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Multifamily

Park Avenue Apartments

210 Park Ave, Park Rapids, MN 56470

Listing Price: $2,600,000

Cap Rate
7.46%

Investment Overview

Marcus & Millichap is pleased to announce the exclusive listing of Park Avenue Apartments, a 40-unit apartment community located in Park Rapids, Minnesota. Park Avenue Apartments is being offered for sale on a free-and-clear basis. Originally built as a school, Park Avenue Apartments was constructed in 1927 and operated as such until it was converted in 2008 and renovated in 2019. These buildings sit on 2.36 acres and feature eight studio/1-bathroom units averaging 589 square feet, four 1-bed room/1-bathroom units averaging 775 square feet, 16 2-bedroom/1-bathroom units averaging 820 square feet, six 3-bedroom/1-bath room units averaging 925 square feet, one 3-bedroom/1.5-bathroom unit averaging 1,200 square feet, four 4-bedroom/1-bathroom units averaging 1,125 square feet, and one 5-bedroom/1-bathroom unit, totaling 40 units. These properties include on-site coin-operated laundry and ample surface lot parking. Park Rapids, Minnesota is located within the Heartland Lakes region, the county seat of Hubbard County, and is home to roughly 4,000 people. The city is located near Itasca State Park, a Minnesota State Park that spans 50 miles of northern Minnesota, being most notable for its access to the headwaters of the Mississippi River as well as holding more than 100 lakes within it’s 32,690 acres. With over 400 lakes in the area, Park Rapids is known for being a popular summer vacation spot with a multitude of resort style lodging. Park Rapids also houses the Heartland State Trail, beginning in the city and extending 49 miles to Cass Lake, Minnesota. Residents are able to bike, skate, horseback ride, snowmobile, or cross-country ski on the trail. Park Avenue Apartments is located within the center of the city and is near many restaurants, schools, and businesses. Less than 1 mile away sits Anytime Fitness (0.2 miles), Coborn’s Grocery store (0.3 miles), and Park Rapids High School (0.6 miles). Park Avenue Apartments offers investors the opportunity to acquire well-maintained and stabilized property in the city of Park Rapids, Minnesota.

Investment Highlights

  • Recent Renovations & Capital Improvements
  • Located Near Many Businesses and Restaurants
  • Near Itasca State Park
  • Ample Surface Lot Parking
  • 7.46% Current Cap Rate / 8.08% Current Cash-on-Cash Return

Exclusively Listed By

Financing By

Multifamily

Park Avenue Apartments

Investment Highlights

  • Recent Renovations & Capital Improvements
  • Located Near Many Businesses and Restaurants
  • Near Itasca State Park
  • Ample Surface Lot Parking
  • 7.46% Current Cap Rate / 8.08% Current Cash-on-Cash Return

Investment Overview

Marcus & Millichap is pleased to announce the exclusive listing of Park Avenue Apartments, a 40-unit apartment community located in Park Rapids, Minnesota. Park Avenue Apartments is being offered for sale on a free-and-clear basis. Originally built as a school, Park Avenue Apartments was constructed in 1927 and operated as such until it was converted in 2008 and renovated in 2019. These buildings sit on 2.36 acres and feature eight studio/1-bathroom units averaging 589 square feet, four 1-bed room/1-bathroom units averaging 775 square feet, 16 2-bedroom/1-bathroom units averaging 820 square feet, six 3-bedroom/1-bath room units averaging 925 square feet, one 3-bedroom/1.5-bathroom unit averaging 1,200 square feet, four 4-bedroom/1-bathroom units averaging 1,125 square feet, and one 5-bedroom/1-bathroom unit, totaling 40 units. These properties include on-site coin-operated laundry and ample surface lot parking. Park Rapids, Minnesota is located within the Heartland Lakes region, the county seat of Hubbard County, and is home to roughly 4,000 people. The city is located near Itasca State Park, a Minnesota State Park that spans 50 miles of northern Minnesota, being most notable for its access to the headwaters of the Mississippi River as well as holding more than 100 lakes within it’s 32,690 acres. With over 400 lakes in the area, Park Rapids is known for being a popular summer vacation spot with a multitude of resort style lodging. Park Rapids also houses the Heartland State Trail, beginning in the city and extending 49 miles to Cass Lake, Minnesota. Residents are able to bike, skate, horseback ride, snowmobile, or cross-country ski on the trail. Park Avenue Apartments is located within the center of the city and is near many restaurants, schools, and businesses. Less than 1 mile away sits Anytime Fitness (0.2 miles), Coborn’s Grocery store (0.3 miles), and Park Rapids High School (0.6 miles). Park Avenue Apartments offers investors the opportunity to acquire well-maintained and stabilized property in the city of Park Rapids, Minnesota.

Exclusively Listed By

Financing By

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