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Multifamily Tax Credit

The Current

215 1st Ave N, Grand Forks, ND 58203

Listing Price: $3,000,000

Cap Rate
5.89%
Number of Units
40
GRM
7.57
Occupancy
100.0%
Price/Unit
$75,000

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing of The Current Apartments, located in the downtown district of Grand Forks, North Dakota. The property sits on approximately .88 acres just west of the Red River greenway and offers 40 low-income housing tax credit (LIHTC) apartment homes.

The Current Apartments, constructed in 2007, is comprised of 15 one-bedroom, one-bathroom apartments at 733-765 square feet and 25 two-bedroom, one-bathroom apartments at 940-1,057 square feet, all available at affordable rents. Currently, one-bedroom apartments are priced between $612 and $795 per month, while two-bedroom units range from $750 to $925 per month. Current asking rents are positioned below the 2024 Maximum Rent Limits established by the Federal Low Income Housing Tax Credit Program. According to our rental survey, there is potential for rent increases while remaining within the 2024 Maximum Rent Limits, in turn permitting projected growth in annual rental income.

Investment Highlights

  • 40 LIHTC Apartment Homes
  • Potential for Rent Increases While Remaining Within the Maximum Rent Limits
  • 5.89% CAP Rate

Exclusively Listed By

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s) ND: 10032

    North Dakota

Financing By

Multifamily Tax Credit

The Current

Listing Price: $3,000,000

Cap Rate
5.89%
Number of Units
40
GRM
7.57
Occupancy
100.0%
Price/Unit
$75,000

Investment Highlights

  • 40 LIHTC Apartment Homes
  • Potential for Rent Increases While Remaining Within the Maximum Rent Limits
  • 5.89% CAP Rate

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing of The Current Apartments, located in the downtown district of Grand Forks, North Dakota. The property sits on approximately .88 acres just west of the Red River greenway and offers 40 low-income housing tax credit (LIHTC) apartment homes. The Current Apartments, constructed in 2007, is comprised of 15 one-bedroom, one-bathroom apartments at 733-765 square feet and 25 two-bedroom, one-bathroom apartments at 940-1,057 square feet, all available at affordable rents. Currently, one-bedroom apartments are priced between $612 and $795 per month, while two-bedroom units range from $750 to $925 per month. Current asking rents are positioned below the 2024 Maximum Rent Limits established by the Federal Low Income Housing Tax Credit Program. According to our rental survey, there is potential for rent increases while remaining within the 2024 Maximum Rent Limits, in turn permitting projected growth in annual rental income.

Exclusively Listed By

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s): ND: 10032

    North Dakota

Financing By

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