3800 7th Ave, Altoona, PA 16602

The Colonial Plaza Apartments & Development Opportunity is located in Altoona, Pennsylvania. It features 36 stabilized apartment units within two brick apartment buildings, plus a 21-unit redevelopment building, and approximately 3.4 acres of adjacent development land. The stabilized multifamily component consists of two garden-style apartment buildings constructed with brick exteriors and colonial architectural design. The property offers a mix of one- and two-bedroom apartments, many featuring private balconies accessed through large sliding glass doors. Residents benefit from secured keyed entry with intercom capability, coin-operated laundry facilities in each building, and additional tenant storage units available in the basement. Each unit is individually metered for electric service, with tenants responsible for their own electricity, heating, and hot water, while ownership provides water and sewer. The shingle roofs on both buildings have been recently replaced. Units have been lightly renovated upon tenant turnover, typically including fresh paint, new carpet, updated appliances, and correction of deferred items as needed. The offering includes a former 21-unit apartment building that has been selectively demolished to its structural shell following a fire, presenting a redevelopment opportunity. The property also includes approximately 3.4 acres of adjacent development land, originally envisioned as a future phase of the Colonial Plaza apartment community. A conceptual master plan overlay illustrates the potential for additional residential buildings surrounding a central courtyard. The property benefits from proximity to several major regional employers including UPMC Altoona, Penn State Altoona, the Sheetz corporate headquarters, and the VA Medical Center.