123-127 west beaver avenue 3 comm / 4 apts ......2. downtown state college nightlife 3. mount...

315 S. ALLEN ST., STE. 325ASTATE COLLEGE, PA 16801814.571.3440 www.pkarealty.com

SALES AGENT:MICHAEL R. BAKER717 994 [email protected]

ADDITIONAL CONTACT:CHRISTIAN T. AUMILLER717 348 [email protected]

123-127 WEST BEAVER AVENUE3 COMM / 4 APTS - DOWNTOWN STATE COLLEGE

OFFERING MEMORANDUM

POOLE, KARCH & AUMILLER PAGE 2

CONFIDENTIALITY & DISCLAIMER

CONFIDENTIALITY AND DISCLAIMER STATEMENT

Intended solely for your own limited use to determine whether you wish to express any further interest in the Property. This confidential memorandum contains brief, selected information pertaining to the business and affairs of the Property and has been prepared by PKA Realty Advisors & Brokerage, primarily from information supplied by the Owner. Although this confidential memorandum has been reviewed by representatives of the Owner, it does not propose to be all-inclusive, nor does it contain all the information which a prospective purchaser may require or desire. Neither the Owner, nor any of its officers, directors, employees or agents, nor PKA Realty Advisors & Brokerage, makes any representation or warranty, expressed or implied, as to the accuracy or completeness of this confidential memorandum or any of its contents, and no legal liability is assumed or is to be implied by any of the aforementioned with respect thereto. Prospective offers are advised to verify the information independently. The Owner reserves the right to change the price or any information in this Memorandum, or to withdraw the Property from the market at any time, without notice. This confidential memorandum shall not be deemed an indication of the state of affairs of the Property or the Owner, nor shall it constitute an indication that there has been no change in the business or affairs of the Property or the Owner since the date of preparation of this memorandum. By your receipt of this confidential memorandum, you agree that the information contained herein is of a confidential nature and you will not disclose this memorandum or any part of the contents to any other person, firm or entity without prior authorization from PKA Realty Advisors & Brokerage.

315 S. ALLEN ST., STE. 325ASTATE COLLEGE, PA 16801814.571.3440 www.pkarealty.com

SALES AGENT:MICHAEL R. BAKER717 994 [email protected]

ADDITIONAL CONTACT:CHRISTIAN T. AUMILLER717 348 [email protected]

TABLE OF CONTENTS

> EXECUTIVE SUMMARY ............................................................4

> PROPERTY OVERVIEW

PROPERTY DETAIL .....................................................................6

LOCATION OVERVIEW ................................................................7

PROPERTY IMAGES ...................................................................8

AERIAL IMAGES ........................................................................ 18

> MARKET OVERVIEW

AREA OVERVIEW ...................................................................... 21

DEMOGRAPHIC OVERVIEW ..................................................... 22

TRANSPORTATION ACCESS .................................................... 23

> ZONING OVERVIEW

ZONING ................................................................................... 25


EXECUTIVE SUMMARY

PKA Realty Advisors & Brokerage is pleased to present for sale 123-127 West Beaver Avenue, State College, PA 16801 (“the Property”).

The Property is located within the heart of Downtown State College and within walking distance of Pennsylvania State University. The Property is within short driving distance of the University Park Airport.

This investment opportunity provides a building with three commercial units and four apartment units

CALL FOR MORE INFORMATION

INVESTMENT HIGHLIGHTS

> Three (3) commercial units and four (4) apartment units fully leased through 2020/2021 lease year.

> Strong demographics and growing market.

> Downtown State College, within blocks of Pennsylvania State University, and a short drive to the Univrsity Park Airport.

> Zoning: CID (Commercial Incentive District)

PROPERTY O V E R V I E W

123-127 WEST BEAVER AVENUESTATE COLLEGE, PA 16801


PROPERTY DETAILS

PROPERTY DETAILS

L ist Pr ice $2,850,000

Lega l Address 123-127 West Beaver AvenueState Col lege, PA 16801

Tax ID Number 36-012-,046-,0000- (0.08 acres)

Leased Uni ts 3 Commerc ia l Un i tes / 4 Apar tments

Zoning CID (Commerc ia l Incent ive D istr ic t)

Annua l Taxes(2020 est imate) $24,583.09

Direct ions Corner of West Beaver Avenue and Ke l l y A l ley

Year Bui l t 1928


LOCATION OVERVIEWThe Property is located in the State College Borough along one of the busiest streets in Centre County, at the corner of Beaver Avenue and Kelly Alley. The asset offers three (3) leased commercial units and four (4) leased apratment units, surrounded by many other growing commercial and residential areas in Downtown State College. The area is served by the Interstate 99, Unviersity Park Airport, and the Centre Area Transportation Authority (“CATA”). The site is between Pittsburgh and Philadelphis markets and their corresponding international airports.

