$5,585,000
Rochester, MN 55904
MLS# 6633791
Status: Closed
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Property Description
$500,000 Price Reduction! 80 Unit Multifamily Investment Opportunity in the heart of highly desirable Rochester. This offering features 10 buildings, totaling 80 units with 76 actively online. The properties are stable, but still offer value add potential with below market rental rates and the ability to build another 4-5 buildings (with necessary approvals). Current ownership remodeled most all of the units since their acquisition in 2016. Properties are enrolled in the 4(d) affordable housing program. Built in 1979 with 93,600 square feet, 2 adjacent parcels on 5.45 acres offering an ideal blend of space and comfort for residents. The portfolio totals 80 units, comprised of 75 units with 3 beds and 2 baths and 5 units have 2 beds and 2 baths. all buildings are similar with solid construction and quality finishes throughout. Zoning is R3 Medium Density Residential.
Details
Maps
Contract Information
Owner is an Agent?: No
Auction?: No
Status: Closed
Off Market Date: 2025-07-07
Current Price: $5,585,000
Closed Date: 2025-06-27
Sales Close Price: 5585000
Contingency: None
ListPrice: 5895000
List Date: 2024-11-21
Office/Member Info
Association: MAAR
General Property Information
Lot Measurement: Acres
Multiple PIDs?: Yes
Other Parking Spaces: 0
Owner Occupied: No
Year Built: 1978
Yearly/Seasonal: Yearly
Zoning: Business/Commercial, Residential-Multi-Family
Lot Dimensions: 594x404
Acres: 5.45
Foundation Size: 1
Garage Stalls: 0
For Sale or Lease: For Sale
Assessment Pending: Unknown
Location, Tax and Other Information
Legal Description: SECT-06 TWP-106 RANGE-013 CAVALIER CONDOS LOT 4 BLK 1 REPLAT OF LOT 1 BLK 1 CAMPUSTOWN SUBD BLDGS 1902, 1910, 1918, 1926, 1934, 1942, 1950, & 1958 APTS A,B,C,D,E,F,G & H & AN UND 57.143% INT IN COMMON ELEMENTS & AERIAL WAYS IN CAVALIER CONDO ASSOC LO CATED ON LOT 2 BLK 1 CAMPUSTOWN SUBD & LOT 4 BLK 1 REPLAT OF LOT 1 BLK 1 CAMPUSTOWN SUBD
Listing City: Rochester
Map Page: 999
Municipality: Rochester
School District: Rochester
School District Phone: 507-328-3000
Zip Plus 4: 8625
Property ID Number: 630632084742
Tax Year: 2024
Tax Amount: 57173.04
In Foreclosure?: No
Potential Short Sale?: No
Lender Owned?: No
Directions & Remarks
Public Remarks: $500,000 Price Reduction! 80 Unit Multifamily Investment Opportunity in the heart of highly desirable Rochester. This offering features 10 buildings, totaling 80 units with 76 actively online. The properties are stable, but still offer value add potential with below market rental rates and the ability to build another 4-5 buildings (with necessary approvals). Current ownership remodeled most all of the units since their acquisition in 2016. Properties are enrolled in the 4(d) affordable housing program. Built in 1979 with 93,600 square feet, 2 adjacent parcels on 5.45 acres offering an ideal blend of space and comfort for residents. The portfolio totals 80 units, comprised of 75 units with 3 beds and 2 baths and 5 units have 2 beds and 2 baths. all buildings are similar with solid construction and quality finishes throughout. Zoning is R3 Medium Density Residential.
Directions: Highway 14 and College Dr SE to 8 1/2 St SE.
Accessible
None: 1
Additional Parcels Information
Property ID #2: 630632084743
Appliances
Cooktop: 1
Refrigerator: 1
Assessments
Assessment Balance: 562.2
Tax With Assessments: 57735.24
Basement
Full: 1
Slab: 1
Building Information
Building Finished SqFt: 93600
Construction Status
Previously Owned: 1
Existing Financing
Free and Clear: 1
Exterior
Vinyl: 1
Financing Terms
Conventional: 1
Foundation
Slab: 1
Fuel
Natural Gas: 1
Heating
Baseboard: 1
Lease Details
Land Leased: Not Applicable
Miscellaneous Information
Homestead: No
Ownership
Fractional Ownership: No
Parking Characteristics
Paved Lot: 1
Unassigned: 1
Uncovered/Open: 1
Public Survey Info
Range#: 13
Section#: 6
Township#: 106
Rental License Type
Standard: 1
Roof
Age Over 8 Years: 1
Sale Options
Sale Includes: Building, Fixture/Equipment, Land, Leases, Rental License
Sewer
City Sewer/Connected: 1
Stories
Two: 1
Unit Details
Total Units: 80
Water
City Water/Connected: 1
Tenant Pays
Cable TV: 1
Electricity: 1
Fuel: 1
Unit 2
No. of 2 Bedroom Units: 5
Unit 3
No. of 3 Bedroom Units: 75
On Site Utilities
Electric Separate: 1
Heating Separate: 1
Hot Water Separate: 1
CMU Style
Apartments/Multi Family: 1
Freestanding: 1
Low Rise: 1
Current Use
Commercial: 1
Residential: 1
Loan Terms
Cash: 1
Conventional: 1
Location Tax and Other Information
House Number: 1902 & 2008
Street Name: 8 1/2
Street Suffix: Street
Street Direction Suffix: SE
Postal City: Rochester
County: Olmsted
State: MN
Zip Code: 55904
Complex/Dev/Subdivision: Cavalier Condos
Property Features
Accessible: None
Appliances: Cooktop; Refrigerator
Basement: Full; Slab
CMU Style: Apartments/Multi Family; Freestanding; Low Rise
Construction Status: Previously Owned
Current Use: Commercial; Residential
Existing Financing: Free and Clear
Exterior: Vinyl
Financing Terms: Conventional
Foundation: Slab
Fuel: Natural Gas
Heating: Baseboard
Loan Terms: Cash; Conventional
On Site Utilities: Electric Separate; Heating Separate; Hot Water Separate
Parking Characteristics: Paved Lot; Unassigned; Uncovered/Open
Rental License Type: Standard
Roof: Age Over 8 Years
Sewer: City Sewer/Connected
Stories: Two
Tenant Pays: Cable TV; Electricity; Fuel
Water: City Water/Connected
Listing Office: RE/MAX Results
Last Updated: July - 19 - 2025
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