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228-232 E College Ave 9,800 SF Retail Building State College, PA 16801 $6,000,000 ($612.24/SF) 3.94% Cap Rate
Executive Summary
Trophy Mixed-Use property
Anchor Tenant-Gound Floor-Raising Cane's-Log Term Lease with options
Prime Downtown frontage-across street from Penn State
Fully Leased residential apartments upstairs for 2026-2028
Anchor Tenant-Gound Floor-Raising Cane's-Log Term Lease with options
Prime Downtown frontage-across street from Penn State
Fully Leased residential apartments upstairs for 2026-2028
Sale Flyer
Property Facts
Sale Type
Investment
Sale Conditions
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
9,800 SF
Building Class
B
Year Built
1949
Price
$6,000,000
Price Per SF
$612.24
Cap Rate
3.94%
NOI
$236,676
Tenancy
Single
Building Height
2 Stories
Building FAR
1.25
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
- Signage
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 Major Retailers
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.
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228-232 E College Ave
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