NEARBY CITIES DISTANCE DRIVING TIME

Philadelphia 192 miles 3 h 6 min

Pittsburgh 136 miles 2 h 23 min

Harrisburg 87 miles 1 h 27 min

New York City 237 miles 3 h 50 min


STREET VIEWS


EXTERIOR IMAGES


BASEMENT/ WASHER/DRYER ROOM


UTILITIES


COMMERCIAL UNIT - PENN-PIDE-PIZZA


COMMERCIAL UNIT - ALLEY CAT MUISC


COMMERCIAL UNIT - SAINT’S CAFE


APARTMENT IMAGES


AMENITIES MAP

M A R K E T O V E R V I E W

STATE COLLEGE PA


AREA OVERVIEWABOUT STATE COLLEGE PENNSYLVANIA

State College, PA, is the largest borough in the State of Pennsylvania and centers primarily around Penn State University, one of the largest universities in the country; Penn State boasts an overall enrollment of just shy of 100,000 students, with over 45,000 students calling Main Campus in State College their home. Penn State combines the academics of a top-tier research university with the athletic programs for mens and womens sports that rival any other university, most famously their Blue & White Nittany Lion Football Team that draws over 100,000 fans to Beaver Stadium, making State College the third most populated city in the state on home-game Saturdays in the fall.

CENTRE COUNTY LARGEST EMPLOYERS

COMPANY PRODUCT/SERVICE

The Pennsylvania State University University

Mount Nittany Medical Center Medical

State Government Government

State College Area School District School District

Glenn O. Hawbaker, Inc. Industrial

Wal-Mart Associates, Inc. Retail Services

County of Centre Government

Mount Nittany Medical Center Health Services Medical

Weis Markets, Inc. Food Services

Geisinger Clinic Medical

Federal Government Government

Bellefonte Area School District School District

Wegman’s Food Markets, Inc. Food Services

AccuWeather, Inc. Commercial

Shaner Operating Corporation Hospitality

Restek Corporation Manufacturing


AREA OVERVIEWCENTRE COUNTY ECONOMY

The economy of Centre County was originally built around Penn State University. However, State College has grown to be more than simply a “college town,” but instead as developed into one of the densest cities of its population size in the entire U.S. Newly constructed high rises continue to be sandwiched between College Avenue and Beaver Avenue, adding to the population center that drives Centre County.

Over the last ten years, the area has seen a construction boom, with several mixed-use towers being developed, including the 12-story Metropolitan building in 2017 and the 12-story mixed-use building The Rise in 2018. Penn State University continues to be the largest employer in the area, providing significant academic and technological research for private firms, government agencies, and the public.

Additionally, Centre County has seen employment and population growth of 9% and 13.9%, respectively, with each barometer outpacing the rest of the State of Pennsylvania by roughly 4%. Such robust growth continues to increae the economic outlook for State College and Centre County for years to come.

Other industries include government and government related enterprises, health care and social assistance, retail trade, hospitality and food services, professional, scientific and technical services, manufacturing, and construction.

Population

162,805Housing Units

67,144Median Income

$58,055

DEMOGRAPHIC SNAPSHOT (2018 Estimates) LOCAL AMENITIES

1. Penn State University Campus2. Downtown State College Nightlife3. Mount Nittany4. Whipple Dam State Park5. State College Spikes Minor League Team6. Multiple 18-Hole Golf Courses7. Beaver Stadium & Penn State Football8. Millbrook Marsh Nature Center

9. Tussey Mountain Ski Resort10. Penn State Berkey Creamery11. Pennsylvania Military Museum12. Local Breweries and Wineries13. The Arboretum at Penn State14. Fisherman’s Paradise Fishing Area15. Greenwood Furnace State Park16. Palmer Art Museum


DEMOGRAPHIC OVERVIEW | KEY FACTS

BUSINESS

EDUCATION

HOUSING

162,805Population

5.7%Pop. Growth (2010-2018)

