Colonial Apartments 16-Unit | Lexington, MN

Highlights

• Value-Add 16-Unit Multi-Family opportunity located in Lexington, MN (Anoka County)
• Well located apartment building, close to the freeway, bus lines, restaurants and parks
• Short-term leases, with below market rents which offers flexibility to the new owner
• A mix of original, remodeled and refreshed units throughout the building
• Lower cost option in the area, with the ability to increase NOI with building improvements
• Laundry in the building and tenants pay Electric

Description

Introducing a prime investment opportunity in Lexington, MN, close to restaurants, shopping, freeway access, and area amenities. This 8,960 SF multi-family property, located in Anoka County, boasts 16 units, with 15, 1BR/1BA units and one Studio Apartment.
Built in 1960 and zoned R-4, this property offers in-place, below market rents plus an opportunity for continued building improvements in order to increase your Net Operating Income! A redevelopment opportunity exists for this parcel as it is surrounded by recent construction of larger apartment buildings.

Conveniently located in Lexington, MN, just north of the Minneapolis / St. Paul Twin Cities area.

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