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Multifamily

Bovey and Hill City Apartments

201 3rd Ave, Bovey, MN 55709

Listing Price: $1,000,000

Cap Rate
6.92%
Number of Units
14
Price/Unit
$71,429

Investment Overview

Marcus & Millichap is pleased to announce the exclusive listing of 201-211 3rd Avenue, 300-302 2nd Street, 215-217 2nd Avenue, and 143-149 Cedar Street, totaling 14 units, located in the cities of Bovey and Hill City, Minnesota. The properties are being offered for sale on a free-and-clear basis. Constructed in 2007, 201-211 3rd Avenue sits in Bovey, Minnesota and features six two-bedroom/one-and-a-half bathroom units. 300-302 2nd Street is an attached duplex that was built onto the building later on in 2012. Just down the street sits 215-217 2nd Avenue, constructed in 2011 and features two two-bedroom/ one-and-a-half bathroom units. Additionally, there are 5 attached garages, 5 designated parking spaces ample off-street parking, and in-unit washers and dryers. These properties have been well-maintained. Bovey, Minnesota, located in Itasca County, is part of Minnesota’s iron range and is home to roughly 800 people. The city is about 7 miles from Grand Rapids and is included in Grand Rapids’ Micropolitan Area. All properties are situated right in the city and are close to many restaurants and businesses. Less than 1 mile away from 200-211 3rd Ave sits Tavern on the Range Restaurant (250 feet), Bob’s Country Market (0.1 miles), and Annabella’s Antique Mall (485 feet). Less than 3 miles away sits Hodgins-Berardo Hockey Arena (1.3 miles), Eagle Ridge Golf Course (1.9 miles), and Mt. Itasca Winter Sports Center & Ski Resort (2.1 miles). Constructed in 2001, 143-149 Cedar Street sits in Hill City, Minnesota and features two three-bedroom/two-and-a-half bathroom units, and two three-bedroom/three-bathroom units. Each unit include patios and/or balcony and in-unit washers/dryers. Hill City, Minnesota, located in Aitkin County, sits along U.S. Highway 169, Minnesota State Highway 200, and is home to roughly 600 people. Situated on the shores of Hill Lake, the city is named after the large hill that’s located at the southern end of the lake. 143-149 Cedar Street is located in the center of the town, only two blocks to the lake, one block to the convenience store, and a half-mile from the school. Bovey and Hill City Apartments offers investors the opportunity to acquire well-maintained and stabilized properties in the cities of Bovey and Hill City, Minnesota.

Investment Highlights

  • Well Maintained Units
  • Good Unit Mix of One, Two, and Three Bedrooms | Sizeable Floor Plans
  • In-Unit Washers and Dryers | Balconies or Patios

Exclusively Listed By

Financing By

Multifamily

Bovey and Hill City Apartments

Listing Price: $1,000,000

Cap Rate
6.92%
Number of Units
14
Price/Unit
$71,429

Investment Highlights

  • Well Maintained Units
  • Good Unit Mix of One, Two, and Three Bedrooms | Sizeable Floor Plans
  • In-Unit Washers and Dryers | Balconies or Patios

Investment Overview

Marcus & Millichap is pleased to announce the exclusive listing of 201-211 3rd Avenue, 300-302 2nd Street, 215-217 2nd Avenue, and 143-149 Cedar Street, totaling 14 units, located in the cities of Bovey and Hill City, Minnesota. The properties are being offered for sale on a free-and-clear basis. Constructed in 2007, 201-211 3rd Avenue sits in Bovey, Minnesota and features six two-bedroom/one-and-a-half bathroom units. 300-302 2nd Street is an attached duplex that was built onto the building later on in 2012. Just down the street sits 215-217 2nd Avenue, constructed in 2011 and features two two-bedroom/ one-and-a-half bathroom units. Additionally, there are 5 attached garages, 5 designated parking spaces ample off-street parking, and in-unit washers and dryers. These properties have been well-maintained. Bovey, Minnesota, located in Itasca County, is part of Minnesota’s iron range and is home to roughly 800 people. The city is about 7 miles from Grand Rapids and is included in Grand Rapids’ Micropolitan Area. All properties are situated right in the city and are close to many restaurants and businesses. Less than 1 mile away from 200-211 3rd Ave sits Tavern on the Range Restaurant (250 feet), Bob’s Country Market (0.1 miles), and Annabella’s Antique Mall (485 feet). Less than 3 miles away sits Hodgins-Berardo Hockey Arena (1.3 miles), Eagle Ridge Golf Course (1.9 miles), and Mt. Itasca Winter Sports Center & Ski Resort (2.1 miles). Constructed in 2001, 143-149 Cedar Street sits in Hill City, Minnesota and features two three-bedroom/two-and-a-half bathroom units, and two three-bedroom/three-bathroom units. Each unit include patios and/or balcony and in-unit washers/dryers. Hill City, Minnesota, located in Aitkin County, sits along U.S. Highway 169, Minnesota State Highway 200, and is home to roughly 600 people. Situated on the shores of Hill Lake, the city is named after the large hill that’s located at the southern end of the lake. 143-149 Cedar Street is located in the center of the town, only two blocks to the lake, one block to the convenience store, and a half-mile from the school. Bovey and Hill City Apartments offers investors the opportunity to acquire well-maintained and stabilized properties in the cities of Bovey and Hill City, Minnesota.

Exclusively Listed By

Financing By

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