2.47Persons PerHousehold

$58,055Median

Household Income

High School Graduate or Higher

94.3%Bachelor’s Degree or Higher

44.7%

3,361Employer Establishments

46,119Total Employment

57,908Household

$966Median Gross Rent

$271,2842018 Average Home

Sale Price

$


TRANSPORTATION ACCESS

CENTRE AREA TRANSPORTATION AUTHORITY (CATA)The Centre Area Transportation Authority (“CATA”) is a joint municipal authority serving the six (6) municipalities that form the Centre Region (College, Ferguson, Halfmoon, Harris, and Patton Townships, and State College Borough), Bellefonte Borough, Spring Township, and Benner Township. CATA provides a wide area of safe, reliable, and affordable means of transportation, including bus and shuttle services, as well as ridershare services, to the Centre Region, as well as extended services to Bellefonte, Pleasant Gap, and Stormstown. Whether you’re a fifth-year senior, local business executive, or a visitor for the day, the user-friendly maps and schedules allow for easy transportation all across State College and its surrounding areas.

UNIVERSITY PARK AIRPORTBuilt in the 1950’s and located only several miles from downtown State College, University Park Airpot has grown to be the sixth (6th) busiest airport in Pennsylvania in 2018. With an easyt-to-navigate terminal and ample parking, University Park Airport services Delta, American Airlines, United, and Allegiant, enabling the airport to provide daily flights to Philadelphia, Chicago, and Washington D.C. (Dulles), as well as non-stop flights to Orlando, FL and Tampa, FL. Taxi services, limousine services, and car rental services are also avaiable for arrival or departure from University Park Airport.

UBER / LYFT RIDE-SHARING SERVICESUber and Lyft are at the forefront of ride-sharing services that have quickly taken over the transportation market in State College, offering easy-to-use apps for students, locals, and visitors alike to make their way around the bustling social scene throughout the Centre Region. As an off-shoot, Uber Eats has also made a home in State College, offering food deliverty service to local restaurants for late nights at the office or group study sessions at the HUB-Robeson Center. With many students looking for part-time, on-the-go work, the number of drivers offering Uber and Lyft rides will only continue to grow.

S. Allen St.

War

ing

Ave.

University D

r.

E. Branch Rd.

Bigler Rd.

S. Gill St.

Corl St.

Hillc

rest

Ave.

Garner St.

Pollo

ck R

d.

Westerly Pkwy.

Stratford Dr.

Waupelani Dr.

Glenn Rd.

Curtin

Rd.

N. Atherton St.

Shortlidge Rd.

William St.

E. P

ark A

ve.

Bellair

e Ave

.

E. Ir

vin A

ve.

Homan Ave.

Whitehall Rd

Lytle Ave

.

Ellen Ave.

Orla

ndo

Ave.

Grace St.

Elk Alley

Saxton Dr.

Smithfield St.

Webster Dr.

McC

orm

ick A

ve.

E. College Ave.

B Alley

Elm R

d.Bigler Rd

Worth Rd.

Hill Alle

y

Augu

st Al

ley

Penfield Rd.

Nimitz

Ave.

High St.

Oneida St.

McKea

n Rd.

E. Dori

s Ave

.

Franklin St.

E. M

itche

ll Ave

.

Hastings Rd.

Burrowes Rd.

Fry Dr.

Easte

rly P

kwy.

Osmon

d St.

Lehm

an W

ay

S. Fraser St.

W. Hamilto

n Ave.

Sout

hgat

e D

r.

Fische

r Rd.

Holmes St.

Allen Rd.

Harts

wick

Ave

.

Fairway Rd.

Mifflin Rd.

Dorum Ave

.

W. Pros

pect A

ve.

Arbor W

ay

Sunrise Te

rr.

Smithfield Cir.

S. Barnard St.

Legion Ln.

S. Buckhout St.

Crabapple Dr.

Sunset Rd.

Blue Course Dr.

Robin Rd.

W. Cherry Ln.

Bayb

erry

Dr.

Corl Alley

Everg

reen R

d.

Thomas St.

I Alley

Norm

a St.

O'Bryan Ln.

Taylor St.

Whitehall Rd .

Locust Ln.

S. Sparks St.

easementBradley Ave.

E. Fos

ter Ave

.

Ridg

e Ave

.

W. Cald

er Way

Martin Terrace

E. H

amilto

n Av

e.

Logan Ave.

Keller St.

Stony Ln.

Wal

nut S

prin

gs L

n.

A Alley

F Alley

Crestmont A

ve.

S. S

park

s St

Holly

Alle

y

W. Mitchell Ave.

Grass A

lley

K Alley

D Alley

Adam

s Ave

.

S. Pugh St.

Peach

Alley

S. Burrowes St.G Alley

W. Bea

ver A

ve.

S. Atherton St.

Old Boalsburg Rd.

Osage Alley

Iris Alley

Country Club R

d.

