3800 7th Ave, Altoona, PA 16602

The Colonial Plaza Apartments & Development Opportunity presents a rare multifaceted investment offering in Altoona, Pennsylvania. The property includes 36 stabilized apartment units across two brick apartment buildings, an 21-unit redevelopment building, and approximately 3.4 acres of adjacent development land, providing investors with multiple paths to value creation through stabilization, redevelopment, and future expansion.

The stabilized multifamily component consists of two garden-style apartment buildings constructed with durable brick exteriors and colonial architectural design. The property offers a mix of one- and two-bedroom apartments, many featuring private balconies accessed through large sliding glass doors. Residents benefit from secured keyed entry with intercom capability, coin-operated laundry facilities in each building, and additional tenant storage units available in the basement. Each unit is individually metered for electric service, with tenants responsible for their own electricity, heating, and hot water, while ownership provides water and sewer. The buildings have been responsibly maintained under long-term ownership, including the recent replacement of shingle roofs on both buildings, while still offering future owners the opportunity to continue interior and exterior modernization over time.

Historically the property has been operated with a focus on stable tenancy and gradual rent adjustments, creating an opportunity for new ownership to further optimize operations and implement continued rent growth through unit turnover and strategic updates. Units have been lightly renovated upon tenant turnover, typically including fresh paint, new carpet, updated appliances, and correction of deferred items as needed.

In addition to the stabilized apartments, the offering includes a former 21-unit apartment building that has been selectively demolished to its structural shell following a fire, presenting a compelling redevelopment opportunity for investors seeking to restore or reposition additional multifamily units.

The property also includes approximately 3.4 acres of adjacent development land, originally envisioned as a future phase of the Colonial Plaza apartment community. A conceptual master plan overlay illustrates the potential for additional residential buildings surrounding a central courtyard, creating an opportunity for phased expansion of the existing multifamily complex or alternative residential development concepts subject to zoning and approvals.

Strategically located near Altoona’s primary commercial corridors, the property benefits from proximity to several major regional employers including UPMC Altoona, Penn State Altoona, the Sheetz corporate headquarters, and the VA Medical Center, supporting strong and consistent rental demand.

The seller will consider offers on individual parcels or the entire portfolio, providing investors and developers flexibility to acquire stabilized income, redevelopment potential, and future development land within a single offering.