For Sale
$4,750,000

329 Prospect AveState College, PA 16801

High-yield, fully leased student housing

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional State College investment opportunity presents a fully leased, 13,471 square foot fraternity house, built in 1993 by Wise Construction. Located at 329 E. Prospect Ave., this Class B multifamily property boasts a 9.16% cap rate and a strong net operating income (NOI) of $435,168, with an asking price of $4,750,000 ($352.61/sq ft). Currently operating at 100% occupancy with a lease extending through 2026, the property is zoned for 63 occupants and includes a convenient parking lot with 26 off-street spaces. Situated in Centre County, Pennsylvania (zip code 16801), this prime location near Penn State University ensures consistent demand and strong rental income. The property's substantial size and established tenancy make it an attractive investment for those seeking a stable, high-return asset in a thriving college town. This is a rare opportunity to acquire a well-maintained, fully-leased property with a long-term lease in place, offering significant potential for future growth and appreciation.

Highlights

  • Fully leased 13,471 SF fraternity house in State College, PA.
  • Built in 1993 by Wise Construction, located at 329 E. Prospect Ave.
  • 9.16% cap rate and $435,168 NOI.
  • Asking price: $4,750,000 ($352.61/SF).
  • Zoned for 63 occupants with 26 off-street parking spaces.

Property Details for 329 Prospect Ave

Property type
Dormitories, Student housing
Square Feet
13,471 SF
Class
B

Location Insight

City
State College
County
Centre
State
Pennsylvania
Latitude
40.7944461
Longitude
-77.8524121
329 Prospect Ave, State College, Pennsylvania

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329 Prospect Ave
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