Investment Overview

Marcus & Millichap is pleased to announce the exclusive listing of Charter Oaks Townhomes, a 33-unit Section 42 Low Income Housing Tax Credit (LIHTC) townhome community located in Waseca, Minnesota. The property is being offered for sale on a free-and-clear basis. Constructed in 2001, Charter Oaks Townhomes sits on 7.16 acres and features twenty 2-bedroom/ 2-bathroom units at 1,270 square feet and thirteen 3-bedroom/ 2-bathroom units at 1,270 square feet. The property features individual garage stalls, a playground, and ample off-street parking. The units themselves feature in-unit washers and dryers, walk-in closets, private entry ways, and private walk-out patios. Located on the western side of the city and just two blocks from Loon Lake, Charter Oaks Townhomes is conveniently situated near parks, retail shopping, restaurants, and schools. Within 3 miles of the property sits Vista Park (0.5 miles), Kwik Trip (0.8 miles), Hartley Elementary School (2.1 miles), Waseca Senior High School (2.2 miles), and Clear Lake (3 miles). The city of Waseca, located about 70 miles south of Minneapolis and 55 miles west of Rochester, is the county seat of Waseca County and is home to roughly 9,000 people. The city is nestled between Owatonna, MN to the east and Mankato, MN to the west. Waseca is home to many parks and lakes including, but not limited to, Loon Lake, Clear Lake, Maplewood Park, Clear Lake Park, Loon Lake Park and Sportsmans Park. The city also showcases an outdoor water park, campgrounds, numerous hiking and biking trails, and Waseca Lakeside Golf Club. Some major employers in the area include Mediacom, a communications and cabling company, Bird’s Eye Foods, a food manufacturing company that brings in an estimated $159.6M in revenue per year, and the Mayo Clinic Medical Center, a division of the Mayo Clinic Health System. Charter Oaks Townhomes presents the opportunity to acquire a well-maintained stable asset with upside through increased rents and future upside when the property moves to market rate.