For Sale
$16,500,000

215 Cornish Dr Slippery Rock, PA 16057

9-Building Student Housing Portfolio, High Occupancy

Overview

Added:
Dec 11, 2024
Days on market:
135
This exceptional 226-unit (340-bed) multifamily investment property, known as Campus Edge, is strategically located in Slippery Rock, PA, just blocks from Slippery Rock University. The portfolio comprises nine buildings totaling 173,045 square feet, built between 1950 and 2006, with significant renovations in 2018, 2019, and 2023. Currently boasting a 99.12% occupancy rate (as of April 1, 2024), this stabilized portfolio generates a strong NOI of $1,240,571, with a pro-forma NOI projected at $1,336,101, representing a 7.52% cap rate and a pro-forma cap rate of 8.10%. The asking price is $16,500,000 ($95.35/sq ft and $73,008.85/unit). The property includes 260 parking spaces and benefits from a permitted multi-family zoning designation. The portfolio's success is further enhanced by its proximity to the university, a strong student population (8,362 students in Fall 2023), and a growing Butler County population. The property also includes land approved for additional development, offering significant value-add potential. This presents a rare opportunity to acquire a high-performing, nearly fully leased student housing portfolio with expansion possibilities in a thriving market. The property is privately owned and offered for sale by owner, with no ground lease. APN numbers are 510-S2-24-0000, 510-S2-25-0000, 510-S2-145M-0000, 510-S6-B5-0000, 510-S3-10C, and 510-S3-27. Addresses include 215 Cornish Dr, 102, 104, and 106 Fairview Dr, 321 Grove City Rd, 230 and 250 E Water St, 158 Vincent Rd, and 485 Center St, all in Slippery Rock, PA 16057.

Highlights

  • 100% pre-leased with a significant waiting list.
  • $1.5 million in recent capital improvements.
  • 99%+ occupancy rate.
  • Immediately cash-flowing, stabilized investment.
  • Prime location, walking distance to campus.
  • Approved plans for 20+ additional units on adjacent Grove City Road land.

Property Details for 215 Cornish Dr

Property type
Dormitories, Student housing
Square Feet
173,045 SF
Class
C
Year Built
1950
Buildings
9
Units
226

Location Insight

City
Slippery Rock
County
Butler
State
Pennsylvania
Latitude
41.0591607
Longitude
-80.0550343

FAQs

What type of property is this?
Dormitory - 9-Building Student Housing Portfolio, High Occupancy
Where is the dormitory located?
The property is located at 215 Cornish Dr Slippery Rock, PA.
What is the asking price?
The asking price for this property is $16,500,000.
What are key features of this property?
This property features: 100% pre-leased with a significant waiting list.; $1.5 million in recent capital improvements.; 99%+ occupancy rate.
How can I contact the broker?
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215 Cornish Dr
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