1305 3Rd Ave S Wheaton, MN 56296
48-unit apartment complex in Wheaton, Minnesota with value-add potential.
Lot size:
4.59 AcresProperty Features for 1305 3Rd Ave S
General Information
- Standard status
- Active
- Lot size
- 4.59 Acres
Source:
Crexi
Listing Agency: Peritus Real Estate Listing Agent: John Stiles
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
Wheaton Multifamily Value-Add Opportunity
Pineview Apartments, located in Wheaton, Minnesota, presents a value-add opportunity. Originally constructed in 1971 with HUD financing, this apartment community was one of five developed across Minnesota with affordability restrictions. Initially built with 58 units, some were later combined, resulting in the current configuration of 48 units. The unit mix includes 22 one-bedroom units, 7 two-bedroom/one-bath units, 15 two-bedroom/two-bath units, and 4 three-bedroom/one-bath units. The property also features 40 garage stalls and abundant off-street parking. Situated on a 4.59-acre lot, Pineview offers the potential for amenities, including a large community room and multiple laundry facilities. The property experiences elevated vacancy, which does not reflect the local rental market, where other Wheaton apartment buildings are largely full, with some maintaining waiting lists, indicating an unmet demand for housing. Wheaton is a regional hub and the county seat of Traverse County since 1886, anchoring the area’s government activity. The local economy is supported by a strong agricultural base and a healthcare presence, led by Sanford Wheaton Medical Center. Wheaton’s location near the Minnesota–South Dakota–North Dakota border provides access to a broader tri-state market.
Location Intelligence
Current Use by Public Records
Banner Stay
Apartment Building
Location Insight
- Map
- Local Demand
- City
- Wheaton
- County
- Traverse
- State
- Minnesota
- Longitude
- -96.5027061
- Latitude
- 45.8015888
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - 48-unit apartment complex in Wheaton, Minnesota with value-add potential.
Where is this apartment building located?
The property is located at 1305 3Rd Ave S Wheaton, MN.
What are key features of this property?
This property features: - Value-add opportunity: Discounted price allows for significant improvements.; - Strong local demand: High occupancy rates indicate unmet demand for housing.; - Attractive unit mix: Diverse floor plans cater to a wide range of potential renters.
