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Cushman & Wakefield is pleased to present for sale, 2007 Aldrich Ave S Apartments (the “Property”), a 12-unit vintage multifamily asset in the heart of the lively Lowry Hill Neighborhood of Minneapolis.

A vintage building from 1900, all units at 2007 Aldrich Ave S have been thoughtfully renovated between the years 2016 and 2022. The large two-bedroom units average 1,000 square feet and consist of new countertops, new cabinets, stainless steel appliances, and new backsplashes in the kitchens, new tile, vanities, and toilets in the bathrooms, as well as new refinished (original) hardwood flooring throughout.

Located in the heart of the Lowry Hill East neighborhood of Minneapolis, 2007 Aldrich Ave S Apartments offer direct access to the Hennepin/Franklin corridor, and an eclectic mix of boutique shops, trendy eateries and bars, art galleries, and recreational assets including Lakes Bde Maka Ska and Isles.

The property currently boasts 100% occupancy and provides a lucrative opportunity for the next investor to implement utility reimbursements (RUBS) and bill back the tenants for utilities, adding additional annual income in the desirable South Minneapolis area for well below replacement costs.

OFFERING DETAILS

2007 Aldrich Ave S Apartments are 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 August 28th. Please contact Robert Dulin or Erin Salway directly to set up a tour, which will be scheduled by appointment only.

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2007 Aldrich Ave S Apartments
12 Units
2007 Aldrich Ave S
Minneapolis, MN  55405
Type: Conventional
Cushman & Wakefield is pleased to present for sale, 2424 4th Street NE, a 12-unit multifamily property located in the trendy Northeast Minneapolis Neighborhood.

The property offers direct access to an eclectic mix of hip bars and eateries, breweries, and coffee shops as well as recreational amenities at the Mississippi riverfront and Boom Island with close proximity to Target Field, Target Center, U.S. Bank Stadium, the Theater District, and the Central Business District.

Current ownership has completed extensive renovations of both exterior and interior elements over the last several years. All units are “best-in-class” and feature new cabinets, granite countertops, subway tile backsplash, LVT flooring as well as full bathroom remodels that include new tubs, tile, vanity, toilets, and lighting.

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Under Contract
2424 4th Street NE
12 Units
2424 4th Street NE
Minneapolis, MN  55418
Type: Conventional
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.

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44 NIC Apartments
29 Units
4429 Nicollet Ave S
Minneapolis, MN  55419
Type: Conventional
Posted: 5/30/2023
Cushman & Wakefield is pleased to present for sale, English Street Apartments (the “Property”), a 34-unit value-add multifamily opportunity in the Dayton’s Bluff neighborhood of St. Paul, Minnesota’s state capital.

The Property is centrally located off Interstate 94 on the east side of the Mississippi River in the southeast part of the city just minutes from Downtown St. Paul. The Property has access to major freeways, plenty of shops, restaurants, parks, and local businesses nearby as well as major employment centers in both Downtown St. Paul and Downtown Minneapolis.

English Street Apartments have been well-maintained, can be acquired at a significant discount to replacement cost, and offer an investor the opportunity to implement a value-add program. In addition, future ownership has the option to enter the 4d Affordable Housing Incentive Program which offers rental owners one-time administrative grant assistance as well as 10-year qualification to the “4d” property tax classification for rental units preserved for low/moderate-income households for that same period. This 4d, or “low income rental” classification (“LIRC”) provides for up to a 40% reduction in those 4d units’ assessed rate assessed to the portion of units committed to 4d preservation.

For loan quotes, contact a Greystone Team Member:

Kyle Jemtrud
Managing Director | Greystone
561.601.4500
kyle.jemtrud@greyco.com

Wilson Molitor
Relationship Manager | Greystone
920.740.4434
wilson.molitor@greyco.com

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Under Contract
English Street Apartments
34 Units
458 English Street
St. Paul, MN  55106
Type: Conventional
Cushman & Wakefield is pleased to present for sale, Overland Apartments, a 63-unit luxury multifamily development in the Standish neighborhood of Minneapolis.

Recently completed in 2020, the Overland Apartments offers residents access to a best-in-class amenity package including a 24/7 fitness center, rooftop community lounge and deck with panoramic views of the city, heated parking garage, and on-site co-working space. The property also includes 4,200 SF of 1st floor commercial space available for lease.

The property currently sits at 98% occupied and provides investors the opportunity to assume the current loan with attractive terms.

Located in one of Minneapolis’ most vibrant areas, Overland offers residents a high quality of life with many long-term residents, established bakeries, coffee shops and neighborhood restaurants with close proximity to Target Field, Target Center, U.S. Bank Stadium, the Theater District, and the Central Business District.

Overland Apartments are a rare opportunity to acquire a newly constructed, best-in-class multifamily asset in a desirable community with attractive assumable debt.

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Overland Apartments
63 Units
3806 24th Avenue S
Minneapolis, MN  55406
Type: Conventional
Posted: 3/1/2023
Cushman & Wakefield is pleased to present for sale, Park 708 Apartments, a 12-unit Multifamily asset in the eclectic and diverse neighborhood of Cedar-Riverside in Minneapolis.

Tucked between downtown and the Mississippi River, the Cedar-Riverside neighborhood is a highly walkable area that boasts a vibrant artist community, dozens of live performances and musical venues, as well as many restaurants, cafés, and bars. The neighborhood is part of the University community and is dominated by the West Bank campus of the University of Minnesota's Minneapolis campus in addition to the M Health Masonic Children's Hospital and the entire M Health Fairview University of Minnesota Medical Center - West Bank system. The property is also near Augsburg College with easy access to I-94 and I-35W.

The property currently boasts 100% occupancy and provides a lucrative value-add opportunity for the next investor by completing in-unit renovations and raising rents 15-20% to be more in line with comparable properties in the desirable South Minneapolis area for well below replacement costs.

Park 708 is available on an “as-is” basis and 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”.

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Under Contract
Park 708
12 Units
708 27th Avenue S
Minneapolis, MN  55454
Type: Conventional