Sunhaven - 12 Units - Located at 1450 5th Avenue South in St. Cloud, MN. This building is close to SCSU Hockey Center, Halenbeck Hall, Beaver Island Trail, Munsinger Clemens Gardens and much more.
2019 capital improvements include new siding and gutters – $32,808, new water heater – $12,225, parking lot replacement – $19,980, interior unit carpeting and vinyl flooring – $3,000, shower panels, caulking and subfloor – $3165, signage – $839, installation of boiler regulators, low flow toilets, faucet aerators, High Sierra shower heads, digital thermostats and retaining wall – $12,965, common area carpet – $4595. A grand total of $89,577.
Granite City Real Estate is proud to present Sunhaven Apartments, a 12 unit investment package consisting of all 4 bedroom, 1 bath family housing units centrally located in St. Cloud, MN. The building was constructed in 1988. Rents range from $1,150-$1,200 per unit monthly.
Until recently, this property was occupied by students, generally only 10 months per year. As demand has changed at St. Cloud State University, the property has been converted to family housing and the result is higher lease rates, full-time occupancy, which has resulted more stable performance. The units are all four-bedroom flats with a unique separate water closet, shower, both with doors, and double sink bathroom.
The property qualifies 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.
The investment is being offered at $1,152,000, which is a 7.03% “going in” capitalization rate, with a trailing 12 vacancy of 7.2%. A forcasted 5% vacancy would change the CAP Rate to 7.5% and a Cash On Cash return of nearly 12%.