105 Sunnyslope Rd, Morris, MN 56267
MULTIFAMILY For SaleFloors: 2
| Space | Size | Type | Pricing |
|---|---|---|---|
| Nature's Edge Apartments | SALE | $4,400,000.00 |
Steven Feneis - SVN GC Real Estate
PHONE: 3204208237
PHONE: 3202573985
Tom Sanquist, CCIM - SVN GC Real Estate
PHONE: 3202822042
PHONE: 3202573757
Property Details PRICE: $4,400,000 PROPERTY TYPE: Multifamily / Matket Rate SIZE: 88 Units / 6.27 Acres YEAR BUILT / RENOVATED: 1970 / 2002 OCCUPANCY: 97.7% PRO FORMA CAP RATE: 9.75% PRICE PER UNIT: $50,000 Property Description Nature’s Edge Apartments is an 88-unit multifamily community located in Morris, Minnesota, offering investors immediate scale and strong in-place cash f low through a combination of traditional apartment leasing and existing corporate housing occupancy. The property consists of five low-rise apartment buildings situated across 6.27 acres and includes a mix of one-, two-, and threebedroom units. Originally constructed in 1970 and substantially renovated in 2002, the property provides a significant value-add opportunity at an attractive basis. The property is currently 97.7% occupied, driven in part by an expanded corporate housing agreement with an existing tenant relationship following a company acquisition. This existing occupancy structure provides immediate income stability while also presenting future operational flexibility for investors pursuing traditional multifamily leasing, workforce housing, or continued corporate housing strategies. Offered at approximately $50,000 per unit, Nature’s Edge presents a rare opportunity to acquire a large-scale apartment community at a substantial discount to replacement cost. The community includes landlord-owned laundry facilities in each building, a community building with fitness center and office, and significant green space throughout the site. Location Description Morris, Minnesota serves as the regional hub for Stevens County and supports a diverse employment base driven by education, healthcare, manufacturing, agriculture, and government services. Major employers include the University of Minnesota Morris, Superior Industries, Stevens Community Medical Center, Morris Area Schools, and regional agricultural operations. Nature’s Edge Apartments is located approximately two miles from the University of Minnesota Morris campus and provides convenient access to the area’s primary employers, retail services, and healthcare facilities. Morris is approximately 55 miles from Alexandria and 95 miles west of St. Cloud, serving as an important regional employment and service center for western Minnesota. Highlights -88-unit multifamily community on 6.27 acres -Current occupancy of 97.7% -Existing corporate housing tenancy provides immediate in-place income -Expanded occupancy driven by existing corporate lease relationship -Projected 9.75% pro forma cap rate -Offered at approximately $50,000 per unit -Significant discount to estimated replacement cost -Opportunity to continue corporate housing strategy or reposition over time -Originally constructed in 1970 with substantial renovation completed in 2002 -Unit mix includes 1-bedroom, 2-bedroom, and 3-bedroom apartments -Community building with fitness center and office -Landlord-owned laundry facilities in each building -Regional employment base supported by manufacturing, healthcare, education, agriculture, and government sectors -Large-scale multifamily asset with limited direct market competition