College Park 415 W College Ave

College Park is a 53-unit student housing property in State College, Pennsylvania. The property is on the town’s “main street” within steps of Pennsylvania State University’s University Park Campus. Pennsylvania State University (Penn State, PSU) is a publicly funded university offering a quality of education comparable to those of an Ivy League. Annual enrollment at the University Park Campus is just 49,000 graduate and undergraduate students, making it one of the largest universities in the country. The University, with a ±$4.6B endowment, offers more than 160 degree programs. Penn State is ranked #28 in Top Public Schools and #60 in Nation Universities (U.S. News & World Reports), and Top 6% of World-Class Universities (QS World University Rankings, 2024).
Situated on the south side of State College, off the intersection of West College Avenue and North Atherton Street, College Park is a seven-story, mid-rise apartment building. The property consists of (53) one-bedroom/one-bath units, averaging 567 square feet. Each generously sized unit is fully furnished with modern kitchens and baths and on-site shared laundry facilities. Many units have been recently renovated, providing upgraded comfort at an affordable rate. College Park is 100% leased for the 2023-2024 school year at below-market rents, offering an outstanding opportunity for new owners to increase rents by at least $50 per unit. All utilities are included in the rent except cable and internet, which are the responsibility of the tenant.
College Park is within one block of a CATA bus stop providing service to campus and area destinations. In addition, it is within walking distance of popular eateries and cafes on College Avenue including Starbucks, Dunkin, Qdoba, the Corner Room, and Noodles & Company. Tenants are close to several shopping venues including Westerly Parkway Plaza (Weis; 5-minute drive); Hills Plaza (Giant; 6-minute drive); the Colonnade at State College (Wegmans, Target, CVS; 11-minute drive); and Nittany Mall (15-minute drive).
College Park offers an outstanding opportunity to acquire a 100% occupied student housing property with a rental upside within minutes of Penn State’s University Park Campus.