55+ Community Investment
For Sale
Contact for pricing
11038 183rd Cir NW, Elk River, MN 55330
Eight-unit, 55+ community built in 2020, great location.
Property Size11,536 SF
Price / SF$216.71
Days on Market165
Property Features for 11038 183rd Cir NW
General Information
Standard status
Active
Size
11,536 SF
Property subtype
Multifamily
Zoning
Residential
Occupancy
100%
Net Operating Income
$210,720
Building Details
Year Built
2020
Buildings
4
Stories
1
Units
8
Listing Agency:
Acuity Group
(763) 633-3535
Listed By:
Dustin Heggem · License #MN 40416985
Source:
Crexi
Added: Mar 9
Changed: Aug 8
Last Checked: Aug 19 at 9:26PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Acuity Group
Investment Insights
Based on property information with market context.
This is an investment opportunity featuring a 55+ one-level rental community constructed in 2020. The community comprises 4 twin homes, totaling 8 units. Each unit has a separate PID, potentially allowing for residential property tax rates and facilitating the formation of an association if the owner wishes to sell the units individually. The units feature a functional floorplan and are well-appointed. The property benefits from a stable tenant base that maintains the units. The property is located on a quiet cul-de-sac and offers convenient access to local shopping and the Hwy 101/169 corridor. The property size is 11,536 square feet.
Key Highlights
- 55+ 1‑Level rental community built in 2020
- Investment opportunity with 8 units across 4 twin homes
- Each unit has a separate PID for residential property tax rate
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$154,810
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.19%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,096,200
$3.1M
Cap Rate 7%
$2,211,571
$2.2M
Cap Rate 9%
$1,720,111
$1.7M
Market Conditions
NOI Build-Up for 11,536 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$300.4K $26.04/SF
− Vacancy
−$18.9K −$1.64/SF
EGI
$281.5K $24.40/SF
− OpEx
−$126.7K −$10.98/SF
NOI
$154.8K $13.42/SF
Area
Sherburne County, MN
Vacancy
6.30%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,096,200
Cap Rate 7%
$2,211,571
Cap Rate 9%
$1,720,111
Alternative Uses
Best Use
Apartment 5plus
$2.21M
$1.94M – $2.58M
NOI $154,810 @ 7.0% cap · market cap 6.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.75M
$2.41M – $3.21M
NOI $192,657 @ 7.0% cap · market cap 7.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
582
Businesses Nearby
Explore this area
Business Placement
Demographics for 55330, MN
43,626
Population
16,796
Households
2.6
Avg Household Size
37
Median Age
33%
College-Educated
94%
High-School Grad
106.6 sq mi
ZIP Area
409
Density / Sq Mi
$111,481
Median Household Income
$59,332
Median Earnings
$1,356
Median Rent
$355,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Eight-unit, 55+ community built in 2020, great location.
Where is this apartment building located?
The property is located at 11038 183rd Cir NW Elk River, MN.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 55+ 1‑Level rental community built in 2020; Investment opportunity with 8 units across 4 twin homes; Each unit has a separate PID for residential property tax rate
