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Forest Park I

Forest Park I

1143 7th Ave SW  /

Property Details

Price:
Property Type Multifamily
Total Lot Size: 1.01 Acres
Year Built: 1971
Number of Units: 20
County: Washington

Description

Michel Commercial is pleased to present the Forest Park I Apartments, a 20 apartment home property located in Forest Lake, MN. This property has a strong occupancy history and benefits from recent capital improvements, including a newer boiler and parking lot enhancements. Featuring a desirable mix of one- and two-bedroom homes. Residents enjoy on-site laundry facilities and the convenience of garage and surface parking. This property presents a value-add investment opportunity, strategically positioned to capitalize on rental upside through interior upgrades. The Forest Park I Apartments is well-maintained and conveniently located in a submarket experiencing strong rent growth. This offering provides investors with a chance to leverage a solid performing property that offers a clear path to NOI growth.

Location

The Forest Park I Apartments is located in Forest Lake, a vibrant city known for its blend of natural beauty and modern amenities. Forest Park I Apartments is near Lakeside Memorial Park, which offers picturesque views of Forest Lake, picnic areas, and a sandy beach. The downtown area is bustling with charming local shops, boutiques, and restaurants, catering to a variety of tastes and interests. Conveniently located near Interstate 35 and Highways 8 and 61, The Forest Park I Apartments boasts excellent connectivity to the Twin Cities metro area and other regional destinations, making it an ideal spot for both commuters and visitors.

Highlights

Value-Add Opportunity
Offering an opportunity for substantial rental growth potential through interior upgrades with the opportunity to take advantage of an estimated $102/ unit average monthly premium on rents, capturing a 28.78% ROI.

Strong Historical Occupancy
Nestled in the heart of Forest Lake, MN, Forest Park I Apartments boasts a long history of exceptional occupancy rates. Residents love the combination of quality living spaces, peaceful surroundings, and convenient access to everything Forest Lake has to offer.

Excellent Connectivity Throughout the Metro
Forest Lake benefits from its proximity to major highways and interstates, including Interstate 35 and Highways 8 and 61. Its location provides residents with convenient access to urban amenities and employment opportunities making it a highly desirable place to live, work, and play.

Thriving Community Atmosphere
Forest Park I Apartments creates a welcoming environment where residents can relax and connect. On-site amenities like a community pool and BBQ area encourage socializing, while nearby lakes and trails offer opportunities for outdoor recreation. The combination of natural beauty and modern conveniences makes it a comfortable and inviting place to live.

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