Cloudhaven - 28 Units - Located at 605 15th Street South, 1416 and 1420 6th Avenue South, St. Cloud, MN 56301.
*Assume Fannie Mae Financing With 12% Down Payment!* + Significant Value Add Opportunity
Granite City Real Estate is proud to present Cloudhaven Apartments, a 28 unit investment package consisting of all 4 bedroom, 1 or 2 bath family housing units centrally located in St. Cloud, MN. The investment includes three buildings all constructed between 1987 and 1988. Rents range from $1,100-$1,295 per unit monthly, with nearly all over $1,200.
Until recently these buildings were occupied by students, generally only 10 months per year. As demand has changed at St. Cloud State University, these properties have been converted to family housing and the result is higher lease rates, full-time occupancy, which has resulted more stable performance.
The unit mix includes 4-two level townhome style units and the remaining 24 units are four-bedroom flats with a unique separate water closet, shower, both with doors, and double sink bathroom.
These buildings qualify for the HUD Section 8 voucher program which provides guaranteed contributions to tenant’s monthly rent. Approximately 75% of the tenancy participates in this program.