New Brighton Multifamily Investment
For Sale
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373 Old Hwy 8 NW, New Brighton, MN 55112
108-unit apartment complex with assumable financing in New Brighton.
Property Size94,000 SF
Lot Size5.42 Acres
Days on Market90
Property Features for 373 Old Hwy 8 NW
General Information
Standard status
Active
Size
94,000 SF
Lot size
5.42 Acres
Property subtype
Multifamily
Amenities
Attractive Assumable Loan with a $10.2 Million Balance; 4.67 Percent Interest-Only Through July 2032 with Monthly Debt Service of Only $44,107.09 Inclusive of Reserves
108-Unit Multifamily Asset Situated Across a Combined 5.42-Acre Site in the Highly Desirable New Brighton Rental Market
Updated Unit Interiors Featuring Renovated Kitchens in Many Units, Select Bathroom Renovations, Updated Bath-Room Fixtures, Flooring, and Modern Finishes Throughout
Strong In-Place Cash Flow from Day One Supported by Below-Market Assumable Debt and Professional Management
Recent Capital Improvements Include Railing Repairs, Gutter Repairs, Pool Shed Reconstruction, Boiler Room Wall Repairs, and Planned Parking Lot Overlay and Restriping
Consistent and Steady Rental Demand Driven by Proximity to Major Employment Corridors, Strong Demographics, and Convenient Access to Both Downtown Minneapolis and Saint Paul
Building Details
Building Size
94,000 SF
Units
108
Listing Agency:
Marcus & Millichap - Minneapolis
(952) 852-9768
Listed By:
Abe Roberts · License #License(s): MN: 40445509
(952) 852-9768
Source:
Marcusmillichap
Added: May 27
Changed: Aug 23
Last Checked: Aug 24 at 3:07AM
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 Marcus & Millichap - Minneapolis
Investment Insights
Based on property information with market context.
Hillside East Apartments, located in New Brighton, presents an opportunity to acquire a 108-unit multifamily property. Constructed in 1964, the property consists of two apartment buildings on a combined 5.42-acre site. The unit mix includes 10 one-bedroom, 88 two-bedroom, and 10 three-bedroom residences, with units averaging approximately 833 square feet and average rents of approximately $1,430 per month. Many units have undergone interior renovations, featuring updated kitchens, new flooring, and modern finishes. Bathroom updates vary by unit, with select full renovations completed and many units receiving updated vanities, mirrors, and light fixtures. Apartment amenities include ceiling fans, balconies, and dishwashers. Community amenities feature a picnic pavilion, playground, laundry facilities, and an outdoor pool. The property offers approximately 173 surface parking spaces and 48 garage spaces. Recent capital improvements include common area railing repairs, gutter downspout repairs, exterior railing improvements, pool shed reconstruction, boiler room wall repairs, and a planned parking lot overlay and restriping project. The property benefits from professional management and is well-maintained. Hillside East Apartments is located within walking distance of Totem Pole Park, providing access to tennis courts, basketball courts, baseball fields, and open green space.
Key Highlights
- Attractive assumable financing: BELOW‑MARKET $10.2M loan at 4.67% interest‑only through July 2032.
- Updated interiors: Many units feature updated kitchens, new flooring, and modern finishes.
- Strong in‑place cash flow: A sizable suburban multifamily asset with scale.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
607
Businesses Nearby
Explore this area
Business Placement
Demographics for 55112, MN
46,728
Population
17,956
Households
2.6
Avg Household Size
38
Median Age
48%
College-Educated
95%
High-School Grad
17.5 sq mi
ZIP Area
2,670
Density / Sq Mi
$93,823
Median Household Income
$47,676
Median Earnings
$1,322
Median Rent
$338,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - 108-unit apartment complex with assumable financing in New Brighton.
Where is this apartment building located?
The property is located at 373 Old Hwy 8 NW New Brighton, MN.
What are key features of this property?
This property features: Attractive assumable financing: BELOW‑MARKET $10.2M loan at 4.67% interest‑only through July 2032.; Updated interiors: Many units feature updated kitchens, new flooring, and modern finishes.; Strong in‑place cash flow: A sizable suburban multifamily asset with scale.
