329 Prospect AveState College, PA 16801

Property Details for 329 Prospect Ave

Property size (Sq ft)

13,471 SF

Property type

Dormitories

Property subtype

Student housing

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

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