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1005 Wayne Ave 38 Unit Dormitory $2,100,000 ($55,263/Unit) Indiana, PA 15701
Investment Highlights
- 1005 Wayne Ave. sits directly next to Indiana University of Pennsylvania (IUP), offering walkable access to campus and nearby athletic facilities.
- 59 on-site parking spaces
- 1005 Wayne Ave. has demonstrated a strong and stable leasing history, consistently maintaining high occupancy rates year over year.
- All new furniture in 2019
Executive Summary
SVN Three Rivers Commercial Advisors is pleased to present 1005 Wayne Ave., a 38-unit, 87-bed student housing opportunity. Ideally situated just steps from the Indiana University of Pennsylvania (IUP) campus, this well-positioned portfolio offers immediate access to campus life while delivering strong fundamentals for student housing investors.
Constructed between the 1980s and 1990s, each unit features fully equipped kitchens, updated furnishings, and on-site parking. Current rental rates are positioned below market, creating a competitive advantage that appeals to students seeking affordability in a prime location. This offers investors an opportunity for rental upside while benefiting from a highly sought-after location adjacent to a major university.
Constructed between the 1980s and 1990s, each unit features fully equipped kitchens, updated furnishings, and on-site parking. Current rental rates are positioned below market, creating a competitive advantage that appeals to students seeking affordability in a prime location. This offers investors an opportunity for rental upside while benefiting from a highly sought-after location adjacent to a major university.
Property Facts
| Price | $2,100,000 | Building Class | C |
| Price Per Unit | $55,263 | Lot Size | 0.89 AC |
| Sale Type | Investment | Building Size | 32,544 SF |
| No. Units | 38 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1980 |
| Property Subtype | Dormitory | Parking Ratio | 1.72/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Price | $2,100,000 |
| Price Per Unit | $55,263 |
| Sale Type | Investment |
| No. Units | 38 |
| Property Type | Multifamily |
| Property Subtype | Dormitory |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.89 AC |
| Building Size | 32,544 SF |
| No. Stories | 3 |
| Year Built | 1980 |
| Parking Ratio | 1.72/1,000 SF |
| Opportunity Zone |
Yes |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 34 | - | 650 |
| 4+1 | 1 | - | 1,250 |
| 5+1 | 3 | - | 1,330 |
1 1
Moderately walkable
60/100
Very drivable
80/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 24-007-313 | Improvements Assessment | $1,270,000 |
| Land Assessment | $350,900 | Total Assessment | $1,620,900 |
Property Taxes
Parcel Number
24-007-313
Land Assessment
$350,900
Improvements Assessment
$1,270,000
Total Assessment
$1,620,900
Contacts
-
Keane George -
Bryan Donaldson -
Perry Nickleach -
Chase Takacs -
SVN - Three Rivers Commercial Advisors
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