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Northtown Apartments 1423 6th St N 12 Unit Apartment Building $1,140,000 ($95,000/Unit) 7.85% Cap Rate Saint Cloud, MN 56303
INVESTMENT HIGHLIGHTS
- 12-unit multifamily property consisting of all two-bedroom, on ebathroom units.
- 11,484 SF building on a 19,800 SF lot.
- 100% occupied.
- One free-standing 2.5-story low-rise building.
- Built in 1990; well maintained.
- Architectural asphalt pitched roof (estimated under 12 years old).
EXECUTIVE SUMMARY
Property Description
Northtown Apartments is a 12-unit multifamily property comprised entirely of two-bedroom, one-bathroom units. The property consists of one free-standing, 2.5-story building totaling 11,484 square feet on a 19,800 square foot lot. Built in 1990, the asset is fully occupied and has been well maintained, with recent capital improvements including a new asphalt parking lot completed in 2025 and an architectural asphalt roof estimated to be less than 12 years old. The building features durable steel siding with brick accents, double-pane windows and patio doors, and a controlled intercom entry system. Additional income and operational efficiency are supported by coin-operated laundry and a detached nine-stall garage with individual electric service. The property offers stable in-place operations, functional unit layouts, and consistent tenant demand.
Location Description
The property is located in north Saint Cloud within the St. Cloud MSA, a regional employment and service center for Central Minnesota. The surrounding area is primarily residential with a mix of multifamily and single-family housing, supporting steady rental demand. The location provides convenient access to major roadways, employment centers, retail, dining, and public services throughout Saint Cloud and surrounding communities.
Highlights
12-unit multifamily property consisting of all two-bedroom, one-bathroom units
One free-standing 2.5-story low-rise building
11,484 SF building on a 19,800 SF lot
Built in 1990; well maintained
100% occupied
Architectural asphalt pitched roof (estimated under 12 years old)
Steel siding with brick accents
New asphalt parking lot (2024)
24 surface parking spaces
Detached 9-stall garage with electric service to each stall
Intercom-controlled building access
Exterior security lighting
Metal soffit and fascia
Functional and efficient unit layouts
Large walk-in closets in units
Additional entry/coat storage closets in each unit
Spacious kitchens with dishwashers, peninsula cabinetry, and range hoods
Wall A/C units in all apartments
Double-pane windows and patio doors
Clean, well-maintained interiors
Breaker panels and subpanels in each unit
Natural gas boiler heating system
Newer natural gas water heater
Separately metered electric for each unit
In-building coin-operated laundry (2 washers / 2 dryers)
Northtown Apartments is a 12-unit multifamily property comprised entirely of two-bedroom, one-bathroom units. The property consists of one free-standing, 2.5-story building totaling 11,484 square feet on a 19,800 square foot lot. Built in 1990, the asset is fully occupied and has been well maintained, with recent capital improvements including a new asphalt parking lot completed in 2025 and an architectural asphalt roof estimated to be less than 12 years old. The building features durable steel siding with brick accents, double-pane windows and patio doors, and a controlled intercom entry system. Additional income and operational efficiency are supported by coin-operated laundry and a detached nine-stall garage with individual electric service. The property offers stable in-place operations, functional unit layouts, and consistent tenant demand.
Location Description
The property is located in north Saint Cloud within the St. Cloud MSA, a regional employment and service center for Central Minnesota. The surrounding area is primarily residential with a mix of multifamily and single-family housing, supporting steady rental demand. The location provides convenient access to major roadways, employment centers, retail, dining, and public services throughout Saint Cloud and surrounding communities.
Highlights
12-unit multifamily property consisting of all two-bedroom, one-bathroom units
One free-standing 2.5-story low-rise building
11,484 SF building on a 19,800 SF lot
Built in 1990; well maintained
100% occupied
Architectural asphalt pitched roof (estimated under 12 years old)
Steel siding with brick accents
New asphalt parking lot (2024)
24 surface parking spaces
Detached 9-stall garage with electric service to each stall
Intercom-controlled building access
Exterior security lighting
Metal soffit and fascia
Functional and efficient unit layouts
Large walk-in closets in units
Additional entry/coat storage closets in each unit
Spacious kitchens with dishwashers, peninsula cabinetry, and range hoods
Wall A/C units in all apartments
Double-pane windows and patio doors
Clean, well-maintained interiors
Breaker panels and subpanels in each unit
Natural gas boiler heating system
Newer natural gas water heater
Separately metered electric for each unit
In-building coin-operated laundry (2 washers / 2 dryers)
FINANCIAL SUMMARY (ACTUAL - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $1,140,000 | Building Class | C |
| Price Per Unit | $95,000 | Lot Size | 0.45 AC |
| Sale Type | Investment | Building Size | 11,484 SF |
| Cap Rate | 7.85% | Average Occupancy | 100% |
| No. Units | 12 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1990 |
| Property Subtype | Apartment | Parking Ratio | 2.87/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R5 - R5 | ||
| Price | $1,140,000 |
| Price Per Unit | $95,000 |
| Sale Type | Investment |
| Cap Rate | 7.85% |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.45 AC |
| Building Size | 11,484 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1990 |
| Parking Ratio | 2.87/1,000 SF |
| Zoning | R5 - R5 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 12 | - | - |
1 1
PROPERTY TAXES
| Parcel Number | 82.51079.0000 | Improvements Assessment | $856,900 |
| Land Assessment | $84,000 | Total Assessment | $940,900 |
PROPERTY TAXES
Parcel Number
82.51079.0000
Land Assessment
$84,000
Improvements Assessment
$856,900
Total Assessment
$940,900
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Northtown Apartments | 1423 6th St N
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