230 E Water St - Apartments FOR SALE


Slippery Rock, PA 16057
$1,575,000 USD
724-496-1745
230 E Water St, Slippery Rock, PA for Sale
$1,575,000 USD
Apartments - FOR SALE
1/74
null | 8.99% Cap Rate

230 E Water St
Slippery Rock, PA 16057


HIGHLIGHTS

  • Great Location
  • Low Turnover
  • Huge Value Adding Potential

OVERVIEW

Presenting a rare opportunity to acquire a solid 17-unit apartment complex in a sought-after rental market. Consisting of separate 10-unit and 7-unit adjacent buildings. These well-maintained properties feature a balanced mix of one, two, and three bedroom units—ideal for attracting a diverse tenant base. Each unit offers functional layouts, ample natural light, and strong rental appeal. With consistently low vacancy rates and a solid rental history, this property is ideal for investors seeking stable cash flow and future appreciation. Close to shopping, dining, and colleges, this location attracts quality tenants and ensures long-term desirability. Perfect to start you rental journey or for seasoned landlords to easily add to their portfolio. Don't miss this rare chance to acquire a turnkey multifamily asset with strong financials and room for growth. Current base lease amounts: (neglecting pet fees) 230 EW- 1 bedroom $600, $600, $550, $550, $500, 3 bedroom $910, $900 = $4610 250 EW- 2 bedroom $650, $900, $820, $1040, $650, $650, $820, $820, $820, $650 = $7820 $149,160 GAI $10,387 yearly additional income includes renters insurance income, application fees, late fees, one-time pet fees, pet rent, transfer fees, and damage charges. -$6,800 combined annual insurance -$11,088 combined property taxes $141,659 NOI Utilities are paid by tenants. Trash is a flat rate of $28.10 added to rent charge. Electric bill is placed in tenant’s name. Water/sewer bill is held in owner’s name and exact amounts are back-charged to tenants on the following month through the tenant payment portal. PRO FORMA NOI of $171,897 is based on actual 2026 Housing Authority fair market rent rates for 16057. 1 Bedroom with utilities paid by tenant $796 x 5 units - $3980 2 Bedroom with utilities paid by tenants $948 x 10 units - $9480 3 Bedroom with utilities paid by tenants $1257 x 2 units - $2514 15,974 monthly 191,688 yearly GAI + $10,387 aforementioned additional income 202,075 PRO FORMA GOI 184,187 PRO FORMA NOI

FOR SALE DETAILS

PRICE

$1,575,000 USD

PRICE/SF

$128 USD /SF

# OF UNITS

17

PRICE/UNIT

$92,647

CAP RATE

8.99%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Dormitory

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1970

PARKING SPACES

20

LAND DETAILS

LAND ACRES

0.52 AC

LAND SF

22,651 SF

ZONING

R2

APN/PARCEL ID

510-S2-25-0000

ASK ABOUT THIS PROPERTY

Amanda ShingletonBerkshire Hathaway HomeServices - ButlerMore Info
724-496-1745

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Amanda ShingletonBerkshire Hathaway HomeServices - ButlerMore Info
724-496-1745

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.