321 Grove City Rd 17 Unit Apartment Building $1,360,000 ($80,000/Unit) 8.01% Cap Rate Slippery Rock, PA 16057

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.