Lemont area four unit investment property with great rental history close to Penn State's Campus. Walking distance to the Village of Lemont, Cafe Lemont, Kamrai, Voodoo Brewery, Maine Bay and Berry, Happy Valley Brewery and more. A short distance to bike paths, Slab Cabin Park, and Mt. Nittany's hiking trails. Two duplexes on one lot with the front duplex having 4 -5 bedrooms and 2 bathrooms per side and the rear duplex having a 2 bedroom unit and 1 bedroom unit. The units have hardwood floors, nice trim, and plentiful windows. There is a laundry room for tenant use, parking for eight vehicles, a nice 1.17 acre yard backing to Spring Creek, and outdoor living areas like porches and a deck. A great location close to State College, Penn State, shopping, restaurants and highway access, plus it's on a bus line. Leases run through July 31, 2027 with gross rent of $75,600 for the 12 month period. Village zoning allows for many uses.
Bring your toolbelt and some imagination to 534–536 Clarence Avenue, a unique duplex opportunity in the desirable College Heights neighborhood of State College. just minutes from Penn State. The property consists of two spacious one-bedroom, two-bathroom units, with a living room, kitchen, fireplace, and large windows that bring in abundant natural light. Both units have current rental permits, and 534 Clarence Avenue also carries a student rental license permitting occupancy by up to three unrelated students—an especially valuable feature in State College Borough. Each unit is separately served by public water and sewer and has its own electric, natural gas, and refuse service. The property retains many of its original mid-century features, including parquet wood flooring, fireplaces, large expanses of glass, and a shared covered carport situated between the two units. The wooded 0.29-acre lot provides mature landscaping, shade, and a private setting. The property is being offered as a renovation opportunity. Unit 536 is substantially intact and functional but would benefit from updating, while Unit 534 is an unfinished renovation and will require additional work to complete the kitchen, bathrooms, and other interior finishes. This property presents an opportunity for an investor or owner looking to renovate and reposition a well-located State College duplex.
Turnkey student rental investment steps from Penn State University. R3H-zoned 3-unit home rented under a single lease, currently 5 bedrooms/3 full baths/3 kitchens, presently occupied by 8 with permits on file for up to 13 — offering built-in upside for a new owner. Zero vacancy history; same tenant group (Penn State Snowboard Club) in place 4 years running, with plans to continue occupancy and they expect annual rent increases. Recent updates include remodeled kitchens and bathrooms, new deck, and all-new water heaters. Excellent opportunity for investors seeking a stabilized, income-producing property in a high-demand rental market. Permits, rent roll, and financials available upon request. Cash flow and cap rate details provided to qualified buyers.
Don't miss this rare opportunity to own all three well-maintained condominium units located just minutes from Penn State University and conveniently situated along the CATA bus route. Whether you're looking to expand your investment portfolio or secure income-producing property in a highly desirable location, this package offers tremendous potential. Each of the three units features 2 bedrooms and 1.5 baths, along with private decks, kitchen appliances, and washer/dryers included. Unit 227 Strouse Avenue: Features a finished lower-level family room, laundry area, and bathroom. The basement bathroom remodel is scheduled for completion by the end of June 2026. Unit 229 Strouse Avenue: Offers a versatile lower-level family room that can also serve as a home office or den, along with a dedicated laundry area. Unit 231 Strouse Avenue: Includes a spacious lower-level family room, laundry area, and a full bathroom in the basement. Additional features include: Public water and sewer, Ceiling cable heating, Large private decks for each unit, Kitchen appliances included, Washer and dryer included in each unit, Strong rental potential due to proximity to Penn State University. Monthly condominium fee of $200 per unit covers: Common area maintenance, Exterior maintenance, Building insurance, Lawn care, Snow removal,Trash service. Properties offering three income-producing units in such a prime State College location are seldom available. Conveniently located near shopping, dining, public transportation, and Penn State University, this is an outstanding opportunity for investors seeking stable rental demand and long-term appreciation. Schedule your showing today and take advantage of this unique investment opportunity! *Photos are virtually stage and of only the vacant property currently*
State College is located in Pennsylvania. State College, Pennsylvania has a population of 40,352. State College is more family-centric than the surrounding county with 31.73% of the households containing married families with children. The county average for households married with children is 30.96%.
The median household income in State College, Pennsylvania is $43,015. The median household income for the surrounding county is $64,995 compared to the national median of $69,021. The median age of people living in State College is 21.5 years.
The average high temperature in July is 82.2 degrees, with an average low temperature in January of 17 degrees. The average rainfall is approximately 41.2 inches per year, with 44.5 inches of snow per year.
