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Best Penn Apartments 7427-7435 Penn Ave S 20 Unit Apartment Building For Sale Richfield, MN 55423
Investment Highlights
- Prime Southwest Richfield location near demand drivers
- Immediate access to I-494 and I-35W
- Affordable rents support consistent tenant demand
- Minutes to the Mall of America, MSP Airport
- 21 units, efficient layouts, workforce appeal
- Utility recapture upside, stable recession-resistant asset
Executive Summary
Located in the desirable Southwest Richfield submarket, this property offers excellent access to I-494 and I-35W, just minutes from the Mall of America and MSP Airport. Surrounded by retail, dining, and employment, the asset benefits from strong, consistent renter demand. The 21-unit property features primarily efficient one-bedroom layouts (~650 SF) with naturally affordable rents around $999+, catering to a stable workforce tenant base. Built in the 1960s, the asset presents a clear value-add opportunity through interior upgrades and operational improvements. Major capital items—including roof, windows, and water heaters—have already been completed, reducing near-term risk. With owner-paid utilities, RUBS potential, on-site laundry income, and a low-rise design, the property offers operational efficiency and long-term, recession-resistant stability.
Property Facts
| Sale Type | Investment | Lot Size | 0.67 AC |
| No. Units | 20 | Building Size | 10,649 SF |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1960 |
| Apartment Style | Low-Rise | Parking Ratio | 5.18/1,000 SF |
| Building Class | C |
| Sale Type | Investment |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.67 AC |
| Building Size | 10,649 SF |
| No. Stories | 2 |
| Year Built | 1960 |
| Parking Ratio | 5.18/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 19 | - | 650 |
| 3+1 | 1 | - | 1,100 |
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Moderately walkable
60/100
Exceptionally drivable
100/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,772,000 | |
| Land Assessment | $252,000 | Total Assessment | $2,024,000 |
Property Taxes
Parcel Numbers
Land Assessment
$252,000
Improvements Assessment
$1,772,000
Total Assessment
$2,024,000
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Best Penn Apartments | 7427-7435 Penn Ave S
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