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Multifamily

Gateway Manor & Northgate Apartments

2211 13th Ave N, Grand Forks, ND 58203

Listing Price: $2,500,000

Cap Rate
6.04%
Number of Units
46
Occupancy
94.3%
Price/Unit
$54,348
Price/Gross SF
$72.99
Gross SF
34,251

Investment Overview

Marcus & Millichap is pleased to announce the exclusive listing of Northgate Apartments and Gateway Manor. This offering consists of two contiguous properties with a total of 46 multifamily units. These properties are conveniently located near downtown Grand Forks, the University of North Dakota, and numerous cultural and community attractions. Both properties are being offered for sale on a free-and-clear basis. Northgate Apartments was built in 1968 and contains 12 two-bedroom/one-bathroom units that are each 800 square feet. These well-maintained units offer residents large kitchens and spacious living rooms. Many units have been renovated with new flooring and appliances giving tenants the feeling of quality living. Notable amenities include on-site laundry, ample parking, and secured entry. Gateway Manor is a 46-unit asset built in 1970. It contains 32 one-bedroom/one-bathroom units and 2 three-bedroom/two-bathroom units. The three-bedroom units were converted from one-bedroom floor plans and can be converted back if the owner chooses. The current owner has maintained the property, many units have new windows, new carpet and new or updated appliances. Notable amenities include on-site shared laundry on each floor and assigned off-street parking. Conveniently located, this property gives residents access to nearby schools, cultural locations, bike trails, and walking paths.

Investment Highlights

  • Well Maintained With A Pride Of Ownership
  • Conveniently Located 1.8 miles from Downtown Grand Forks aand 1 mile from the University of Minnesota
  • Opportunity to Secure New Debt at Historically Low Interest Rates

Exclusively Listed By

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s) ND: 10032

    North Dakota

Multifamily

Gateway Manor & Northgate Apartments

Listing Price: $2,500,000

Cap Rate
6.04%
Number of Units
46
Occupancy
94.3%
Price/Unit
$54,348
Price/Gross SF
$72.99
Gross SF
34,251

Investment Highlights

  • Well Maintained With A Pride Of Ownership
  • Conveniently Located 1.8 miles from Downtown Grand Forks aand 1 mile from the University of Minnesota
  • Opportunity to Secure New Debt at Historically Low Interest Rates

Investment Overview

Marcus & Millichap is pleased to announce the exclusive listing of Northgate Apartments and Gateway Manor. This offering consists of two contiguous properties with a total of 46 multifamily units. These properties are conveniently located near downtown Grand Forks, the University of North Dakota, and numerous cultural and community attractions. Both properties are being offered for sale on a free-and-clear basis. Northgate Apartments was built in 1968 and contains 12 two-bedroom/one-bathroom units that are each 800 square feet. These well-maintained units offer residents large kitchens and spacious living rooms. Many units have been renovated with new flooring and appliances giving tenants the feeling of quality living. Notable amenities include on-site laundry, ample parking, and secured entry. Gateway Manor is a 46-unit asset built in 1970. It contains 32 one-bedroom/one-bathroom units and 2 three-bedroom/two-bathroom units. The three-bedroom units were converted from one-bedroom floor plans and can be converted back if the owner chooses. The current owner has maintained the property, many units have new windows, new carpet and new or updated appliances. Notable amenities include on-site shared laundry on each floor and assigned off-street parking. Conveniently located, this property gives residents access to nearby schools, cultural locations, bike trails, and walking paths.

Exclusively Listed By

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s): ND: 10032

    North Dakota

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