51-Unit Apartment
For Sale
Contact for pricing
900-920 Rae Drive, Richfield, MN 55423
Interior upgrades and roof replacements on two buildings support continued apartment operations.
Property SizeContact for details
Lot Size1.82 Acres
Days on Market10
Property Features for 900-920 Rae Drive
General Information
Standard status
Active
Total Parking Spaces
76
Lot size
1.82 Acres
Property subtype
Multifamily
Units
Unit Mix
7 x studio, 32 x 1BR, 12 x 2BR
Multifamily Units
51
Additional Details
Average Monthly Rent
$939
Building Details
Buildings
3
Listing Agency:
Marcus & Millichap - Minneapolis
Listed By:
Michael Jacobs · License #MN: 40760249 CA: 01979550
(952) 852-9718
Source:
Crexi
Added: Sep 17
Changed: Sep 24
Last Checked: Sep 26 at 4:46AM
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.
This 51-unit apartment property consists of three buildings constructed in 1962 and 1963. The residences include seven studios, 32 one-bedroom units, and 12 two-bedroom units, averaging approximately 663 square feet. The 1.82-acre site has approximately 76 surface parking spaces. Improvements include new carpeting, updated appliances, fresh interior paint, and new roofs on two of the three buildings.
The property is next to downtown Richfield and backs up to Richfield Lake Park. The park features a roughly three-quarter-mile trail around the lake, and nearby commercial amenities include restaurants, shops, employment, entertainment, and everyday services. The location also provides connectivity across the Minneapolis–Saint Paul metro.
The property is next to downtown Richfield and backs up to Richfield Lake Park. The park features a roughly three-quarter-mile trail around the lake, and nearby commercial amenities include restaurants, shops, employment, entertainment, and everyday services. The location also provides connectivity across the Minneapolis–Saint Paul metro.
Key Highlights
- 51 apartments across three buildings constructed in 1962 and 1963
- Unit mix: seven studios, 32 one‑bedroom units, and 12 two‑bedroom units
- Residences average approximately 663 square feet
Property Analytics
Current Use
Lease Details
51
Residential units
Location Intelligence
Trade Area within ½ mile
770
Businesses Nearby
Explore this area
Business Placement
Demographics for 55423, MN
37,137
Population
16,792
Households
2.2
Avg Household Size
37
Median Age
44%
College-Educated
91%
High-School Grad
7.1 sq mi
ZIP Area
5,231
Density / Sq Mi
$84,102
Median Household Income
$52,890
Median Earnings
$1,334
Median Rent
$320,300
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 - Interior upgrades and roof replacements on two buildings support continued apartment operations.
Where is this apartment building located?
The property is located at 900-920 Rae Drive Richfield, MN.
What are key features of this property?
This property features: 51 apartments across three buildings constructed in 1962 and 1963; Unit mix: seven studios, 32 one‑bedroom units, and 12 two‑bedroom units; Residences average approximately 663 square feet
