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Multifamily

Desoto Apartments

714 20th St NW, East Grand Forks, MN 56721

Listing Price: $1,150,000

Cap Rate
7.01%
Number of Units
24
Price/Unit
$47,917
Price/Gross SF
$59.93
Gross SF
19,188

Investment Overview

Marcus & Millichap is pleased to announce the exclusive listing of Desoto Apartments, a two-building apartment community totaling 24 units located in East Grand Forks, Minnesota. Desoto Apartments are being offered for sale on a free-and-clear basis. Built in 1974, these garden-style apartment properties sit on three adjacent parcels that feature 24 two-bedroom/one-bathroom units at 636 square feet. The units at Desoto Apartments have been well-maintained and have been updated with new LUP flooring and carpet upon turns. The city of East Grand Forks, located in Western Minnesota, sits along the Red River and boarders it’s North Dakota twin-city Grand Forks. Together, Grand Forks and East Grand Forks have a combined estimated population of roughly 100,000 people. Desoto Apartments sit in a quiet residential neighborhood east of the Red River . Less than 1 mile away sits New Heights Elementary School (0.6 miles), Northland Community & Technical College (0.7 miles), and East Grand Forks High School (0.8 miles). Less than 2 miles away sits Valley Golf Course (1.1 miles), Sanford Health Occupational Medicine Clinic (1.4 miles) , and Altru Clinic (1.5 miles). Additionally, residents at Desoto Apartments are less than 5 miles away from Grand Forks, giving quick access to additional schools, employment opportunities, businesses, shopping, and outdoor options in both Minnesota and North Dakota.

Investment Highlights

  • Current Cap Rate 7.01% | Year One Pro Forma 7.49%
  • Current Cash-on-Cash 8.96% | Year One Pro Forma 10.56%
  • Roof Replaced - 2016

Exclusively Listed By

Financing By

Multifamily

Desoto Apartments

Listing Price: $1,150,000

Cap Rate
7.01%
Number of Units
24
Price/Unit
$47,917
Price/Gross SF
$59.93
Gross SF
19,188

Investment Highlights

  • Current Cap Rate 7.01% | Year One Pro Forma 7.49%
  • Current Cash-on-Cash 8.96% | Year One Pro Forma 10.56%
  • Roof Replaced - 2016

Investment Overview

Marcus & Millichap is pleased to announce the exclusive listing of Desoto Apartments, a two-building apartment community totaling 24 units located in East Grand Forks, Minnesota. Desoto Apartments are being offered for sale on a free-and-clear basis. Built in 1974, these garden-style apartment properties sit on three adjacent parcels that feature 24 two-bedroom/one-bathroom units at 636 square feet. The units at Desoto Apartments have been well-maintained and have been updated with new LUP flooring and carpet upon turns. The city of East Grand Forks, located in Western Minnesota, sits along the Red River and boarders it’s North Dakota twin-city Grand Forks. Together, Grand Forks and East Grand Forks have a combined estimated population of roughly 100,000 people. Desoto Apartments sit in a quiet residential neighborhood east of the Red River . Less than 1 mile away sits New Heights Elementary School (0.6 miles), Northland Community & Technical College (0.7 miles), and East Grand Forks High School (0.8 miles). Less than 2 miles away sits Valley Golf Course (1.1 miles), Sanford Health Occupational Medicine Clinic (1.4 miles) , and Altru Clinic (1.5 miles). Additionally, residents at Desoto Apartments are less than 5 miles away from Grand Forks, giving quick access to additional schools, employment opportunities, businesses, shopping, and outdoor options in both Minnesota and North Dakota.

Exclusively Listed By

Financing By

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