221 Lamm St - Apartments FOR SALE


Mankato, MN 56001- City Center Mankato
$2,500,000 USD
612-802-0988
221 Lamm St, Mankato, MN for Sale
$2,500,000 USD
Apartments - FOR SALE
1/2
null | 6.01% Cap Rate

221 Lamm St
Mankato, MN 56001
City Center Mankato


HIGHLIGHTS

  • Rental Income: Monthly rent starts at $1,750 per unit with a Rental Income Growth Rate of 3% annually
  • Additional Income: The development includes an estimated pet income averaging $165 per unit annually
  • Operating Expenses: The Operating Expense Ratio is projected at 25.25%, with an Expense Growth Rate of 3% annually
  • Vacancy and Credit Loss: A conservative vacancy and credit loss assumption of 5% has been applied

OVERVIEW

Dewey Flats is a new, To-Be-Built, development designed to meet the growing demand for quality rental housing. The project will feature three-story townhome style rentals, each offering 2 Bedrooms, 1.5 Bathrooms, a tuck under garage, in-unit washer and dryer, and 1,500 square feet of living space. These pet friendly units are designed for modern renters and will lease for $1,750 per month to start. The exterior will combine durability and curb appeal, featuring Vetter Stone accents, wainscoting, vinyl lap siding, and cement board elements. Factor Group will handle the development and Factor Property Management will handle all of the onboarding and pre-leasing for the property. They have a strong track record of success, having fully leased The Forde Apartments in North Mankato and The Capital Lofts in St. Peter within three months of operation. Factor uses targeted marketing, efficient tenant screening, and hands on management to quickly lease properties and ensure long-term success.

FOR SALE DETAILS

PRICE

$2,500,000 USD

PRICE/SF

$167 USD /SF

# OF UNITS

10

PRICE/UNIT

$250,000

CAP RATE

6.01%

% LEASED

-

STATUS

Proposed

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Dewey Flats

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

-

LAND SF

-

ZONING

-

APN/PARCEL ID

-

ASK ABOUT THIS PROPERTY

Ryan HovelandApex Commercial Properties, LLCMore Info
612-802-0988

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Ryan HovelandApex Commercial Properties, LLCMore Info
612-802-0988

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.