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Anoka Portfolio

Anoka Portfolio

2804-2810 Euclid Ave  /

Property Details

Price:
Property Type Multifamily
Number of Units: 25
Garages: 0
County: Anoka

Description

Michel Commercial is pleased to present this two-property portfolio in Anoka with a total of 25 units. These properties are within minutes of each other and feature a desirable unit mix of primarily two-bedroom units with many capital improvements including: granite countertops (about 8 units), LVP flooring (about 11 units), updated equipment, and updated roofs. The pride of ownership of the long-time owners is evident through the substantial investment of high quality materials that they have put into the properties in order to keep them in good working order. The city of Anoka provides the convenience and easy access to the many employment sectors of the Twin Cities by way of US Highway 10 and US Route 169. This suburb also has a variety of commuting options with two light rail lines and the Northstar commuter line. Residents of Anoka enjoy ample walking and biking paths, lively town centers, and strong community pride. These well-maintained properties have excellent current and historical occupancy as well as solid in-place income. This portfolio offers an immediate, naturally-occurring rent increase opportunity with rents well below the like-kind rent comparables. In addition, these properties are an ideal value-add investment opportunity with substantial rental growth potential through interior upgrades. Residents of these Anoka properties enjoy access to top employers, cultural amenities, green spaces, and more.

Location

Anoka is a northern suburb of the Twin Cities, separated by the Mississippi River and surrounded by the cities of Dayton, Ramsey, Andover, Coon Rapids, Brooklyn Park, Osseo, and Maple Grove. Anoka is the county seat of Anoka County and has a population of 17,615—a 2.76% increase since 2010— the average household income is $79,777 and as of May 2022, the median home value is $203,100 and the unemployment rate is 4.4%. Anoka is served by the Anoka-Hennepin School District 11, one of the largest districts in the state of Minnesota, with a graduation rate of 92.8%. Anoka hosts regionally famed festivals every year to foster community pride and large public development projects are underway with millions of dollars already invested to create welcoming public spaces along the Mississippi River.

Highlights

Value-Add Opportunity
• Immediate Loss-to-Lease Opportunity
• Rental Upside through Interior Upgrades
• Desirable Unit Mix (Mostly 2 BD’s)
• Recent Capital Improvements
• Well-Maintained Properties

Convenient, Suburban Location
• Minutes from Northstar Commuter Rail
• Easy Access to US Route 169 and US Highway 10
• Near Commercial Hubs and Historic City Center
• Close to Anoka-Ramsey Community College

 

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