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Morningside Townhomes

301 14th Ave SE Saint Joseph / Minnesota

Property Details

Price:

Property Type Multifamily

Total Lot Size: 4.06 Acres

Year Built: 2005

Number of Units: 32

County: Stearns

Description

Michel Commercial is pleased to present the Morningside Townhomes, a 32-home affordable community located in St. Joseph, MN. These well-maintained townhomes feature open, spacious layouts, in-home laundry, private entries, and attached garages. Affordability Structure All 32 homes (100%) are designated for residents earning up to 60% of the Area Median Income (AMI) until the expiration of the Land Use Restriction Agreement (LURA) on July 3, 2036. Prime Location and Lifestyle Located in St. Joseph, MN–a charming town in Stearns County–the Morningside Townhomes offer the perfect blend of small-town charm and urban convenience. Part of the St. Cloud metropolitan area and just 75 miles northwest of the Twin Cities, St. Joseph is easily accessible via Interstate 94. The area is renowned for its picturesque setting, surrounded by rolling hills, lush farmland, and scenic lakes. St. Joseph is also home to the College of Saint Benedict and Saint John’s University, respected liberal arts institutions that contributes to the town’s vibrant and welcoming community. Attractive Investment Opportunity The Morningside Townhomes present a stable and appealing investment opportunity, supported by a history of strong occupancy. Additionally, the Low-Income Rental Classification (LIRC) tax rate reduction to 0.25%, effective January 1, 2025, further enhances its attractiveness as a valuable addition to any investment portfolio.

Location

Located in St. Joseph, MN–a charming town in Stearns County–the Morningside Townhomes offer the perfect blend of small-town charm and urban convenience. Part of the St. Cloud metropolitan area and just 75 miles northwest of the Twin Cities, St. Joseph is easily accessible via Interstate 94. The area is renowned for its picturesque setting, surrounded by rolling hills, lush farmland, and scenic lakes. St. Joseph is also home to the College of Saint Benedict and Saint John’s University, respected liberal arts institutions that contributes to the town’s vibrant and welcoming community.

Highlights

Strong Historical Occupancy
Morningside Townhomes in St. Joseph, MN, enjoys a strong historical occupancy rate, reflecting its consistent demand and enduring appeal. Its well-maintained units, charming location, and welcoming community make it a preferred choice for residents seeking quality and affordability.

New Low-Income Rental Classification (LIRC) Tax Rate
Classification (LIRC) Tax Rate Effective January 1, Morningside Townhomes now benefits from the new Low-Income Rental Classification (LIRC) tax rate of 0.25%, resulting in a 61.8% reduction in property taxes. This substantial adjustment significantly enhances the property’s Net Operating Income (NOI), supporting its long-term financial sustainability and stability while keeping rents affordable.

Proximity to Employment and Education
Residents of Morningside Townhomes in St. Joseph, MN, enjoy the perfect blend of small-town charm and urban convenience. Located near the College of Saint Benedict and Saint John’s University, the community offers access to cultural and educational opportunities while being just minutes from St. Cloud, MN, which provides a broader job market and additional resources.

Thriving Community Atmosphere
St. Joseph, MN, combines small-town charm with a vibrant, connected community. Conveniently located near St. Cloud and along Interstate 94, the town is surrounded by rolling hills, farmland, and lakes, offering scenic beauty and a welcoming environment. Its ideal setting makes St. Joseph a perfect place for families and individuals to call home.

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Morningside Townhomes