215 Cornish Dr Slippery Rock, PA 16057-1537

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.