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230 E Water St 7 Unit Apartment Building $600,000 ($85,714/Unit) 7.99% Cap Rate Slippery Rock, PA 16057
INVESTMENT HIGHLIGHTS
- Updated Units
- Great Location
- Turnkey Investement
EXECUTIVE SUMMARY
Presenting a rare opportunity to acquire a solid 7-unit apartment property in a sought-after rental market. This well-maintained building features a balanced mix of one and three bedroom units—ideal for attracting a diverse tenant base. Each unit offers functional layouts, ample natural light, and strong rental appeal. The property also includes ample on-site parking. Whether you're a seasoned investor or just entering the multifamily space, this 7-unit building offers reliable cash flow and future appreciation.
Income
Rental Income 60,077.40
Other Income 1,880.00
Total Income 61,957.40
Operating Expenses
Taxes 4,367.71
Insurance 3,156.00
Utilities 6,500.05
Total Expenses 14,023.76
PRO FORMA
Income 76,800
NOI 62,776
Pro Forma based on 2025 Housing Authority fair market rent rates for 16057 less utilities. 1br $800, 3br $1200
Income
Rental Income 60,077.40
Other Income 1,880.00
Total Income 61,957.40
Operating Expenses
Taxes 4,367.71
Insurance 3,156.00
Utilities 6,500.05
Total Expenses 14,023.76
PRO FORMA
Income 76,800
NOI 62,776
Pro Forma based on 2025 Housing Authority fair market rent rates for 16057 less utilities. 1br $800, 3br $1200
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$60,077
|
$4.90
|
| Other Income |
$1,880
|
$0.15
|
| Vacancy Loss |
$6,500
|
$0.53
|
| Effective Gross Income |
$55,457
|
$4.52
|
| Taxes |
$4,368
|
$0.36
|
| Operating Expenses |
$3,156
|
$0.26
|
| Total Expenses |
$7,524
|
$0.61
|
| Net Operating Income |
$47,933
|
$3.91
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $60,077 |
| Annual Per SF | $4.90 |
| Other Income | |
|---|---|
| Annual | $1,880 |
| Annual Per SF | $0.15 |
| Vacancy Loss | |
|---|---|
| Annual | $6,500 |
| Annual Per SF | $0.53 |
| Effective Gross Income | |
|---|---|
| Annual | $55,457 |
| Annual Per SF | $4.52 |
| Taxes | |
|---|---|
| Annual | $4,368 |
| Annual Per SF | $0.36 |
| Operating Expenses | |
|---|---|
| Annual | $3,156 |
| Annual Per SF | $0.26 |
| Total Expenses | |
|---|---|
| Annual | $7,524 |
| Annual Per SF | $0.61 |
| Net Operating Income | |
|---|---|
| Annual | $47,933 |
| Annual Per SF | $3.91 |
PROPERTY FACTS
AMENITIES
- Smoke Detector
UNIT AMENITIES
- Air Conditioning
- Storage Space
- Washer/Dryer Hookup
- Heating
- Ceiling Fans
- Kitchen
- Hardwood Floors
- Refrigerator
- Range
- Tub/Shower
- Views
- Carpet
- Dining Room
- Island Kitchen
- Smoke Free
- Vinyl Flooring
- Large Bedrooms
SITE AMENITIES
- Private Bathroom
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 5 | $800.00 | - |
| 3+1 | 2 | $1,200 | - |
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PROPERTY TAXES
| Parcel Number | 510-S2-24-0000 | Total Assessment | $27,213 (2025) |
| Land Assessment | $6,280 (2025) | Annual Taxes | $4,368 ($0.36/SF) |
| Improvements Assessment | $20,933 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
510-S2-24-0000
Land Assessment
$6,280 (2025)
Improvements Assessment
$20,933 (2025)
Total Assessment
$27,213 (2025)
Annual Taxes
$4,368 ($0.36/SF)
Tax Year
2024
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230 E Water St
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