Building Details

Year Built 1990

Units 21

Listing Agency: SVN | GC Real Estate t***@svn.com Show Phone

Listed By: Mike Bobick · License #40048013

Source: Crexi

Added: Feb 16 Changed: Aug 8 Last Checked: Aug 18 at 7:49AM

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Investment Insights

Based on property information with market context.

This 21-unit apartment building, constructed in 1990, offers stable income and rental appeal. The building features all 1-bedroom units, each equipped with large walk-in closets and separate electric meters with electric subpanels. Residents benefit from controlled access, an intercom entry system, and handicap accessibility, including elevator service and auto door openers. Community amenities include a community room with a full kitchen, a lounge, cabana, grill and picnic area, and a private green space. On-site conveniences include in-building coin laundry on both levels, a fire panel monitoring system, mailboxes, a manager’s office, and individual storage lockers for each unit. The property has a durable brick façade with lap siding and asphalt roofing, which was replaced in 2007. Extensive landscaping and exterior lighting enhance the property's appeal. Parking is ample, with 12 detached garages, 25 surface spaces, and parking lot outlets for vehicle plug-ins. Mechanical features include a 2024 water heater, water softener system, hallway forced-air heat, and in-unit boiler heat; tenants own their wall A/C units. The building is located in St. Francis, MN, which offers multifamily investors a market driven by strong housing demand and limited competition. The property size is 16192 square feet.

Key Highlights

• Strong rental demand in a growing, supply‑constrained market (St. Francis, MN).
• Stable, income‑producing 21‑unit apartment building, built in 1990.
• All units are desirable 1‑bedroom apartments with large walk‑in closets and separate electric meters.

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

$184,799

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

8.05%

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%

$3,695,980 $3.7M

Cap Rate 7%

$2,639,986 $2.6M

Cap Rate 9%

$2,053,322 $2.1M

Market Conditions

NOI Build-Up for 16,192 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

$361.4K $22.32/SF

− Vacancy

−$25.4K −$1.57/SF

EGI

$336.0K $20.75/SF

− OpEx

−$151.2K −$9.34/SF

NOI

$184.8K $11.41/SF

Area

Anoka County, MN

Vacancy

7.03%

Lease Rate

$22.32 /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%

$3,695,980

Cap Rate 7%

$2,639,986

Cap Rate 9%

$2,053,322

Alternative Uses

Best Use

Apartment 5plus

$2.64M

$2.31M – $3.08M (±1% cap)

NOI $184,799 @ 7.0% cap · market cap 8.05%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$4.50M

$3.94M – $5.25M (±1% cap)

NOI $314,835 @ 7.0% cap · market cap 13.72%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Apartment buildings

Suggested Use

Top Pick Law Firm Real Estate Agency Building Supply Auto Parts Store Dental Office Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

93

Businesses Nearby

Explore this area Business Placement

Demographics for 55070, MN

8,342

Population

2,947

Households

2.8

Avg Household Size

35

Median Age

16%

College-Educated

93%

High-School Grad

25.5 sq mi

ZIP Area

327

Density / Sq Mi

$101,925

Median Household Income

$50,908

Median Earnings

$1,148

Median Rent

$301,700

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - 21-unit apartment building with stable income in a growing community.

Where is this apartment building located?

The property is located at 3040 Bridge Street Northwest Saint Francis, MN.

What is the asking price?

The asking price for this property is $2,295,000.

What are key features of this property?

This property features: Strong rental demand in a growing, supply‑constrained market (St. Francis, MN).; Stable, income‑producing 21‑unit apartment building, built in 1990.; All units are desirable 1‑bedroom apartments with large walk‑in closets and separate electric meters.