Updated Dec 4, 2024
Ben Michel & Scott Kirchner Purchase Crystal Multifamily Property For $6.64M
3501 Louisiana Avenue North
$6,640,000
$94/SF
Building Size
70,458 SF
Asset Type
MultiFamily
Closing
Mar 8, 2024
About this deal
AI
An apartment building with 71 units located at 3501 Louisiana Avenue North in Crystal, MN, was sold for $6,640,000. The price per unit was $93,521, with a total square footage of 70,458 and a price per square foot of $94.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $6,640,000
- Buyer: Ben Michel - Ridgeview Property Group; Scott Kirchner - Invest Wise Multifamily
- Broker: Heidi Addo - Michel Commercial
Ben Michel of Ridgeview Property Group and Scott Kirchner of Invest Wise Capital teamed up to acquire the apartment building. The buyers plan to carry out a $1.8 million renovation over the next 24 months as part of their investment strategy.
Players
Minneapolis 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
2.39%
Cash-on-Cash
-0.68%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93