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Town Square Apartments 208 2nd St NW 81 Unit Apartment Building $6,000,000 ($74,074/Unit) 8% Cap Rate East Grand Forks, MN 56721
Investment Highlights
- Exclusive First-Time Sale
- Attractive Unit Mix: 78 one-bedroom and 3 two-bedroom units.
- Diverse Income Opportunities
- 81-Unit High-Demand Building: Large asset ensuring stable cash flow.
- Substantial Value-Add Potential
- Limited Entry in Tight Market | Strong Long-Term Appreciation Potential
Executive Summary
• First Time Ever Offered for Sale
A truly rare opportunity to acquire a legacy property that has never previously traded — assets of this scale almost never come to market in Grand Forks.
• 81-Unit Building in a High-Demand Market
One of the largest residential assets in the submarket, offering immediate scale, durable cash flow, and long-term hold appeal.
• Highly Desirable & Efficient Unit Mix – 78 One-Bedroom / 3 Two-Bedroom Units
Ideal for today’s renter profile — strong demand for affordable, efficient living driving consistent absorption and rent growth.
• Significant Value-Add Through Interior Modernization
Clear upside through unit upgrades, finishes, appliances, and amenities to capture market rents and increase NOI.
• Underutilized Revenue Enhancement Opportunities
Ability to implement strategic rent increases, RUBS, parking, laundry, and premium unit finishes to drive additional income.
• Rare Entry Point Into a Supply-Constrained Multifamily Market
Limited new development of assets this size creates built-in pricing power over time.
• Long-Term Appreciation with Scalable Upside
Investors benefit from immediate income with a clear path to forced appreciation through thoughtful repositioning.
A truly rare opportunity to acquire a legacy property that has never previously traded — assets of this scale almost never come to market in Grand Forks.
• 81-Unit Building in a High-Demand Market
One of the largest residential assets in the submarket, offering immediate scale, durable cash flow, and long-term hold appeal.
• Highly Desirable & Efficient Unit Mix – 78 One-Bedroom / 3 Two-Bedroom Units
Ideal for today’s renter profile — strong demand for affordable, efficient living driving consistent absorption and rent growth.
• Significant Value-Add Through Interior Modernization
Clear upside through unit upgrades, finishes, appliances, and amenities to capture market rents and increase NOI.
• Underutilized Revenue Enhancement Opportunities
Ability to implement strategic rent increases, RUBS, parking, laundry, and premium unit finishes to drive additional income.
• Rare Entry Point Into a Supply-Constrained Multifamily Market
Limited new development of assets this size creates built-in pricing power over time.
• Long-Term Appreciation with Scalable Upside
Investors benefit from immediate income with a clear path to forced appreciation through thoughtful repositioning.
Property Facts
| Price | $6,000,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $74,074 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.07 AC |
| Cap Rate | 8% | Building Size | 47,061 SF |
| No. Units | 81 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 5 |
| Property Subtype | Apartment | Year Built | 1978 |
| Price | $6,000,000 |
| Price Per Unit | $74,074 |
| Sale Type | Investment |
| Cap Rate | 8% |
| No. Units | 81 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.07 AC |
| Building Size | 47,061 SF |
| Average Occupancy | 100% |
| No. Stories | 5 |
| Year Built | 1978 |
Amenities
Unit Amenities
- Cable Ready
- Heating
- Kitchen
- Range
- Tub/Shower
- Walk-In Closets
- Carpet
- Vinyl Flooring
- Window Coverings
Site Amenities
- 24 Hour Access
- Controlled Access
- Property Manager on Site
- Package Service
- Elevator
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 78 | - | 573 |
| 2+1 | 3 | - | 793 |
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Walk Score®
Very Walkable (71)
Bike Score®
Very Bikeable (71)
Property Taxes
| Parcel Numbers | Improvements Assessment | $3,851,700 | |
| Land Assessment | $115,900 | Total Assessment | $3,967,600 |
Property Taxes
Parcel Numbers
Land Assessment
$115,900
Improvements Assessment
$3,851,700
Total Assessment
$3,967,600
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Town Square Apartments | 208 2nd St NW
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