Andover Park Apartments 1902-2008 8 1/2 St SE 80 Unit Apartment Building $5,895,000 ($73,688/Unit) Rochester, MN 55904
INVESTMENT HIGHLIGHTS
- 80 units with 76 online compromised of 10 buildings
- Turn-key, stable investment with upside
- On Site Parking for residents with ~160 Parking Spaces, Professional in-house Management in place
- 5.45 Acres on 2 adjacent parcels with likely ability to build 4-5 more buildings
- 75 units with 3 beds/2 baths & 5 units with 2 beds/2 baths, Spacious units with 1,100 finished square feet
- Desirable location in Rochester, MN with close proximity to local conveniences and services
EXECUTIVE SUMMARY
$500,000 Price Reduction!! Results Commercial is pleased to present For Sale an 80 Unit Multifamily Investment Opportunity in the heart of highly desirable Rochester, MN. This offering features 10 buildings, totaling 80 units with 76 actively online. The properties are stable, but still offer value add potential with below market rental rates and the ability to build another 4-5 buildings (with necessary approvals). The properties are enrolled in the 4(d) affordable housing program. Current ownership remodeled most all of the units since their acquisition in 2016. Built in 1979 with 93,600 square feet, 2 adjacent parcels on 5.45 acres offering an ideal blend of space and comfort for residents.
The portfolio totals 80 units, comprised of 75 units with 3 beds and 2 baths and 5 units have 2 beds and 2 baths. Each unit is spacious with 1,100 finished SF. Plenty of parking for the buildings with over 160 spaces. All buildings are similar with solid construction and quality finishes throughout. Zoning is R3 Medium Density Residential (see zoning page).
Contact the Listing Brokers, Mark Hulsey and Hayden Hulsey, CCIM for the rent rolls/expenses and tours.
The portfolio totals 80 units, comprised of 75 units with 3 beds and 2 baths and 5 units have 2 beds and 2 baths. Each unit is spacious with 1,100 finished SF. Plenty of parking for the buildings with over 160 spaces. All buildings are similar with solid construction and quality finishes throughout. Zoning is R3 Medium Density Residential (see zoning page).
Contact the Listing Brokers, Mark Hulsey and Hayden Hulsey, CCIM for the rent rolls/expenses and tours.
PROPERTY FACTS Under Contract
| Price | $5,895,000 |
| Price Per Unit | $73,688 |
| Sale Type | Investment |
| No. Units | 80 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 5.45 AC |
| Building Size | 93,600 SF |
| No. Stories | 2 |
| Year Built | 1977 |
| Parking Ratio | 1.38/1,000 SF |
| Zoning | R3 - Medium Density Residential (see zoning page) |
AMENITIES
SITE AMENITIES
- Property Manager on Site
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1.5 | 5 | - | 1,170 |
| 2+2 | 75 | - | 1,050 |
Bike Score®
Very Bikeable (72)
PROPERTY TAXES
| Parcel Number | 63.06.32.084742 | Improvements Assessment | $3,552,000 |
| Land Assessment | $560,000 | Total Assessment | $4,112,000 |