Wolf Alley

W. P

ark A

ve.

Royal

Cir.

Fraser Rd.

Kemmerer Rd.

Amelia Ave.

Woodland Dr.

Sandpiper Dr.

Clar

ence

Ave

.

Bird

Alle

y

Wes

tview

Ave

.

Storch Rd.

Jackson St.

N Alley

Lytle Alley

Linde

n Rd.

Whit

ehall

Rd.

N. Gill St.

South Hills Ave

Sowers St.

Highlan

d Ave

.

W. Fos

ter Ave

.

Royal Rd.

H Alley

Clover Alley

Plaza Dr.

Center Lane

Tulip

Rd.

Barley Way

N. Burrowes St.

Metz Ave

.

Clay La

ne

E. Marylyn Ave.

Shade

Way

Hawk Alle

y

E. P

rosp

ect A

ve.

Stra

tford

Ct.

Whitec

ourse

Dr.

Waypoint Cir.

Lillian Cir.

Wilson

Alley

W. F

airm

ount

Ave

.

McKee St.

Redgate Rd.

Fox Alley

W. Irvin

Ave.

Wheatfield Dr.

Science St.

Daisy Alle

y

McAllister St.

W. Doris

Ave.

N. Allen St.

L Alley

Elm

Alle

y

Grove Alley

Fraternity Row

Walnut St.

Harley

Alley

Hart Cir.

Sparro

w Alley

E. Cald

er Way

N. Sparks St.

Marigold Alley

Counrty Club Rd.

W. Maryl

yn Ave.

Berry Alley

Hiester St.

Oak A

lley

Markle St.

Lark Alley

Apple Alley

Orchar

d Alle

y

W. Nitta

ny Ave

.

Hedgerow Dr.

Kelly Alley

E. Bea

ver A

ve.

Edgewood Cir.

Ash A

lley

Octobe

r Alle

y

Inverary Pl.(N)

Colonial Ct.

Gre

enbr

iar D

r.

Windsor Ct.

Wren Alle

y

Piersol Ln.Campbell Rd.

Birc

h Alle

y

Rosa Ln.

Thorn AlleyE Alley

W. Branch Rd.

McCormick Alley

Aikens Pl.

Coal Alley

Nove

mbe

r Alle

y

Thrush Alley

Pearson Alley

Humes Alley

E. N

ittany

Ave

.

Robin Alle

y

Ringneck Rd.

Pine Alley

Ches

tnut

Alle

y

Orange Alley H Alley (E.)

Goldenrod Alley

Lewis Alley

Hutchiso

n Way

H Alley (W.)

McCallister Alley

Spring St.

Bayf

ield

Ct. W

indsor Ln.

Hadden Ct.

Miller Alley

F Alley

W. Ham

ilton Ave

.

S. Allen St.

Logan Ave.D Alley

W. I

rvin

Ave

.

H AlleyI Alley

Sparro

w Alley

W. Fairm

ount

Ave.

Whitehall Rd .

C Alley

W. Coll

ege A

ve.

N Alley

Elm

Alle

y

Peach

Alley

W. Fairm

ount

Ave.

Hill Alle

y

Oak St.

Old Boalsburg Rd.

Bigler Rd.

C Alley

E. Bea

ver A

ve.

Private Rd.

Hastin

gs R

d.

E. B

ranc

h R

d.

K Alley

S. Sparks St

E. Marylyn Ave.

D Alley

COLLEGE

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ZONING DISTRICTS COMMERCIAL

COMMERCIAL INCENTIVE DISTRICT

PLANNED COMMERCIAL 1



LIGHT INDUSTRIAL

PUBLIC

PUBLIC ACTIVITIES

PARK

PLANNED OFFICE

RESIDENCE 1

RESIDENCE 2

RESIDENCE 3

RESIDENCE 3B

RESIDENCE 3H

RESIDENCE 4

RESIDENCE OFFICE

RESIDENCE OFFICE A

UNIVERSITY PLANNED DISTRICT

URBAN VILLAGE

Borough Of State College Zoning AUGUST 2019

Z O N I N G O V E R V I E W

STATE COLLEGE PA


ZONING


SALES AGENT:

MICHAEL R. BAKER717 994 [email protected]

ADDITIONAL CONTACT:

CHRISTIAN T. AUMILLER717 348 [email protected]

315 S. ALLEN ST., STE. 325ASTATE COLLEGE, PA 16801www.pkarealty.com

123-127 west beaver avenue 3 comm / 4 apts ......2. downtown state college nightlife 3. mount...

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