Pacific Avenue
- 28-Unit Residential Investment Opportunity
- 19 Units Stabilized and 9 Units Vacant
- In-Place NOI: $259,550 (Stabilized Portion)
- Ability to Increase NOI Through Lease-Up of Vacant Units
- Modern Duplex-Style Workforce Housing Product
- Below State College Basis with Similar Demand Drivers
- Limited Competing Supply in Submarket
- Minutes to State College & Penn State University
- Convenient Access to Major Highway Corridors
- Separate Opportunity: Phase Three (3), Four (4), Five (5), and Six (6) Approved for 80 Additional Units
Property Description
Shalamar Gardens, located near State College, PA, presents a opportunity to acquire a partially stabilized residential asset with both immediate cash flow and near-term upside. The offering includes 28 units within a larger 57-unit completed community, consisting of 19 fully leased units generating $259,550in NOI and nine (9) currently vacant units that provide a clear path to increased income through lease-up. Located in Milroy, the asset benefits from direct access to the State College, PA economic base, anchored by Penn State University, Mount Nittany health, and a diverse mix of government, education, and private sector employers. This demand profile supports strong leasing activity and long-term occupancy stability. Further, the combination of in-place income and lease-up potential allows investors to enhance returns by stabilizing the remaining units in a proven and established community. In addition to the current offering, investors may pursue a sperate acquisition of Phase 2, fully approved for 80 additional units, providing long-term scalability. Shalamar Gardens offers a unique blend of day-one income and value-add upside in a resilient Central Pennsylvania market.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| No. of Units: | 9 |
| Year Built: | 1965 |
| Building Size: | 18,168 Sq ft |
| Lot Size: | 16.96 Acres |
| Opportunity Zone: | No |
| Property Website | Click Here |
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