Property Details
Price: $ 10,800,000
Property Type Multifamily
Year Built: 1986
Number of Units: 120
Garages: 123
County: Stearns
Description
Michel Commercial Real Estate is pleased to present an exclusive listing for the sale of the Garden Square Apartments, a 120-unit apartment complex located in St. Cloud, Minnesota. The Garden Square Apartments were built in 1986 with a 3 story design, a desirable unit mix, and 123 detached garages. This property is amenity rich and well-maintained with an excellent occupancy history. In addition, there have been many capital improvements in the last 5 years (including a new roof).
Location
St. Cloud is the business hub of Central MN and is accessible along interstate 94, US highway 52 and 10, and Minnesota Highway 15 and 23. Located in the state's top agricultural region, St. Cloud has a strong agricultural, medical, educational, commercial and industrial base that includes numerous manufacturing and distribution type jobs. The largest employers include CentraCare Health Systems, St. Cloud State University, St. Cloud VA Health Care System and the St. Cloud Area School District. A new Amazon Distribution Center recently opened and created over 300 jobs and Associated Wholesale Grocers (AWG) also recently opened their new distribution facility bringing over 100 new jobs to the city.
Highlights
Stabilized Asset
• Excellent Occupancy
• Great Location
• Market-Rate Rents
• Strong In-Place Income
• Desirable Unit Mix
• Well-Maintained
Amenity Rich
• Detached Garages (123)
• Fitness Center
• Outdoor Pool
• Clubhouse
• BBQ / Picnic Area
• Controlled Access
• Laundry Facilities on Each Floor
Convenient Location
• Near Downtown St. Cloud
• Minutes from Costco, Scheels, Target, and more
• Walkable to McKinley Park
