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105 1st St SE

20 Unit Apartment Building $3,490,000 ($174,500/Unit) Minot, ND 58701

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Investment Highlights

Excellent renovation, cash flow positive, great tenant experience, fantastic location and best of all...plenty of on-property parking!!
Retail shopping, food and beverage, entertainment, government buildings are all within walking distance.

Beautiful, active downtown Minot, North Dakota
This is a solid construction, well maintained property.

Executive Summary

This is fully renovated Mixed-Use real estate with plenty of on-property parking. All updates have been completed, All 'for-lease' space is rented other than the basement level. There are four above-ground levels and a full basement. The lease space consists of 18 Apartments/Condos (very high occupancy), a fully leased commercial space on the main floor, and a fully leased, recently completed Event Center on the second floor. As mentioned earlier, there is lease space on the basement level.
The first floor, 14,357/SF of commercial space is currently leased. There is a large server room with security features including bulletproof viewing windows, Cat 5e cabling throughout, steel in the walls for security purposes, and a passcode for entry. Everything is coded to DOD standards. The 1st floor of the building is made up of space on 3 levels, with 4 to 6 steps connecting the levels. There is a sizable break room, several conference rooms, a comfort room, and offices. There are 50+ off-street parking spaces in the 150 2nd St SE lot east of the building.
The commercial space can be subdivided with minimal cost.

Property Facts

Price	$3,490,000	Building Class	B
Price Per Unit	$174,500	Lot Size	1.44 AC
Sale Type	Investment	Building Size	63,806 SF
Sale Conditions	1031 Exchange	Average Occupancy	88%
No. Units	20	No. Stories	4
Property Type	Multifamily	Year Built	1950
Property Subtype	Apartment General Retail Storefront Retail/Residential Office Office Residential	Parking Ratio	0.78/1,000 SF
Apartment Style	Low Rise	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.

Price	$3,490,000
Price Per Unit	$174,500
Sale Type	Investment
Sale Conditions	1031 Exchange
No. Units	20
Property Type	Multifamily
Property Subtype	Apartment General Retail Storefront Retail/Residential Office Office Residential
Apartment Style	Low Rise
Building Class	B
Lot Size	1.44 AC
Building Size	63,806 SF
Average Occupancy	88%
No. Stories	4
Year Built	1950
Parking Ratio	0.78/1,000 SF
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.