215 Cornish DrSlippery Rock, PA 16057

  • Residential income properties
  • 2.48 AC
For Sale
$16,500,000 View listing

Property Details for 215 Cornish Dr

Lot size
2.48 AC
Property type
Residential income properties
Property subtype
Other 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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • 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
215 Cornish Dr, Slippery Rock, Pennsylvania

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2024
$21,903
$9,466
$130,266
$139,732
-
-
$139,732
$139,732

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