7232 Portland Ave | Richfield, MN 55423
This feature is unavailable at the moment.
We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.
Please check back in a few minutes. We apologize for the inconvenience.
- LoopNet Team
7232 Portland Ave
Richfield, MN 55423
Portland Terrace Apartments · Multifamily Property For Sale
·
68 Units
INVESTMENT HIGHLIGHTS
- Offering an opportunity for substantial rental growth potential through interior upgrades.
- The Richfield submarket has recently experienced multiple properties undergo extensive renovations.
- Proximity to major highways like 494 and 35W facilitate easy access to neighboring cities and the broader Twin Cities metro.
- Opportunity to take advantage of an estimated $195/unit average monthly premium on rents, capturing a 19.6% ROI.
- These renovated units were quickly absorbed by the market and have increased the average rents in the area.
- Its location provides residents with convenient access to urban amenities and employment opportunities.
PROPERTY FACTS
| No. Units | 68 | Building Size | 89,070 SF |
| Property Type | Multifamily | Average Occupancy | 94% |
| Property Subtype | Apartment | No. Stories | 3 |
| Apartment Style | Garden | Year Built | 1963 |
| Building Class | C | Parking Ratio | 1.51/1,000 SF |
| Lot Size | 2.40 AC |
| No. Units | 68 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.40 AC |
| Building Size | 89,070 SF |
| Average Occupancy | 94% |
| No. Stories | 3 |
| Year Built | 1963 |
| Parking Ratio | 1.51/1,000 SF |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Refrigerator
- Oven
- Range
- Smoke Free
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Tenant Controlled HVAC
- Storage Space
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | - | 328 |
| 1+1 | 35 | - | 600 |
| 2+1 | 30 | - | 724 |
| 3+1 | 2 | - | 1,025 |
PROPERTY TAXES
| Parcel Number | 34-028-24-14-0006 | Improvements Assessment | $6,445,000 |
| Land Assessment | $816,000 | Total Assessment | $7,261,000 |
PROPERTY TAXES
Parcel Number
34-028-24-14-0006
Land Assessment
$816,000
Improvements Assessment
$6,445,000
Total Assessment
$7,261,000
1 of 1
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
