Lofts@1633 1601 Monks Avenue
Mankato, MN 56001
Sale Price
$7,700,000
Brochure
Map
Multifamily For Sale
Mankato, MN | Mixed-Use | 12,327 SF | 69 Beds
Get in touch
AJ Prins
AP
Sean Doyle
SD
The offering consists of a three-story mixed-use property with 12,327 square feet of main floor retail and 69 beds of student housing. The asset is strategically located one block from Minnesota State University Mankato. MSU is Minnesota’s second largest university with enrollment exceeding 14,000 students located on a 300+ acre campus. The city of Mankato is 80 miles south of Minneapolis and has a population of 45,000 residents.Lofts@1633 is a three-story mixed-use property with 12,327 square feet of main floor retail and 69 beds of student housing. Qdoba and Subway anchor the retail rent roll that consists solely of service-based retailers. The student housing units include expansive bedrooms with spacious closets and multiple bathrooms. Apartments have an open kitchen design with a center island and tabletop bar. All units come with a full kitchen appliance set, in unit washer & dryer, air conditioning, and free high speed wireless internet. The asset is strategically located one block from Minnesota State University Mankato.
Lofts@1633 has had a consistent track record of 100% occupancy throughout its 69 student housing beds. Student rents at Lofts@1633 have averaged 9% annual compounding growth for the last 5 rental seasons. The retail rent roll consists of a diverse mix of national, regional, and local service-based retailers. The majority of retail rents are significantly below new construction competition resulting in high tenant demand and strong occupancy fundamentals for a new owner.
This offering delivers stable in-place cash flow while also providing the opportunity for significant upside potential. An investor can realize this upside by filling the existing retail vacancy and capitalizing on the student housing rent growth that has been demonstrated with this asset. Value creation will be driven largely by the opportunity to increase cashflows and through the irreplaceable infill location less than one block from the MSU Campus.
To view the OM, please sign the Confidentiality Agreement here:
https://www.cbredealflow.com/buyer/agreement?pv=kT0O5J9L2IE4Bg4PNiwcGEYgza-ehf5AVZ3N8t9OkKpoJY8Qrk0LWFqa1KqNbnhR
Lofts@1633 has had a consistent track record of 100% occupancy throughout its 69 student housing beds. Student rents at Lofts@1633 have averaged 9% annual compounding growth for the last 5 rental seasons. The retail rent roll consists of a diverse mix of national, regional, and local service-based retailers. The majority of retail rents are significantly below new construction competition resulting in high tenant demand and strong occupancy fundamentals for a new owner.
This offering delivers stable in-place cash flow while also providing the opportunity for significant upside potential. An investor can realize this upside by filling the existing retail vacancy and capitalizing on the student housing rent growth that has been demonstrated with this asset. Value creation will be driven largely by the opportunity to increase cashflows and through the irreplaceable infill location less than one block from the MSU Campus.
To view the OM, please sign the Confidentiality Agreement here:
https://www.cbredealflow.com/buyer/agreement?pv=kT0O5J9L2IE4Bg4PNiwcGEYgza-ehf5AVZ3N8t9OkKpoJY8Qrk0LWFqa1KqNbnhR
Minnesota State University Mankato, established in 1868, is situated 85 miles southwest of Minneapolis and St. Paul. The University significantly boosts the Mankato economy, contributing $827 million yearly, as per a 2023 study. It has a large student body of 14,000 and employs 1,600 faculty and staff.
The University’s academic quality is recognized through its accreditation by the Higher Learning Commission. More than 90 academic programs also hold specialized accreditation, certification and or recognition from 25 different recognized accrediting agencies; six non-academic programs also hold specialized accreditation, certification, or recognition
The university annually grants approximately 3,000 bachelor’s, 600 master’s, 50 specialist, and 10 doctoral degrees. MNSU also boasts large outdoor athletic facilities, recently adding over 20 acres of baseball fields, a soccer field, a jogging track, a walking trail, and wind power facilities totaling 300+ acres of campus grounds.
The University’s academic quality is recognized through its accreditation by the Higher Learning Commission. More than 90 academic programs also hold specialized accreditation, certification and or recognition from 25 different recognized accrediting agencies; six non-academic programs also hold specialized accreditation, certification, or recognition
The university annually grants approximately 3,000 bachelor’s, 600 master’s, 50 specialist, and 10 doctoral degrees. MNSU also boasts large outdoor athletic facilities, recently adding over 20 acres of baseball fields, a soccer field, a jogging track, a walking trail, and wind power facilities totaling 300+ acres of campus grounds.
Sale Price
$7,700,000
Get in touch
AJ Prins
AP
Sean Doyle
SD