Lakeside Apartments 1685 N Redding Ave 45 Unit Apartment Building $5,750,000 ($127,778/Unit) 7.57% Cap Rate Windom, MN 56101

7.5% Cap | 45-Unit Market Rate Multifamily | Built 2020
Lakeside Apartments of Windom is a 56,019 SF, 45-unit mid-rise multifamily property constructed in 2020, offering stable in-place income supported by modern construction and a comprehensive amenity package. The property is well suited for investors seeking a newer-vintage asset with efficient operations and limited near-term capital exposure.
The building features controlled keyless access, elevator service, surveillance cameras, a community room, fitness center, and both attached and detached garages providing ample parking. The property’s location adjacent to Cottonwood Lake enhances tenant appeal with scenic views and a quiet residential setting.
Units include one-, two-, and three-bedroom layouts designed to accommodate a range of tenant preferences. Interior finishes include open floor plans, recessed lighting, kitchen islands, stainless steel appliances, full-size in-unit laundry, walk-in closets, and additional storage in bathrooms and laundry areas. Ground-floor units feature 9-foot ceilings, with wide hallways and recessed apartment entryways throughout the building.
Exterior construction consists of steel siding with brick accents and prefabricated metal suspended deck systems, supporting long-term durability and reduced maintenance requirements.
Location Description
Lakeside Apartments is located at 1685 Redding Avenue North in Windom, Minnesota, the county seat of Cottonwood County in southwestern Minnesota. Windom has a population of approximately 4,800 residents, while Cottonwood County serves nearly 12,000 residents.
The local economy is supported by a diverse employment base anchored by agriculture, manufacturing, healthcare, education, and transportation. Major employers include TORO Manufacturing (approximately 600 employees), Windom Public Schools (176 employees), and Fortune Transportation (175 employees). Additional employers include Windom Area Health, Ag Builders of Southern Minnesota, and Fast Global Solutions. The region supports a labor force of approximately 2,378 workers, contributing to consistent housing demand.
The property offers convenient access to downtown Windom, healthcare, schools, retail services, and Highway 60, providing regional connectivity while maintaining a residential lakeside environment.
Highlights
56,019 SF Mid-Rise Multifamily Property
45 Units | Built in 2020
One-, Two-, and Three-Bedroom Unit Mix
Controlled / Keyless Access with Surveillance Cameras
Elevator-Served Building
Community Room and Fitness Center
Attached and Detached Garages with Ample Parking
Cottonwood Lake Views
Steel Siding with Brick Accents
Prefabricated Metal Suspended Deck Systems
9’ Ground-Floor Ceilings and Wide Interior Hallways
In-Unit Full-Size Laundry, Walk-In Closets, and Storage
Open Floor Plans with Stainless Steel Appliances
Efficient Operating Profile with Limited Capital Needs