550 3Rd Ave Virginia, MN 55792
- Retirement homes
- 116,246 SF
- 1.26 lot acres
Current Use by Public Records
- Alice Nettell Tower / Apartment Building
Property Details for 550 3Rd Ave
- Year built
- 1976
- Lot size
- 1.26 lot acres
- Property size
- 116,246 SF
- Property type
- Retirement homes
Description
The Alice Nettel Tower, a 14-story, 116,246 square foot apartment building in Virginia, Minnesota, presents a unique value-add investment opportunity. Built in 1976, this iconic structure features 156 units (87,465 net rentable square feet) with a mix of one and two-bedroom layouts, currently boasting 94% occupancy. Situated on a 1.26-acre lot, the property includes 60 parking spaces equipped with head bolt heater outlets. Amenities include controlled entry, a community room with kitchen, an outdoor BBQ area, two elevators, on-site laundry facilities, and on-site management. The building's unique octagonal design and penthouse roof offer breathtaking views of Bailey Lake and the Iron Range, representing the highest point in the region. Zoned R-5, this project-based Section 8 property is conveniently located near the Central Business District, Essentia Health Virginia Care Center, and Minnesota North College. This is a rare opportunity to acquire a landmark property with significant potential in a desirable location. The property is offered for sale by owner and is free of ground lease obligations.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Virginia
- County
- St. Louis
- State
- Minnesota
- Longitude
- -92.534987226927
- Latitude
- 47.52740796178
