2583 Gateway DrState College, PA 16801

Property Details for 2583 Gateway Dr

Lot size

2.01 AC

Property type

Office properties

Property subtype

Office buildings

APN

24-465-,002-,0000-

APU

244650020000

Description

This exceptional two-story office building, situated on a 2.01-acre lot in State College, Pennsylvania, presents a compelling investment opportunity. The 21,500 square foot building, constructed in 2001, boasts a desirable location at 2583 Gateway Dr, 16801, with ample on-site parking. Currently housing one tenant with 14% occupancy, this multi-tenant property offers significant upside potential. The building is divided into four divisible spaces, allowing for flexible configurations to suit various business needs and potentially increase rental income. The IRD (Corridor Overlay) zoning permits a range of uses. With its well-maintained structure and efficient design, this property offers immediate occupancy, eliminating the lengthy and costly process of new construction. The asking price is $4,000,000, translating to $186.05 per square foot. This represents a strong value proposition in the current market, considering the building's size, location, and potential for increased occupancy and rental revenue. The property's APN is 24-465-,002-,0000-. This is a turnkey solution for an owner-occupier seeking to establish a presence in a thriving market, while simultaneously generating income from additional rental units. The building's solid construction and prime location make it an attractive investment for both short-term and long-term growth.

• CAP approach

  CAP return

  Valuation

  6%

  $17,730,760

  6.5%

  $16,366,856

  7%

  $15,197,795

• Comparable approach

  Method

  Valuation

  Relative Method

  $8,755,367

  Geo Method

  $7,897,986

• Alternative Use

  Use

  Valuation

  Residential

  $20,294,900

  Hospitality

  $18,590,020

  Educational

  $15,466,679

  Medical

  $15,998,601

  Retail

  $24,059,278

Location Insight

City

State College

County

Centre

State

Pennsylvania

Latitude

40.7669

Longitude

-77.8839

CBSA code

44300

CBSA name

STATE COLLEGE, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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