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230 E Water St 17 Unit Apartment Building $1,575,000 ($92,647/Unit) 8.99% Cap Rate Slippery Rock, PA 16057
Investment Highlights
- Great Location
- Huge Value Adding Potential
- Low Turnover
Executive Summary
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
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
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$149,160
|
$12.16
|
| Other Income |
$10,387
|
$0.85
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$159,547
|
$13.00
|
| Taxes |
$11,088
|
$0.90
|
| Operating Expenses |
$6,800
|
$0.55
|
| Total Expenses |
$17,888
|
$1.46
|
| Net Operating Income |
$141,659
|
$11.55
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $149,160 |
| Annual Per SF | $12.16 |
| Other Income | |
|---|---|
| Annual | $10,387 |
| Annual Per SF | $0.85 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $159,547 |
| Annual Per SF | $13.00 |
| Taxes | |
|---|---|
| Annual | $11,088 |
| Annual Per SF | $0.90 |
| Operating Expenses | |
|---|---|
| Annual | $6,800 |
| Annual Per SF | $0.55 |
| Total Expenses | |
|---|---|
| Annual | $17,888 |
| Annual Per SF | $1.46 |
| Net Operating Income | |
|---|---|
| Annual | $141,659 |
| Annual Per SF | $11.55 |
Property Facts
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Balcony
- Washer/Dryer Hookup
- Heating
- Ceiling Fans
- Tile Floors
- Eat-in Kitchen
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Range
- Tub/Shower
- Views
- Carpet
- Deck
- Dining Room
- Family Room
- Island Kitchen
- Office
- Porch
- Smoke Free
- Vinyl Flooring
- Large Bedrooms
Site Amenities
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 10 | $874.00 | - |
| 1+1 | 5 | $673.00 | - |
| 3+1 | 2 | $1,079 | - |
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Property Taxes
| Parcel Number | 510-S2-25-0000 | Total Assessment | $41,866 |
| Land Assessment | $10,466 | Annual Taxes | $11,088 ($0.63/SF) |
| Improvements Assessment | $31,400 | Tax Year | 2025 |
Property Taxes
Parcel Number
510-S2-25-0000
Land Assessment
$10,466
Improvements Assessment
$31,400
Total Assessment
$41,866
Annual Taxes
$11,088 ($0.63/SF)
Tax Year
2025
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230 E Water St
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