Wisconsin LLC Purchases 96-Unit Multifamily Property From Minnesota LLC In Saint Cloud For $9M
2010 27th Street Southeast
$9,000,000
$98/SF
Building Size
91,621 SF
Asset Type
MultiFamily
Closing
Nov 12, 2024
AI
The property asset involved in the transaction is a multifamily apartment complex known as Sterling Heights, located at 2010 27th Street Southeast in Saint Cloud, MN. The sale occurred on November 12, 2024, with a verified sale price of $9,000,000. The property spans 4.57 acres, featuring 96 units with an average price per unit of $93,750. The total rentable square footage is 91,621, leading to a price per square foot of $98.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $9,000,000
- Units: 96
- Average Price Per Unit: $93,750
- Total Square Footage: 91,621
- Price Per Square Foot: $98
- Buyer: Wisconsin LLC
- Seller: Minnesota LLC
- Brokers: Chris Collins, Eric Wagner & Evan Miller - Marcus & Millichap
Marcus & Millichap facilitated the transaction, representing both sides with brokers Chris Collins, Eric Wagner, and Evan Miller involved in the deal's negotiations and arrangements. The apartment complex consists of studio to three-bedroom units, catering to a diverse set of potential tenants.
Players
Saint Cloud MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.76%
Cash-on-Cash
-0.50%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93