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    55+ Community Investment Opportunity Title is generated by Realmo AI

    11038 183rd Cir NW, Elk River, MN 55330

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    Eight-unit, 55+ community built in 2020, great location.

    Type:Multifamily
    Property size:
    11,536 SF
    Price / SF:
    $229/SF
    Added:
    Mar 9, 2026
    Days on Market:
    70
    Last Refresh:
    Mar 19 at 10:06 pm

    Property Features for 11038 183rd Cir NW

    General Information

    Standard status
    Active
    Size
    11,536 SF
    Property subtype
    Multifamily

    Building Details

    Year Built
    2020

    We can help!

    Listing Contact
    Dustin Heggem
    Dustin Heggem

    Listing agent Dustin Heggem License #MN 40416985

    Listing office Acuity Group

    Listing date Mar 9, 2026

    Source Crexi

    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

    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
    • Stable and loyal tenant base
    • Conveniently located on a quiet cul‑de‑sac
    • Close to local shopping and Hwy 101/169

    Overview

    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.

    Financial Insights

    Value Estimation Calculated for Apartment 5plus

    Conservative
    $1.72M
    NOI $154,810 @ 9.00% cap · cautious / downside scenario
    Moderate
    $2.21M
    NOI $154,810 @ 7.00% cap · market / base-case scenario
    Aggressive
    $3.10M
    NOI $154,810 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Apartment 5plus

    Component $ $/SF
    Gross rent $300.4k $26.04
    − Vacancy −$18.9k −$1.64
    EGI $281.5k $24.40
    − OpEx −$126.7k −$10.98
    NOI $154.8k $13.42
    11,536 SF · lease $26.04/SF/yr · vacancy 6.30% · expense 45.00%

    Alternative Use Scenarios

    Best Use
    Apartment 5plus
    $2.21M
    $1.94M – $2.58M (±1% cap)
    NOI $154,810 @ 7.0% cap · market cap 5.84%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $2.75M
    $2.41M – $3.21M (±1% cap)
    NOI $192,657 @ 7.0% cap · market cap 7.27%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Elk River
    County
    Sherburne
    State
    Minnesota
    Longitude
    -93.5490327
    Latitude
    45.3026034

    Nearby Similar for Sale

    • $2,500,000

      Elk River Investment Opportunity

      55+ 1-Level rental community with stable tenant base.
      11024-11038 183rd Circle NW, Elk River, MN 55330
      View Details
    • $780,000
      5,053 SF

      Elk River Professional Office Building

      5,053 sqft office building suitable for service-based businesses.
      11090 183rd Circle Northwest, Elk River, MN 55330
      View Details
    • $3,950,000
      63,934 SF

      Elk River Industrial Facility

      63,934 SF industrial facility in Elk River, Minnesota.
      19178 Industrial Blvd NW, Elk River, MN
      View Details

    FAQs

    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 $2,650,000.
    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
    (763) 633-3535 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Dustin Heggem
    Dustin Heggem
    Real Estate License ID: MN 40416985
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    11038 183rd Cir NW, Elk River, MN 55330
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