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Rock Ridge Apartments 604 Knight St 36 Unit Apartment Building $3,775,000 ($104,861/Unit) 6.74% Cap Rate Saint Peter, MN 56082
Investment Highlights
- Turnkey asset with operational stability and potential for rental rate increases through continued interior improvements and market rent alignment.
- Variety of unit mix’s and floor plans including some ADA compliant units.
- Roof replacements completed in 2024 for Building 604 and associated garages.
- Located in Saint Peter MN 20 minutes north of Mankato positioned next to the hospital.
- Roof replacements completed in 2022 for Building 624 and associated garages.
- Parking lot resealed in 2025, enhancing curb appeal and longevity.
Executive Summary
Broker of Record
Kurt Sauer
License # 41005445 (MN)
Matthews of Minnesota, LLC
701 Xenia Ave S, Ste 485 Minneapolis MN 55416
(866) 889-0550
Kurt Sauer
License # 41005445 (MN)
Matthews of Minnesota, LLC
701 Xenia Ave S, Ste 485 Minneapolis MN 55416
(866) 889-0550
Property Facts
| Price | $3,775,000 | Apartment Style | Low-Rise |
| Price Per Unit | $104,861 | Building Class | B |
| Sale Type | Investment | Lot Size | 3.09 AC |
| Cap Rate | 6.74% | Building Size | 36,596 SF |
| Gross Rent Multiplier | 8 | No. Stories | 2 |
| No. Units | 36 | Year Built | 2003 |
| Property Type | Multifamily | Parking Ratio | 2.19/1,000 SF |
| Property Subtype | Apartment |
| Price | $3,775,000 |
| Price Per Unit | $104,861 |
| Sale Type | Investment |
| Cap Rate | 6.74% |
| Gross Rent Multiplier | 8 |
| No. Units | 36 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 3.09 AC |
| Building Size | 36,596 SF |
| No. Stories | 2 |
| Year Built | 2003 |
| Parking Ratio | 2.19/1,000 SF |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Range
- Wheelchair Accessible (Rooms)
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 18 | - | 1,150 |
| 2+2 | 18 | - | 1,250 |
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Property Taxes
| Parcel Number | R-19.755.0020 | Improvements Assessment | $3,391,400 |
| Land Assessment | $173,400 | Total Assessment | $3,564,800 |
Property Taxes
Parcel Number
R-19.755.0020
Land Assessment
$173,400
Improvements Assessment
$3,391,400
Total Assessment
$3,564,800
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Videos
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Rock Ridge Apartments | 604 Knight St
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