Cloquet Cliffs is a recently renovated 12-unit apartment property located in the supply-constrained market of Cloquet, MN. The asset is 100% occupied with a waitlist and has demonstrated consistent full occupancy for several years. In-place rents sit well below market, offering clear upside through rent increases. The tenant base is exceptionally stable, with an average tenure of 11 years excluding those displaced by renovations. Renovations completed from 2022 to 2024 include new vinyl plank flooring, cabinetry, lighting, bathroom upgrades, and tile showers in select units. The property also features a new $40,000 fire escape and modern digital entry systems. With durable cash flow, minimal turnover risk, and immediate rent growth potential, Cloquet Cliffs offers a stabilized, turnkey investment in a high-demand rental submarket with virtually no new supply.