Investment Overview

Marcus & Millichap is proud to present this exclusive listing of the Falcon Glen Luxury Condominiums, a new construction six-condominium building that’s prepared for lease-up and available for additional development. This high-quality new construction build has a unit comprised of Four 3-Bedroom/2.5-Bathroom and Two 2-Bedroom/2.5 Bathroom condominiums, all of which have attached single-stall garages plus additional parking. While situated within the Minneapolis-Saint Paul MSA, real estate investors in New Richmond benefit from attaining premium rents and their residents benefit from lower cost of living in comparison to more urban communities in nearby Hudson, Wisconsin and Minnesota municipalities near the border. As a result, the subject property location is alluring for residents to have the ability to commute from Highway 64 and I-94, into the Twin Cities (Minnesota) or across the state of Wisconsin, as well as north to Duluth, Minnesota while utilizing Highway 65 and Highway 35. This particular development, being located in the growing City of New Richmond, makes for a unique opportunity to acquire a multifamily investment building paired with opportunity for an additional multifamily development opportunity in the future, as said developer is building out additional buildings over the course of multiple phases. There’s multiple exit strategies for a buyer, between selling individual parcels or as a portfolio. When underwriting per current market standards paired with market projections that’re based on current trends, the projected rents to attain swiftly are $2,050 for a 3-bedroom and $1,890 for a 2-bedroom; however, higher rents have already proven to be obtained in other nearby comparable properties. This subject property is certainly comprised of above average materials such as stainless steel appliances, custom tiled in bathrooms, central air and heating with digital WiFi thermostats, energy efficient HVAC, kitchen quartz countertops including waterfall island countertops, and more. This subject location is located near the local hospital, senior living buildings, a grocery store, and entire downtown. As of recent years, Saint Croix County has been one of the fastest growing counties throughout the entire state of Wisconsin. 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 so the closer a development is to the main road, the more desirable said property will become as time goes on. As a result, New Richmond is a steadily growing community and an extension of the Minneapolis-Saint Paul MSA, as previously mentioned. In summary, this development is located in a thriving community considered 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.