Irving School Apartments_Property for Sale

101 N 56th Ave W, Duluth, MN, 55807-2474, US

Irving School Apartments

Asset Description

Jones Lang LaSalle (JLL) is pleased to offer for sale Irving School Apartments. Constructed in 1895 in the Renaissance-Revival Style, the former Irving School was renovated into 44 attractive and affordable homes in the Irving Neighborhood of West Duluth. Its quaint and historic nature is demonstrated by the property's transoms, iron staircases, stained glass, and 13+ foot ceilings, all beautifully preserved during its 1978 conversion. Irving School Apartments preservation is commended by its inclusion in the National Register of Historic Places in Minnesota. Community amenities include on-site management, controlled access entry, bike racks, playground, and outdoor patio. The units boast expansive floor plans, refreshed kitchens, large closets, and modern flooring.

Irving School Apartments benefits from its sought-after location in the city of Duluth, with immediate proximity to shopping and dining, recreation, essentials, and more amenities as well as its access to premier employment opportunities. Additionally, Irving School Apartments affordability requirement will terminate at the end of 2023, presenting investors with a rare and multi-faceted value-add opportunity.

The property is perfectly positioned to expand on its current performance for years to come. Offered for sale free and clear of existing debt, JLL is seeking qualified offers to purchase this award winning asset with an anticipated closing date in Q3 2023.

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Attributes

Number of units

44 units

Occupancy

95.00%

Year built

1895/1978

Building area Net

4,006 m²

Media

Investment Highlights

BEST-IN-CLASS HISTORIC PRESERVATION

Rare multi-faceted value-add opportunity
Accredited on Minnesota's National Register of Historic Places
Amenitized property with spacious units offering unique timber and brick accents along with +13' ceilings
Healthy gap between in-place chunk rents and average rents seen in comparable units

LOCATED WITHIN A PREMIER URBAN-SUBURBAN COMMUNITY

Severely supply-constrained city with 204 under construction units and 0 proposed units
Strong Duluth fundamentals have led to above average rent growth and occupancy
Highly acclaimed city attracting new residents from around the country
Directly benefits from economy focused in industries such as healthcare, education, technology, and manufacturing