1097 Oakview Dr Saint Charles, MN 55972

Property Details for 1097 Oakview Dr

Year built

1979

Lot size

0.39 lot acres

Property size

3,900 SF

Property type

Commercial real estate

APN

290250280,290250020,290250210,290250220,290250260

Description

This exceptional investment opportunity presents a meticulously maintained portfolio of five apartment buildings totaling 44 units, strategically located on a single block in St. Charles, Minnesota, just 20 miles east of Rochester. The portfolio comprises a mix of 30 two-bedroom, 6 one-bedroom, and 8 three-bedroom units, catering to diverse tenant needs. Built between 1979 and 1981, and recently renovated in 2023 with over $100,000 in capital improvements including new flooring and appliances, these Class B properties boast 34,000 net rentable square feet across approximately 39,000 to 94,000 total square feet. The buildings sit on a combined .39 to 1.19 acres of land and offer 50 parking spaces. Currently operating at 100% occupancy, the portfolio generates a strong NOI of $356,271, representing a 7.92% cap rate and a price per unit of $102,272.73. The properties are zoned R-2 Multifamily District and benefit from their proximity to Interstate 90, providing easy access to both Rochester and Winona. Rochester's robust economy, driven by the Mayo Clinic and the Destination Medical Center initiative, ensures consistent demand for rental housing. The portfolio's strong historical occupancy and the potential for further rent increases, coupled with the recent renovations, make this a compelling investment opportunity with significant upside potential. Individual unit electric meters and baseboard heat with wall A/C units are additional features. The asking price for this portfolio is $4,500,000.