Log In/Sign Up
Your email has been sent.
Dewey Flats 221 Lamm St 10 Unit Apartment Building $2,500,000 ($250,000/Unit) 6.01% Cap Rate Mankato, MN 56001
INVESTMENT HIGHLIGHTS
- Rental Income: Monthly rent starts at $1,750 per unit with a Rental Income Growth Rate of 3% annually
- Operating Expenses: The Operating Expense Ratio is projected at 25.25%, with an Expense Growth Rate of 3% annually
- Additional Income: The development includes an estimated pet income averaging $165 per unit annually
- Vacancy and Credit Loss: A conservative vacancy and credit loss assumption of 5% has been applied
EXECUTIVE SUMMARY
Dewey Flats is a new, To-Be-Built, development designed to meet the growing demand for quality rental housing. The project will feature three-story townhome style rentals, each offering 2 Bedrooms, 1.5 Bathrooms, a tuck under garage, in-unit washer and dryer, and 1,500 square feet of living space.
These pet friendly units are designed for modern renters and will lease for $1,750 per month to start. The exterior will combine durability and curb appeal, featuring Vetter Stone accents, wainscoting, vinyl lap siding, and cement board elements.
Factor Group will handle the development and Factor Property Management will handle all of the onboarding and pre-leasing for the property. They have a strong track record of success, having fully leased The Forde Apartments in North Mankato and The Capital Lofts in St. Peter within three months of operation. Factor uses targeted marketing, efficient tenant screening, and hands on management to quickly lease properties and ensure long-term success.
These pet friendly units are designed for modern renters and will lease for $1,750 per month to start. The exterior will combine durability and curb appeal, featuring Vetter Stone accents, wainscoting, vinyl lap siding, and cement board elements.
Factor Group will handle the development and Factor Property Management will handle all of the onboarding and pre-leasing for the property. They have a strong track record of success, having fully leased The Forde Apartments in North Mankato and The Capital Lofts in St. Peter within three months of operation. Factor uses targeted marketing, efficient tenant screening, and hands on management to quickly lease properties and ensure long-term success.
PROPERTY FACTS
| Price | $2,500,000 | Apartment Style | Townhome |
| Price Per Unit | $250,000 | Building Class | B |
| Sale Type | Investment | Construction Status | Proposed |
| Cap Rate | 6.01% | Building Size | 15,000 SF |
| No. Units | 10 | No. Stories | 3 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Property Subtype | Apartment |
| Price | $2,500,000 |
| Price Per Unit | $250,000 |
| Sale Type | Investment |
| Cap Rate | 6.01% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Building Class | B |
| Construction Status | Proposed |
| Building Size | 15,000 SF |
| No. Stories | 3 |
| Opportunity Zone |
Yes |
AMENITIES
UNIT AMENITIES
- Washer/Dryer
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1.5 | 10 | - | - |
1 1
Walk Score®
Very Walkable (77)
Bike Score®
Very Bikeable (88)
1 of 3
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
1 of 1
Presented by
Dewey Flats | 221 Lamm St
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.