329 Prospect AveState College, PA 16801
- Hospitality properties
- 13,471 SF
Property Details for 329 Prospect Ave
- Property size (Sq ft)
- 13,471 SF
- Property type
- Hospitality properties
- Property subtype
- Multifamily properties
Description
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.
Location Insight
- City
- State College
- County
- Centre
- State
- Pennsylvania
- Latitude
- 40.7944
- Longitude
- -77.8524
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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