Hillside East 371 Old Highway 8 SW 108 Unit Apartment Building For Sale New Brighton, MN 55112

Marcus & Millichap is pleased to present the opportunity to acquire Hillside East Apartments, a 108-unit multifamily property located in New Brighton.
Built in 1964, Hillside East Apartments is comprised of two neighboring apartment buildings situated on a combined 5.42-acre site. The property offers investors the opportunity to acquire a sizable suburban multifamily asset with scale, updated interiors, strong in-place cash flow, and attractive assumable financing within an established Twin Cities rental market.
A significant investment highlight is the property’s highly attractive assumable debt, which provides investors with immediate high-yield cash flow from day one. The existing financing carries a favorable $10.2M loan at 4.67% interest-only rate through July 2032, with monthly debt service of only $44,107.09, inclusive of reserves. In today’s lending environment, this below-market assumable financing presents a compelling opportunity for immediate Cash on Cash and overall investment returns.
Hillside East Apartments features a balanced unit mix of 10 one-bedroom, 88 two-bedroom, and 10 three-bedroom residences. Across the property, units average approximately 833 square feet in size, with average rents of approximately $1,430 per month. The property has undergone a significant interior renovation program, with many units featuring updated kitchens, new flooring, and modern finishes that position the asset competitively within the market. Bathroom updates varied by unit, with select full bathroom renovations completed and many additional units receiving updated vanities, mirrors, and light fixtures. Apartment amenities also include ceiling fans, balconies, and dishwashers, providing residents with practical in-unit features that support everyday comfort and convenience.
The property benefits from professional management and pride of ownership, with the buildings being exceptionally well maintained and cared for throughout ownership. In addition to the renovated unit interiors, ownership has completed numerous recent capital improvements throughout the property, including common area railing repairs, gutter downspout repairs, exterior railing improvements, pool shed reconstruction, boiler room wall repairs, and a planned parking lot overlay and restriping project through Metro Paving.
Community amenities include a picnic pavilion, playground, laundry facilities, and an outdoor pool. Hillside East also offers a strong parking ratio with approximately 173 surface parking spaces and 48 garage spaces, a notable amenity for residents in a suburban setting.
New Brighton continues to be one of the Twin Cities’ most favored suburban rental markets, benefiting from consistent and steady rental demand driven by strong surrounding demographics, and proximity to major employment corridors. The submarket’s stable renter base and limited new multifamily supply continue to support long-term occupancy and rent growth fundamentals.
The property is also within walking distance of Totem Pole Park, providing residents with convenient access to tennis courts, basketball courts, baseball fields, and open green space. With its established location, renovated interiors, strong assumable financing, professional management, and sizable site, Hillside East Apartments is well positioned to appeal to multifamily investors seeking stable cash flow and long-term value in the New Brighton market.