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Prairie Lofts Apartments 120 & 124 W Hatting St 54 Unit Apartment Building $7,000,000 ($129,630/Unit) 5.93% Cap Rate Luverne, MN 56156
Investment Highlights
- Award winning Green Certified apartment building recognized by the Dept of Energy.
- Close proximity to Sioux Falls SD
- 100% occupied with a waiting list.
- Two energy efficient eco friendly assets completed in 2022
Executive Summary
Market multifamily property built in 2023. Assumable HUD LOAN, Originated May 15, 2025, $5,360,000, 5.46%, 35 Year Term and Amortization. Constructed with ecofriendly, environmentally conscious and energy efficient design. Built to EnergyStar, Indoor AirPlus and Zero Energy Ready Home Standards. Landlord pays all utilities (gas, electric, water/sewer) and trash. EV charging stations, elevators, in-floor radiant heat, patio/balcony, granite countertops, in-suite washer/dryer, dishwasher are just a few of the amenities available.
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$884,000
|
$16.37
|
| Other Income |
$24,278
|
$0.45
|
| Vacancy Loss |
$45,414
|
$0.84
|
| Effective Gross Income |
$862,864
|
$15.98
|
| Taxes |
$209,668
|
$3.88
|
| Operating Expenses |
$238,187
|
$4.41
|
| Total Expenses |
$447,855
|
$8.29
|
| Net Operating Income |
$415,009
|
$7.69
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $884,000 |
| Annual Per SF | $16.37 |
| Other Income | |
|---|---|
| Annual | $24,278 |
| Annual Per SF | $0.45 |
| Vacancy Loss | |
|---|---|
| Annual | $45,414 |
| Annual Per SF | $0.84 |
| Effective Gross Income | |
|---|---|
| Annual | $862,864 |
| Annual Per SF | $15.98 |
| Taxes | |
|---|---|
| Annual | $209,668 |
| Annual Per SF | $3.88 |
| Operating Expenses | |
|---|---|
| Annual | $238,187 |
| Annual Per SF | $4.41 |
| Total Expenses | |
|---|---|
| Annual | $447,855 |
| Annual Per SF | $8.29 |
| Net Operating Income | |
|---|---|
| Annual | $415,009 |
| Annual Per SF | $7.69 |
Property Facts
| Price | $7,000,000 | Building Class | B |
| Price Per Unit | $129,630 | Lot Size | 0.93 AC |
| Sale Type | Investment | Building Size | 54,000 SF |
| Cap Rate | 5.93% | No. Stories | 3 |
| No. Units | 54 | Year Built | 2022 |
| Property Type | Multifamily | Parking Ratio | 1.3/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | MF - Multi-Family Residential | ||
| Price | $7,000,000 |
| Price Per Unit | $129,630 |
| Sale Type | Investment |
| Cap Rate | 5.93% |
| No. Units | 54 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.93 AC |
| Building Size | 54,000 SF |
| No. Stories | 3 |
| Year Built | 2022 |
| Parking Ratio | 1.3/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | MF - Multi-Family Residential |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Disposal
- Washer/Dryer
- Kitchen
- Refrigerator
- Oven
- Sprinkler System
- Freezer
Site Amenities
- Package Service
- Walking/Biking Trails
- Car Charging Station
- Elevator
- Green Community
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 12 | - | 556 |
| 2+1 | 24 | - | 790 |
| 2+2 | 18 | - | 824 - 896 |
1 1
Somewhat walkable
30/100
Exceptionally drivable
100/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 20-2138-000 | Total Assessment | $4,226,200 (2025) |
| Land Assessment | $202,000 (2025) | Annual Taxes | $209,668 ($3.88/SF) |
| Improvements Assessment | $4,024,200 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
20-2138-000
Land Assessment
$202,000 (2025)
Improvements Assessment
$4,024,200 (2025)
Total Assessment
$4,226,200 (2025)
Annual Taxes
$209,668 ($3.88/SF)
Tax Year
2026
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Prairie Lofts Apartments | 120 & 124 W Hatting St
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