22 UNIT MULTI-FAMILY PORTFOLIO | SOLD

CBC Orion is pleased to offer for sale – Metroview I Apartments, conveniently located just one block off Division Street in Saint Cloud, MN. Great location with walking distance to downtown restaurants and businesses. This offering represents an excellent opportunity to acquire strategically located, nicely updated apartment units with stabilized rent roll and future rent growth potential.

Offering consists of (3) Three - buildings totaling over 18,000+/- square feet and total of 22 Units. These well-maintained contiguous properties consist of vinyl siding exterior and asphalt shingled (newer) roofs. Many updates/improvements made to the properties over the years. Primary heat source in each building is high efficiency natural gas boiler system.

Current tenant mix consists of approximately half working adults and half upper classman/graduate students. Quiet buildings with low management responsibilities. Current owner has owned these properties for many years and looking to retire.

Location is approximately 60 miles northwest of Twin Cities.The city of Saint Cloud has a population of 68,000 (10th largest city in MN) and over 100,000 people in 5-mile radius. Local unemployment maintaining around 3%. SCSU is the 2nd largest state university in Minnesota with current enrollment of 12,608 students. Apartment vacancy rates continue to remain low, around 3%.

More details: 

302 8th Avenue South– One – 3 story apartment building with 16 – one-bedroom units. Current monthly rents range between $480 - $530 per month. Potential to increase rents to $550 - $600 per month range. Tenants pay electric and landlord pays water/sewer, gas (heat), and trash removal. Recent improvements including; new roof, front sidewalk and  upgraded sewer. Current owner has owned this property for over 30 years.

229 7th Avenue South– One 1.5 story building with 2 units – One 2 Bedroom unit and One 3-bedroom unit. Rents range between $640 - $835 per month. Tenants pay electric and landlord pay gas (heat), water/sewer and trash removal.

227 7th Avenue South– One 1.5 story building with 4 units – One – 1 Efficiency | Two – 1 Bedroom and One – 2 Bedroom units. Rents range between $470 - $680 per month. New high efficiency boiler installed in 2017. Tenants pay electric and landlord pays gas (heat) and water/sewer and trash removal.

Special Features: 
  • Well maintained
  • Vinyl siding exterior - Asphalt shingled (newer) roofs
  • Quiet building with low management responsibilities
  • High efficiency natural gas boiler system
  • Stabilized rent roll
  • Future rent growth potential

 

CAP Rate: 
8.0% (Proforma)
Price: 
SOLD
Views: 
1416