Remarks

Situated in a quiet Sauk Rapids neighborhood, Black Forest Apartments offers a turn-key, 12-unit investment opportunity. The three-story building, totaling over 11,316 +/- square feet, has undergone significant improvements, including new cedar tone treated pine decks (2024), SpeedQueen coin-operated washing machines (2024), stainless steel appliances in various units (2024), along with LVP flooring and fresh paint. These upgrades build on capital improvements made in 2022/2023, including a new 30-year roof, new vinyl siding, and a new high-efficiency water heater. The building consists of 12 total units, with 11 two-bedroom units and 1 one-bedroom unit, featuring decks and walkouts, spacious kitchens with dining areas, hallway closets, large living rooms, and 1 full bathroom. Units are nicely equipped with a range/oven, fridge/freezer, dishwasher, and wall AC unit. There’s strong upside potential to increase rents to market rates, making this an attractive investment to further boost NOI. Located in an area with strong tenant demand, low vacancy and a long-term tenant base. The property also provides easy access to parks, schools, and Highways 10 and 15. The proximity to St. Cloud offers tenants the convenience of city amenities along with peaceful, residential living.

Details

MLS#: 6621535
Price: $1,008,000

Year Built: 1984

County: Benton-MN
Tax Fee: 11756.00