215 Cornish DrSlippery Rock, PA 16057

Property Details for 215 Cornish Dr

Lot size

2.48 AC

Property type

Apartment buildings

APN

510 S3 10C0000

APU

510S310C0000

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $25,423,952

  6.5%

  $23,468,262

  7%

  $21,791,958

• Comparable approach

  Method

  Valuation

  Relative Method

  $15,631,193

  Geo Method

  $15,631,193

• Alternative Use

  Use

  Valuation

  Residential

  $23,468,262

  Hospitality

  $21,496,802

  Educational

  $17,885,088

  Medical

  $18,500,182

  Retail

  $27,821,246

Location Insight

City

Slippery Rock

County

Butler

State

Pennsylvania

Latitude

41.0591

Longitude

-80.055

CBSA code

38300

CBSA name

PITTSBURGH, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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