0 Pacific AveMilroy, PA 17063

Exceptional investment opportunity in Milroy, Pennsylvania's Shalamar Gardens. This 19.24-acre multifamily property boasts a compelling 6.00% cap rate and a $4,500,000 asking price. The portfolio currently includes 19 income-producing rental units constructed between 2018 and 2021, generating $25,000 in monthly rental income. Six units feature garages, with two also including basements. Eight additional units are rented, though they lack garages. The property's strategic location near State College and Harrisburg, with convenient access to Route 322, enhances its desirability. Beyond the existing rental units, the development plan encompasses 137 individual lots, with over 100 available for future development. 26 lots are fully prepared for construction, complete with necessary infrastructure, including water and sewer connections in some cases. The existing units are individually deeded, offering flexibility for separate sales, rather than condominium restrictions. This presents a unique opportunity to capitalize on existing rental income while simultaneously developing the remaining lots to maximize returns. The property is zoned residential and includes associated roadways, utilities, and stormwater management facilities. Post-development, the roadways will be dedicated to the township, with a homeowners association responsible for stormwater management. This is a rare chance to acquire a substantial, high-yield multifamily portfolio with significant future development potential.