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Park Apartments 1220 N Front St 15 Unit Apartment Building $475,000 ($31,667/Unit) 7.54% Cap Rate Crookston, MN 56716
INVESTMENT HIGHLIGHTS
- Lots of value-add potential.
- High demand affordable rentals.
- Room to build garages or more rentals potentially.
EXECUTIVE SUMMARY
Investment Opportunity in Crookston, MN! Park Apartments - a 15-unit multifamily complex offering strong occupancy and significant value-add potential. Currently 93.3% occupied, with rents well below market - providing an excellent opportunity for immediate income growth.$28.9K+ in targeted renovations have been completed across select units in past 24 months. Boiler replaced in 2021.
Affordable Units with Upside: Efficiency/studio units with private entrances, and on-site coin laundry, with loads of parking and green space.
Prime Location: Conveniently located near local amenities, including grocery stores and shops, ensuring consistent tenant demand.
Lots of surrounding land for ample value add opportunities.
Contact us today to schedule a private tour and receive full financials.
3-year financial history available with signed NDA. Showings case by case - vacant units available for immediate access. Serious buyers will have an opportunity to see occupied units at a TBD date. Text or email preferred: 701-330-5690 or derek@truhomeproperties.com. Square footage is estimated, please verify. Package opportunity with 10-unit MFH in Mayville, ND. Inquire for details.
Affordable Units with Upside: Efficiency/studio units with private entrances, and on-site coin laundry, with loads of parking and green space.
Prime Location: Conveniently located near local amenities, including grocery stores and shops, ensuring consistent tenant demand.
Lots of surrounding land for ample value add opportunities.
Contact us today to schedule a private tour and receive full financials.
3-year financial history available with signed NDA. Showings case by case - vacant units available for immediate access. Serious buyers will have an opportunity to see occupied units at a TBD date. Text or email preferred: 701-330-5690 or derek@truhomeproperties.com. Square footage is estimated, please verify. Package opportunity with 10-unit MFH in Mayville, ND. Inquire for details.
PROPERTY FACTS
| Price | $475,000 | Apartment Style | Low-Rise |
| Price Per Unit | $31,667 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.52 AC |
| Cap Rate | 7.54% | Building Size | 5,184 SF |
| Gross Rent Multiplier | 7.26 | Average Occupancy | 94% |
| No. Units | 15 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1950 |
| Property Subtype | Apartment |
| Price | $475,000 |
| Price Per Unit | $31,667 |
| Sale Type | Investment |
| Cap Rate | 7.54% |
| Gross Rent Multiplier | 7.26 |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.52 AC |
| Building Size | 5,184 SF |
| Average Occupancy | 94% |
| No. Stories | 1 |
| Year Built | 1950 |
AMENITIES
UNIT AMENITIES
- Heating
- Kitchen
- Range
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 14 | $400.00 | 400 - 600 |
| 1+1 | 1 | $425.00 | 450 - 750 |
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PROPERTY TAXES
| Parcel Number | 82.00897.00 | Improvements Assessment | $228,600 |
| Land Assessment | $28,600 | Total Assessment | $257,200 |
PROPERTY TAXES
Parcel Number
82.00897.00
Land Assessment
$28,600
Improvements Assessment
$228,600
Total Assessment
$257,200
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TruHome Realty
Park Apartments | 1220 N Front St
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