Scenic Hill apartments at 321 Grove City Road. This turnkey investment is an extremely nice multifamily apartment building built in 2006. It consists of 17 units total. It features 5 single bedroom units, 11 two bedroom units, and 1 four bedroom unit. Located just outside the quiet town of Slippery Rock PA, this property consistently retains 100% occupancy with quality tenants (not student housing). This is a rare building with stabilized income on day one, with a huge upside for value addition. Please see Investment highlights for details.
INVESTMENT HIGHLIGHTS:
Current Rent Roll: 100% occupancy
1 Bedroom units:
1B $650 +$100 utility charge
2B $650 +$100 utility charge
3B $650 +$100 utility charge +$35 pet rent
4B $650 +$100 utility charge +$35 pet rent
5B $650 +$100 utility charge
2 Bedroom Units:
1A $600 +$100 utility charge
2A $600 +$100 utility charge
3A $650 +$100 utility charge
4A $600 +$100 utility charge
5A $600 +$100 utility charge
7 $750 (utilities paid by tenant)
8 $800 (utilities paid by tenant)
9 $750 (utilities paid by tenant)
10 $800 (utilities paid by tenant)
11 $800 (utilities paid by tenant)
12 $800 (utilities paid by tenant)
4 Bedroom Unit:
6 $1,000 +$160 utility charge
GROSS $13,230 monthly $158,760 yearly
EXPENSES:
Repairs $1,678.74
Trash $2,563.21
Utilities $23,097.61
Taxes $16,884.14
Insurance $5,661.62
CURRENT NOI $108,874.68
VALUE-ADD HIGHLIGHTS:
Pro Forma is based on actual 2026 local housing authority fair market rents for zip code 16057.
1 Bedroom units 1-5B with utilities included in rent $1034 per unit
2 Bedroom units 1-5A with utilities included in rent $1243 per unit
2 Bedroom units 7-12 with utilities paid by tenant $948
4 Bedroom unit 6 with utilities included in rent $1738
Pro Forma Gross $18,811 monthly $225,732 yearly
Pro Forma NOI $175,849
Value-adding options include raising low rents to market standards and/or splitting utilities to eliminate utility expenses.