Campus View Historic Apartments 1447-1628 Patterson Loop 31 Unit Apartment Building $2,400,000 ($77,419/Unit) Fergus Falls, MN 56537
EXECUTIVE SUMMARY
Discover a timeless investment opportunity at 1447 and 1628 Patterson Loop, Fergus Falls, MN. This historic property consists of two buildings, offering a total of 31 meticulously designed units. Originally constructed in 1920 and beautifully restored in 2017 through the Historic Tax Credit program, the buildings showcase a perfect blend of classic charm and modern convenience. This complete restoration, down to the bare walls, includes new wiring, plumbing, tuck-pointed brick, HVAC, sprinklers, kitchen, bath, and flooring. The steel frame construction adds to the property's durability, making it a rare find in today's market. Designed by renowned architect Clarence H. Johnston, this property offers a rare opportunity for the astute multifamily investor to own a piece of history while enjoying the rewards of a fully modernized investment.
PROPERTY FACTS
| Price | $2,400,000 |
| Price Per Unit | $77,419 |
| Sale Type | Investment |
| No. Units | 31 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.93 AC |
| Building Size | 40,000 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1920/2017 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Washer/Dryer
- Heating
- Tile Floors
- Hardwood Floors
- Refrigerator
- Stainless Steel Appliances
- Tub/Shower
SITE AMENITIES
- Controlled Access
- Laundry Facilities
- Storage Space
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 2 | - | 414 |
| 1+1 | 12 | - | 450 - 665 |
| 2+1 | 8 | - | 676 - 1,153 |
| 3+1 | 3 | - | 1,366 |
| 3+2 | 6 | - | 1,572 - 1,665 |
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PROPERTY TAXES
| Parcel Number | 71003991877000 | Improvements Assessment | $324,300 |
| Land Assessment | $33,500 | Total Assessment | $357,800 |
CONTACT
-
David Schlossman -
Horizon Real Estate Group
