Quincy Student Housing Portfolio
Stabilized 72-Unit Multifamily Asset | $65,278/bed
Marketing description
Scope Commercial Real Estate is pleased to present 430 Quincy Street and surrounding assets, a 72-unit student housing multifamily portfolio strategically located in Scranton, Pennsylvania. The portfolio consists of multiple well-located residential buildings primarily serving the area’s strong and consistent student renter base.
The property offers approximately 29,600 rentable square feet across efficiently designed studio and one-bedroom units. The portfolio has demonstrated stable historical occupancy with low vacancy, supported by ongoing demand from nearby universities and colleges.
Offered at a purchase price of $4,700,000, the portfolio represents a compelling opportunity to acquire a cash-flowing student housing asset at an attractive basis, with meaningful upside through rent growth and operational optimization. The current and pro forma financials reflect strong in-place income with the ability to capture additional value through market rent adjustments.
Investment highlights
- Attractive Entry Basis: Offered at $65,278 per bed and $158.78 per rentable square foot, providing a favorable cost basis relative to replacement and comparable assets.
- Strong In-Place Cash Flow with Upside: Current 8.24% cap rate, increasing to a 10.56% pro forma cap rate through rent growth and lease-up of select vacant units.
- Proven Student Housing Demand: Portfolio benefits from consistent student tenancy supported by Scranton’s higher-education institutions, resulting in historically stable occupancy and predictable cash flow.
- Value-Add Rent Growth Opportunity: Average in-place rents remain below projected market rents across multiple unit types, creating a clear path for NOI growth through renewals and turnover.
- Diversified Unit Mix: Units range from approximately 350 to 500 SF, appealing to a broad student demographic while supporting efficient operations and strong rent-per-square-foot metrics.
- Compelling Yield Profile: Pro forma cash-on-cash return of 18.05% offering strong income and appreciation potential.
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