immediate income supported by long-term value appreciation.
Along East College Avenue, the premier retail corridor, 228 E College Avenue offers prime downtown frontage and strong access. Penn State University is just steps away, and steady traffic is generated by Beaver Stadium events and the surrounding dining, nightlife, and retail. Furthermore, national retailers such as Wegmans, Trader Joe’s, Target, and Kohl’s are within a five- to seven-minute drive of the property.
Generating $328,101 in revenue and $236,676 in net operating income, the property reflects a 3.94% cap rate at the $6 million asking price.
228 E College Avenue represents a rare opportunity to acquire a trophy mixed-use asset in a prime downtown location, delivering durable in-place income and long-term appreciation potential just steps from Penn State University.
Anchored by Raising Cane’s on the renovated ground floor, this mixed-use property comprises five apartments and two commercial spaces, positioned on a 50-foot by 150-foot commercially zoned lot. The apartments are fully leased through 2028, while Raising Cane’s operates under a long-term lease with options, creating a diversified income stream that balances cash flow and risk while delivering immediate income supported by long-term value appreciation.
Along East College Avenue, the premier retail corridor, 228 E College Avenue offers prime downtown frontage and strong access. Penn State University is just steps away, and steady traffic is generated by Beaver Stadium events and the surrounding dining, nightlife, and retail. Furthermore, national retailers such as Wegmans, Trader Joe’s, Target, and Kohl’s are within a five- to seven-minute drive of the property.
Generating $328,101 in revenue and $236,676 in net operating income, the property reflects a 3.94% cap rate at the $6 million asking price.
228 E College Avenue represents a rare opportunity to acquire a trophy mixed-use asset in a prime downtown location, delivering durable in-place income and long-term appreciation potential just steps from Penn State University.
Matterport 3D Tours
1 of 4
Videos
Matterport 3D Exterior
Matterport 3D Tours
Photos
Street View
Street
Map
Sale Flyer
Property Facts
Sale Type
Investment
Sale Conditions
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
4,662 SF
Building Class
C
Year Built
1930
Price
$6,000,000
Price Per SF
$1,287.00
Cap Rate
3.94%
NOI
$236,676
Tenancy
Single
Building Height
1 Story
Building FAR
0.59
Lot Size
0.18 AC
Opportunity Zone
Yes
Zoning
Commercial
Parking
6 Spaces (0.61 Spaces per 1,000 SF Leased)
Frontage
36’ on E College Ave
Amenities
- Restaurant
- Security System
- Signage
- Air Conditioning
- Smoke Detector
Very walkable
80/100
Very drivable
80/100
Good public transit
70/100
Moderately bikeable
60/100
Demographics
Demographics
1 mile
3 mile
5 mile
15 min drive
2025 Population
35,755
77,239
93,121
109,359
2030 Population
36,630
78,719
95,025
111,722
2025-2030 Projected Population Growth
2.5%
1.9%
2.0%
2.2%
Median Age
25.4
28.2
29.4
31.0
College Degree + Higher
49%
57%
56%
28%
Daytime Employees
41,552
69,962
77,756
84,812
Total Businesses
1,381
4,249
5,198
6,281
Average Household Income
$62,520
$88,144
$94,991
$94,929
Median Household Income
$36,521
$57,628
$66,590
$68,013
Total Consumer Spending
$226.1M
$781.4M
$1B
$1.2B
2025 Households
9,520
27,953
33,582
39,789
Average Home Value
$522,689
$483,724
$480,691
$453,287
Nearby Amenities
Restaurants |
|||
|---|---|---|---|
| Raising Cane's | - | - | In Building |
| Panera Bread | - | - | 1 min walk |
| Allen Street Grill | American | $$$$ | 4 min walk |
| Kondu | Asian | $$$ | 5 min walk |
| Tropical Smoothie Cafe | Juices | $ | 5 min walk |
Retail |
||
|---|---|---|
| F45 Training, Inc. | Fitness | In Building |
| GNC | Nutrition Center | 1 min walk |
| Truist | Bank | 3 min walk |
| CVS Pharmacy | Drug Store | 4 min walk |
| Target | Dept Store | 7 min walk |
Hotels |
|
|---|---|
| Graduate Hotel |
150 rooms
2 min drive
|
| Hampton by Hilton |
119 rooms
5 min drive
|
| Hilton Garden Inn |
103 rooms
5 min drive
|
Property Taxes
| Parcel Number | 36-013-028-0000 | Improvements Assessment | $362,040 |
| Land Assessment | $52,500 | Total Assessment | $414,540 |
Property Taxes
Parcel Number
36-013-028-0000
Land Assessment
$52,500
Improvements Assessment
$362,040
Total Assessment
$414,540
Sale Advisor
Sale Advisor
Charlene Friedman, Chief Financial Officer/Broker
Charlene A. Friedman is the Chief Financial Officer and Broker of Record, licensed in Pennsylvania for Industrial-Commercial Realty, LLC, the commercial, brokerage, and management division of Friedman Real Estate Group. Her primary responsibilities involve developing the firm's property management policies, procedures, and the delivery of its services. Her real estate career began with residential sales before following the path to commercial-investment practice. She has acquired several real estate designations including a Certified Property Manager (CPM) of the Institute of Real Estate Management and a Certified Commercial Investment Member (CCIM) of the Commercial Investment Real Estate Institute, an Accredited Buyers Representative (ABR) of the Real Estate Buyers Agent Council, and the Real Estate Cyberspace Specialist (RECS) of the Real Estate Cyberspace Society.
1 of 34
Videos
Matterport 3D Exterior
Matterport 3D Tours
Photos
Street View
Street
Map
Presented by
228-232 E College Ave
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.