State College PA Student Condos

[Min K.]

Hi all. Penn State alum here. I was randomly browsing the State College PA Zillow listings and came across 4 studio apartments being sold for $680k. Each collects $750/month and has a $103 condo fee. I've been in this old building before, and was absolutely shocked at the asking price. Is this the norm for units like these? I understand it's a great location right across south halls. After running a couple different scenarios, I couldn't see how the numbers would back out for any investor. Am I missing something here? Any insight would be greatly appreciated. Thanks!

http://www.zillow.com/homedetails/522-E-College-Ave-State-College-PA-16801/93578813_zpid/?view=public

[Dennis Walter]

I live in State College and the cost of downtown real estate has always baffled me.  I don't understand how they value those 4 condo units at $170k/unit.  

If you are truly interested in these units I would recommend touching base with a local real estate agent that could probably give you a good explanation of the valuation.  

I did a quick lookup on that specific Parcel ID using the Centre County Web Information Access tool and found who owns the property and what they paid.  They paid $198,000 and tax assessed value is $24,085.