Investment Overview

Marcus & Millichap is pleased to present this exclusive listing for an investor to acquire a land development opportunity. The highest and best use of the subject property is to build a multi-family investment portfolio located in New Richmond, Wisconsin. The subject property is comprised of 2 neighboring parcels, both of which are corner lots, next to the community's industrial park and near downtown. This build-to-suit opportunity allows a new owner to capitalize on developing numerous townhome buildings in order to achieve premium rents that has attracted developers to the area. For example, HUD's 2024 Fair Market Rent in Saint Croix County of $2,188 is for a 3-Bedroom rental and higher rents can be attained with additional bedrooms. As of recent years, Saint Croix County has been one of the fastest growing counties throughout the entire state of Wisconsin. In addition, New Richmond rivals the likes of Eau Claire, in terms of population growth by percentage of said population. At one time, New Richmond was considered a farm town; however, there is farmland on all sides of the city being annexed into the city limits for future development opportunity. As a result, New Richmond is a steadily growing community and an extension of the Minneapolis-Saint Paul MSA. The thriving community is home to many residents that take advantage of the affordable cost of living, the ease of travel to the Twin Cities metro for employment and events, as well as various recreational amenities offered such as local parks, trails, rivers, and lakes. The accelerated level of development in this community is evident due to the existent and approved development. Out-of-state/out-of-area investors are moving capital into said community, as a result of increase property values and improving NOI's. Please click on the following link for an aerial video of the land development opportunity: https://youtu.be/Sv-zhj0iNSg