2008 8 1/2 StRochester, MN 55904

Property Details for 2008 8 1/2 St

Year built

1985

Lot size

6.55 AC

Property size (Sq ft)

93,600 SF

Property type

Mixed-use properties

Property subtype

Multifamily properties

Description

This exceptional multifamily investment opportunity presents 80 units across ten buildings situated on 6.55 acres in desirable Rochester, Minnesota. The property, totaling 93,600 square feet, boasts 160 parking spaces and features 75 three-bedroom, two-bathroom units and 5 two-bedroom, two-bathroom units, each approximately 1,100 square feet. Built in 1985 and renovated in 2024, the property benefits from a current R-3 zoning designation, allowing for medium-density residential development. The asking price is $6,395,000, translating to $68.32 per square foot. The property's location offers convenient access to local amenities and services. Currently enrolled in the 4(d) affordable housing program, this property presents a stable, turn-key investment with significant value-add potential due to below-market rental rates and the possibility of constructing additional buildings (subject to necessary approvals). The property includes two adjacent parcels, offering ample space and development opportunities. The buildings are well-maintained, with solid construction and quality finishes. Financial details are available upon request.

Location Insight

City

Rochester

County

Olmsted

State

Minnesota

Latitude

44.0142

Longitude

-92.4347

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