5086 Station Rd - Apartments FOR SALE
Erie, PA 16510 |
5086 Station Rd
Erie, PA 16510
HIGHLIGHTS
- The campus provides enough dormitory beds for approximately 1,900 students, less than half of the reported full-time study body.
- Current ownership has recently renovated 12 units (47 beds) and increased market rents for the refurbished product by 15.2%.
- The reported monthly charge for dormitory housing averages $708 per month, increasing the demand for off-campus alternatives.
- With 120 units currently not renovated, the property provides investors with a value-add opportunity, pushing revenue and increasing NOI.
- The property has leased up significantly for the 2021/2022 school year and is currently 77.3%-leased as of September 2021.
- As of September 2021, 76% of students, 100% of administrators, and 89% of full-time campus employees and academic personnel have proof of vaccination.
FOR SALE DETAILS
PRICE
-
# OF UNITS
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CAP RATE
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% LEASED
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BUILDING DETAILS
PROPERTY NAME
University Gate Apartments
PROPERTY TYPE
Multi-Family
APARTMENT STYLE
Garden
PROPERTY SUBTYPE
Apartments
TOTAL BUILDING SIZE
205990
STORIES
3
YEAR BUILT
2006
PARKING SPACES
400
LAND DETAILS
LAND ACRES
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LAND SF
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ZONING
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APN/PARCEL ID
27-065-201.0-037.01,27-065-201.0-040.00,27-065-201.0-041.00
