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East Brooke Apartments

East Brooke Apartments

1201 East St Germain Street  /

Property Details

Price: $ 960,000
Property Type Multifamily
Total Lot Size: 0.63 Acres
Year Built: 1989
Number of Units: 15
Garages: 25
County: Benton

Description

The East Brooke Apartments is comprised of 15 apartment units. There are 10 two bed, one bath units and 5 one bed, one bath units. There are balconies for the upper level units. There are 25 off-street parking spaces for the tenants use, along with laundry facilities on site. There are also storage lockers in the building for additional rent. The current owner has done a fantastic job not only maintaining the property, but providing upgrades whenever possible. That being said, 11 of the 15 units have not had a turn in 2 or more years. There are 4 tenant that have been at the property for over 5 years. The current owner never intended to sell his properties, and it shows! Only a recent opportunity for the owner has prompted him to make this property available for purchase. The rents are very low and there is a significant opportunity to raise the rents beyond the current listed market rents on the rent roll. Additionally, there is very little deferred maintenance as all but 2 apartments have been remodeled. This is a property you will be proud to own for years to come. Schedule your showing today!

Location

The East Brooke Apartments are located in Benton County in the City of Saint Cloud. The City of Saint Cloud is located in the geographical center of Minnesota approximately 60 miles northwest of Minneapolis. Saint Cloud is the political, cultural, commercial and manufacturing center for all of Central Minnesota. A very sophisticated transportation network makes the Saint Cloud area readily accessible to all parts of the region. A stabilizing force in the community is the fact that the Saint Cloud area is home to four major institutions of higher learning including Saint Cloud Technical College, The College of Saint Benedict, Saint John's University and Saint Cloud State University. Saint Cloud State University is the largest of these with over 16,000 students enrolled. The greater Saint Cloud Tri-County area includes Stearns, Sherburne and Benton County. The population of the Saint Cloud MSA is approximately 189,000 and is expected to grow to about 231,000 by 2030. The population of Sherburne County grew 37% in the last 10 years and is one of the fastest growing counties in the state. The population of Stearns County grew 13% in the last 10 years and Benton County grew 12.3% in the last 10 years. The Saint Cloud Area is somewhat recession proof because of its diverse economy. The area boasts a mix of manufacturers, agricultural related entities, a growing health care industry, emerging professional services, a thriving printing industry, several large public sector employers and a very active retail component. The Saint Cloud Area is the retail hub of Central Minnesota with several expansive malls and retail centers. The Saint Cloud area ranks third in the state, behind only Minneapolis and Saint Paul in retail sales.The business community is continuing to grow at a rapid pace. The Tri-County labor force is expected to expand by nearly 40% between 1990 and 2020 as compared to only 21% statewide. As the population and labor force continue to grow so will the demand for rental housing.

Highlights

Several long term tenants
13 unit have been remodeled
4 New hallway windows in 2019
Hallway remodel including paint and lights in 2019
2 new patio doors and 4 new unit windows in 2019
2 new entry doors in the back of the building in 2019
New roof and soffit and fascia in 2018
Outside paint / building remodel in 2017
New hot water heater in 2017
New landscape in 2016
New parking lot in 2010

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