228 East College Avenue, State College, PA 16801 For Sale

PRIME DOWNTOWN MIXED-USE INVESTMENT at 228–232 East College Avenue, State College, PA offers a rare opportunity to acquire a high-visibility asset in the heart of downtown State College, just steps from Penn State University. This mixed-use property features 5 apartments and 2 commercial spaces on a 50' x 150' commercially zoned lot, combining strong in-place income with exceptional long-term positioning. The ground floor has been renovated for Raising Cane’s, adding appeal and stability to the retail component, while the upper-level apartments benefit from consistent demand driven by the area’s vibrant downtown environment and university-adjacent location. Positioned along prime East College Avenue frontage, the property enjoys outstanding accessibility, strong consumer traffic, and proximity to major downtown anchors shown on page 2, including Target, GIANT, and DICK’S Sporting Goods. The offering generates $328,010 in revenue with NOI of $236,676 and is offered at $6,000,000, reflecting an approximate 3.94% cap rate. A premier downtown location, established income stream, and excellent mixed-use profile make this an exceptional investment opportunity in one of Pennsylvania’s most dynamic college markets.