Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present for sale Fairoak Avenue Apartments, a 24 unit apartment community located in Anoka, MN. 2540 Fairoak Ave is available for purchase for the first time in the building’s history. We are pleased to present a unique opportunity to purchase a beloved asset in a path of progress location. With 24 units comprised of 15 two-bedrooms, 8 one-bedrooms and 1 three bedroom residences, this property offers a diverse unit mix catering to various needs. Built in 1983 and situated on a 1.4 acre lot, Fairoak enjoys a great location just outside of the commercial or social district. Anoka is a growing suburb that provides convenience and easy access to the many employment sectors of the Twin Cities by way of US Highway 10 and US Route 169. Residents of Anoka have strong community pride and enjoy the ample walking and biking paths along with a lively town center and bodies of water for recreational activities. The pride of ownership of the long-time owners is immediately evident when touring the property. Residents enter a welcoming environment with beautiful landscaping, recently seal coated parking lot, new garage doors, and a new building access system via Ring In. Major capital improvements include a new boiler in 2018, a new water heater in 2017 and windows in 2011. Discussions with the insurance company are currently taking place regarding a roof replacement. This exceptionally well maintained property has excellent current and historical occupancy. The building offers an immediate, naturally-occurring rent increase opportunity with rents considerably below the like-kind rent comparables. An investor will also have the lucrative ability to push rents further by investing capital via in-unit upgrades and a common area refresh.