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48 Pacific Ave 28 Unit Apartment Building For Sale Milroy, PA 17063
Investment Highlights
- 28-Unit Residential Investment Opportunity
- In-Place NOI: $259,550 (Stabilized Portion)
- Modern Duplex-Style Workforce Housing Product
- 19 Units Stabilized and 9 Units Vacant
- Ability to Increase NOI Through Lease-Up of Vacant Units
- Limited Competing Supply in Submarket
Executive Summary
Shalamar Gardens, located near State College, PA, presents a opportunity to acquire a partially stabilized residential asset with both immediate cash flow and near-term upside. The offering includes 28 units within a larger 57-unit completed community, consisting of 19 fully leased units generating $259,550in NOI and nine (9) currently vacant units that provide a clear path to increased income through lease-up.
Located in Milroy, the asset benefits from direct access to the State College, PA economic base, anchored by Penn State University, Mount Nittany health, and a diverse mix of government, education, and private sector employers. This demand profile supports strong leasing activity and long-term occupancy stability. Further, the combination of in-place income and lease-up potential allows investors to enhance returns by stabilizing the remaining units in a proven and established community.
In addition to the current offering, investors may pursue a sperate acquisition of Phase 2, fully approved for 80 additional units, providing long-term scalability. Shalamar Gardens offers a unique blend of day-one income and value-add upside in a resilient Central Pennsylvania market.
Located in Milroy, the asset benefits from direct access to the State College, PA economic base, anchored by Penn State University, Mount Nittany health, and a diverse mix of government, education, and private sector employers. This demand profile supports strong leasing activity and long-term occupancy stability. Further, the combination of in-place income and lease-up potential allows investors to enhance returns by stabilizing the remaining units in a proven and established community.
In addition to the current offering, investors may pursue a sperate acquisition of Phase 2, fully approved for 80 additional units, providing long-term scalability. Shalamar Gardens offers a unique blend of day-one income and value-add upside in a resilient Central Pennsylvania market.
Property Facts
| Sale Type | Investment | Building Class | C |
| No. Units | 28 | Lot Size | 0.35 AC |
| Property Type | Multifamily | Building Size | 2,196 SF |
| Property Subtype | Apartment | No. Stories | 1 |
| Apartment Style | Garden | Year Built | 2005 |
| Sale Type | Investment |
| No. Units | 28 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.35 AC |
| Building Size | 2,196 SF |
| No. Stories | 1 |
| Year Built | 2005 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 28 | - | - |
Somewhat walkable
20/100
Exceptionally drivable
100/100
Somewhat bikeable
30/100
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48 Pacific Ave
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