View
1
Download
0
Category
Preview:
Citation preview
315 S. ALLEN ST., STE. 325ASTATE COLLEGE, PA 16801814.571.3440 www.pkarealty.com
SALES AGENT:MICHAEL R. BAKER717 994 7232michael@pkarealty.com
ADDITIONAL CONTACT:CHRISTIAN T. AUMILLER717 348 8016chris@pkarealty.com
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 7232michael@pkarealty.com
ADDITIONAL CONTACT:CHRISTIAN T. AUMILLER717 348 8016chris@pkarealty.com
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
POOLE, KARCH & AUMILLER PAGE 4
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
POOLE, KARCH & AUMILLER PAGE 6
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
POOLE, KARCH & AUMILLER PAGE 7
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
POOLE, KARCH & AUMILLER PAGE 8
STREET VIEWS
POOLE, KARCH & AUMILLER PAGE 9
EXTERIOR IMAGES
POOLE, KARCH & AUMILLER PAGE 10
BASEMENT/ WASHER/DRYER ROOM
POOLE, KARCH & AUMILLER PAGE 11
UTILITIES
POOLE, KARCH & AUMILLER PAGE 12
COMMERCIAL UNIT - PENN-PIDE-PIZZA
POOLE, KARCH & AUMILLER PAGE 13
COMMERCIAL UNIT - ALLEY CAT MUISC
POOLE, KARCH & AUMILLER PAGE 14
COMMERCIAL UNIT - SAINT’S CAFE
POOLE, KARCH & AUMILLER PAGE 15
APARTMENT IMAGES
POOLE, KARCH & AUMILLER PAGE 16
APARTMENT IMAGES
POOLE, KARCH & AUMILLER PAGE 17
APARTMENT IMAGES
POOLE, KARCH & AUMILLER PAGE 18
AMENITIES MAP
M A R K E T O V E R V I E W
STATE COLLEGE PA
POOLE, KARCH & AUMILLER PAGE 20
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
POOLE, KARCH & AUMILLER PAGE 21
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
POOLE, KARCH & AUMILLER PAGE 22
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
$
POOLE, KARCH & AUMILLER PAGE 23
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
STATE COLLEGE
HARRIS
FERGUSON
R2
UPD
R2
R1
R3B
C
R3
PK
UV
CP2
PK
CID
R1
PO
R3R3H
CP3
CP2
PA
R2
RO-A
CP3
R3H
R3B
C
PK
RO
P
R3
R3
R4
R3
CID
PO
PK
R4
CP2
R1
PK
CP2
R2
MP
PA
PK
PA
PK
R2
R3H
PKRO
ROR4
R3
R3B
CID
PK
R2
RO-A
P
R2
PK
R2
RO
CP2
R3B
P
PA
CP1
PO
R3B
PK
CP2
UPD
¯
0 10.5 Miles
ZONING DISTRICTS COMMERCIAL
COMMERCIAL INCENTIVE DISTRICT
PLANNED COMMERCIAL 1
PLANNED COMMERCIAL 2
PLANNED COMMERCIAL 3
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
POOLE, KARCH & AUMILLER PAGE 25
ZONING
POOLE, KARCH & AUMILLER PAGE 26
SALES AGENT:
MICHAEL R. BAKER717 994 7232michael@pkarealty.com
ADDITIONAL CONTACT:
CHRISTIAN T. AUMILLER717 348 8016chris@pkarealty.com
315 S. ALLEN ST., STE. 325ASTATE COLLEGE, PA 16801www.pkarealty.com
Recommended