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44 NIC Apartments

Posted: 5/30/2023
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About 44 NIC Apartments

Cushman & Wakefield is pleased to present for sale, 44 NIC Apartments (the “Property”), a 29-unit fully renovated multifamily opportunity in the vibrant neighborhood of Kingfield in Southwest Minneapolis.

The Property is located just off I-35W on the bustling street of Nicollet Avenue. 44 NIC Apartments’ prime location gives residents easy access to everything. The Property is located minutes from Downtown, Uptown, Lake Harriet, Lake Bde Maka Ska, Midtown, and Lake Nokomis. Located in the thriving Kingfield neighborhood, the property is steps from locally acclaimed restaurants including Victor’s 1959 Café, Boludo, the Lowbrow, Patisserie 46, Revival, Tap Society, and the Kingfield Farmers Market.

All 29 units have been fully renovated between 2020-2022 and include new cabinets, granite countertops, backsplash, stainless steel appliances, LVT flooring, bathroom vanity, toilets, bathtubs, new paint, ceiling fans, and light fixtures. The Property features a unit-mix that is predominantly three-bedrooms with large open floorplans, currently boasts 97% occupancy, and provides a lucrative opportunity for the next investor by slightly raising rents to market, implementing utility reimbursements (RUBS) and billing back the tenants for utilities, and begin charging for off-street parking, significantly adding additional annual income.

44 NIC Apartments is offered free and clear of existing financing and is available on an “as-is” basis.

The Property is being offered without a formal asking price.

Upon receipt of a signed Confidentiality Agreement, investors will be provided with access to due diligence materials via The Multifamily System website. Once investors have had an opportunity to review the offering materials and tour the property, Cushman & Wakefield will schedule a “Call for Offers”.

Tours will begin the week of June 5th. Please contact Robert Dulin or Erin Salway directly to set up a tour, which will be scheduled by appointment only.