Cushman & Wakefield is pleased to present for sale, Sommerset Place Apartments, a 36-unit value-add opportunity in a tranquil pocket of Brooklyn Center, just off Highway 100 and next to Centerbrook Golf Course.
The property is located in a quiet residential neighborhood on the South side of Lions Park and steps from Shingle Creek and the Shingle Creek Regional Trail. Sommerset Place is also conveniently located minutes from Target, Walmart Super Center, Cub Foods, CVS Pharmacy, LA Fitness and numerous national and local restaurants. The property is just 10 minutes north of downtown Minneapolis and five minutes from both Brooklyn Center High School and Middle School.
Sommerset Place is a true value-add opportunity with legitimate immediate upside. The unit-mix is predominantly 2-Bedroom units and the average in-place rent is roughly $885/Month. Comparable properties in the submarket are renting 2-Bedroom units for $1,100/Month (see rent comps on Page 37 of OM), which is achievable at Sommerset Place by implementing a light in-unit renovation plan. The current vacancy rate in the city of Brooklyn Center is just 2.0% and the area is in high demand given its close proximity to downtown Minneapolis and other local attractions.
Sommerset Place is offered free and clear of existing financing and tours will begin the week of September 5th, 2018. Please contact Robert Dulin directly to set up a tour, which will be scheduled by appointment only.