550 3Rd Ave, Virginia, MN 55792

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.