Log In/Sign Up
Your email has been sent.
Lofts@1633 1633 Monks Ave 66 Unit Apartment Building $7,700,000 ($116,667/Unit) 6.59% Cap Rate Mankato, MN 56001
INVESTMENT HIGHLIGHTS
- STRATEGIC LOCATION - Located one block from Minnesota State University, Mankato which has enrollment of over 14,000 Students.
- HISTORY OF 100% OCCUPANCY - 69 student housing beds have been fully occupied for the previous 5 rental seasons.
- RETAIL UPSIDE POTENTIAL - A new owner has the opportunity to create significant value by filling the existing retail vacancy.
- SIGNIFICANT STUDENT HOUSING RENT GROWTH - Lofts@1633 has averaged 9% annual compounding rent growth for the last 5 rental seasons.
- SERVICE-BASED RETAIL TENANCY - All retailers consist of service-based tenants that are resistant to e-commerce competition and market disruptions.
- MINNESOTA’S SECOND LARGEST UNIVERSITY - Mankato is home to Minnesota State University which has enrollment of over 14,000 Students.
EXECUTIVE SUMMARY
The offering consists of a three-story mixed-use property with 12,327 square feet of main floor retail and 69 beds of student housing. The asset is strategically located one block from Minnesota State University Mankato. MSU is Minnesota’s second largest university with enrollment exceeding 14,000 students located on a 300+ acre campus. The city of Mankato is 80 miles south of Minneapolis and has a population of 45,000 residents.
Lofts@1633 has had a consistent track record of 100% occupancy throughout its 69 student housing beds. Student rents at Lofts@1633 have averaged 9% annual compounding growth for the last 5 rental seasons. The retail rent roll consists of a diverse mix of national, regional, and local service-based retailers. The majority of retail rents are significantly below new construction competition resulting in high tenant demand and strong occupancy fundamentals for a new owner.
This offering delivers stable in-place cash flow while also providing the opportunity for significant upside potential. An investor can realize this upside by filling the existing retail vacancy and capitalizing on the student housing rent growth that has been demonstrated with this asset. Value creation will be driven largely by the opportunity to increase cashflows and through the irreplaceable infill location less than one block from the MSU Campus.
To view the OM, please sign the Confidentiality Agreement here:
https://www.cbredealflow.com/buyer/agreement?pv=kT0O5J9L2IE4Bg4PNiwcGEYgza-ehf5AVZ3N8t9OkKpoJY8Qrk0LWFqa1KqNbnhR
Lofts@1633 has had a consistent track record of 100% occupancy throughout its 69 student housing beds. Student rents at Lofts@1633 have averaged 9% annual compounding growth for the last 5 rental seasons. The retail rent roll consists of a diverse mix of national, regional, and local service-based retailers. The majority of retail rents are significantly below new construction competition resulting in high tenant demand and strong occupancy fundamentals for a new owner.
This offering delivers stable in-place cash flow while also providing the opportunity for significant upside potential. An investor can realize this upside by filling the existing retail vacancy and capitalizing on the student housing rent growth that has been demonstrated with this asset. Value creation will be driven largely by the opportunity to increase cashflows and through the irreplaceable infill location less than one block from the MSU Campus.
To view the OM, please sign the Confidentiality Agreement here:
https://www.cbredealflow.com/buyer/agreement?pv=kT0O5J9L2IE4Bg4PNiwcGEYgza-ehf5AVZ3N8t9OkKpoJY8Qrk0LWFqa1KqNbnhR
PROPERTY FACTS
| Price | $7,700,000 | Apartment Style | Low-Rise |
| Price Per Unit | $116,667 | Building Class | A |
| Sale Type | Investment | Lot Size | 0.55 AC |
| Cap Rate | 6.59% | Building Size | 40,869 SF |
| No. Units | 66 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1990/2015 |
| Property Subtype | Apartment | Parking Ratio | 3.09/1,000 SF |
| Zoning | Commercial - Commercial | ||
| Price | $7,700,000 |
| Price Per Unit | $116,667 |
| Sale Type | Investment |
| Cap Rate | 6.59% |
| No. Units | 66 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | A |
| Lot Size | 0.55 AC |
| Building Size | 40,869 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1990/2015 |
| Parking Ratio | 3.09/1,000 SF |
| Zoning | Commercial - Commercial |
AMENITIES
UNIT AMENITIES
- Washer/Dryer
- Hardwood Floors
- Wi-Fi
- Island Kitchen
SITE AMENITIES
- Controlled Access
Bike Score®
Very Bikeable (70)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $6,745,100 | |
| Land Assessment | $326,900 | Total Assessment | $7,072,000 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$326,900
Improvements Assessment
$6,745,100
Total Assessment
$7,072,000
1 of 5
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
Presented by
Lofts@1633 | 1633 Monks Ave
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.