Multifamily

West Broadway Apartments

6624 Broadway Avenue W, Brooklyn Park, MN 55428

Listing Price: $6,125,000

Cap Rate
6.58%
Number of Units
59
GRM
8.00
Occupancy
95.00%
Price/Unit
$103,814
Price/Gross SF
$134.17
Gross SF
45,650

Investment Overview

Bordering the west bank of the Mississippi River in a northwest Minneapolis suburb is Minnesotas sixth largest city Brooklyn Park. Formally incorporated in the mid-1800s, the city has since grown to a be a diverse population of over 81,000 residents and is projected to exceed 85,000 by 2030. Rich in diversity and home to more than 90 restaurants, the area offers a healthy selection of worldly cuisine with several options located just north of the property along Bottineau Boulevard; Vietnam House, Phuong Trang, Buasavanh, Cajun Deli, El Hornito, and Miyabi Grill just to name a few.

The area is also characteristically unique in that most households have access to a park within a half-mile radius of their residence. The citys Recreation and Parks Department manages 60+ parks and environmental areas that total approximately 2,000 acres, as well as 53 miles of paved trails and other recreational amenities. Thanks to its extensive park and trail system, pedestrians and bicyclists will soon have the ability to directly access the METRO Blue Line Extension (Bottineau LRT) from this network of public green space. The proposed 13-mile extension will extend from downtown Minneapolis through Brooklyn Park, ending just north of MN-610. Five of the eleven LRT stations are projected to be built in the city and provide residents of the community better access to jobs, education and entertainment opportunities. Additionally, local employment drivers include the newly built (IBEW 292) electrical workers union facility and O'Reilly Auto Parts Distribution Center located next door.

Built in the late 60s, near the intersection of Bottineau Boulevard and I-694, this four-building, three-story apartment community has much to offer. The combined unit-mix is made up of 23 one-bed/one-bath, 30 two-bed/one-bath, and 6 three-bed/one-bath flats that total approximately 45,650 rentable square feet. Current in-place rent starts at $850 with the highest rent received being $1,673 for a select number of the three-bedroom units. The property offers community benefits such as garage and off-street parking, as well as access to public transportation found within a half-mile of the premises. Transportation options include multiple bus stops positioned along Winnetka Avenue N and the 63rd Avenue Park-and-Ride.

Investment Highlights

  • High Yielding Asset; In-Place Cap Rate of 6.58%
  • Immediate proximity toproposed LRT Metro Blue Extension
  • Located in Minnesota's 6th largest city (81,000+ residents)
  • Healthy unit mix; one, two, and three-bedroom apartments
  • 50% of bathrooms and most kitchens received updates
  • 62 garage stalls and 62 off-street parking spaces

Exclusively Listed By

Listing Price: $6,125,000

Cap Rate
6.58%
Number of Units
59
GRM
8.00
Occupancy
95.00%
Price/Unit
$103,814
Price/Gross SF
$134.17
Gross SF
45,650

Investment Highlights

  • High Yielding Asset; In-Place Cap Rate of 6.58%
  • Immediate proximity toproposed LRT Metro Blue Extension
  • Located in Minnesota's 6th largest city (81,000+ residents)
  • Healthy unit mix; one, two, and three-bedroom apartments
  • 50% of bathrooms and most kitchens received updates
  • 62 garage stalls and 62 off-street parking spaces

Investment Overview

Bordering the west bank of the Mississippi River in a northwest Minneapolis suburb is Minnesotas sixth largest city Brooklyn Park. Formally incorporated in the mid-1800s, the city has since grown to a be a diverse population of over 81,000 residents and is projected to exceed 85,000 by 2030. Rich in diversity and home to more than 90 restaurants, the area offers a healthy selection of worldly cuisine with several options located just north of the property along Bottineau Boulevard; Vietnam House, Phuong Trang, Buasavanh, Cajun Deli, El Hornito, and Miyabi Grill just to name a few.

The area is also characteristically unique in that most households have access to a park within a half-mile radius of their residence. The citys Recreation and Parks Department manages 60+ parks and environmental areas that total approximately 2,000 acres, as well as 53 miles of paved trails and other recreational amenities. Thanks to its extensive park and trail system, pedestrians and bicyclists will soon have the ability to directly access the METRO Blue Line Extension (Bottineau LRT) from this network of public green space. The proposed 13-mile extension will extend from downtown Minneapolis through Brooklyn Park, ending just north of MN-610. Five of the eleven LRT stations are projected to be built in the city and provide residents of the community better access to jobs, education and entertainment opportunities. Additionally, local employment drivers include the newly built (IBEW 292) electrical workers union facility and O'Reilly Auto Parts Distribution Center located next door.

Built in the late 60s, near the intersection of Bottineau Boulevard and I-694, this four-building, three-story apartment community has much to offer. The combined unit-mix is made up of 23 one-bed/one-bath, 30 two-bed/one-bath, and 6 three-bed/one-bath flats that total approximately 45,650 rentable square feet. Current in-place rent starts at $850 with the highest rent received being $1,673 for a select number of the three-bedroom units. The property offers community benefits such as garage and off-street parking, as well as access to public transportation found within a half-mile of the premises. Transportation options include multiple bus stops positioned along Winnetka Avenue N and the 63rd Avenue Park-and-Ride.

Exclusively Listed By

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