Park Villas Apartments
490 3rd Street South, Waite Park, MN, 56387, US
95 eenheden
Objectomschrijving
Jones Lang LaSalle (JLL) exclusively presents Park Island Apartments, a coveted 81-home lakefront community gracing the shores of prestigious Lake Minnetonka in Spring Park, MN.
This exceptional offering, available for the first time ever, features 50 private boat slips and delivers an unrivaled living experience in one of the Twin Cities' most sought-after enclaves. Positioned well below replacement cost and encompassing 6 acres, Park Island represents a unique opportunity to acquire a legacy asset and impossible-to-replicate land in the thriving and highly exclusive west submarket.
Park Island Apartments offers a compelling value-add opportunity, with the potential for significant returns through strategic unit renovations. Market analysis suggests potential rent increases of $200-$300 per unit post-renovation, with projected ROI exceeding 20% on targeted upgrades. The property has maintained strong occupancy rates above 95% and demonstrated steady rent growth.
Offered free and clear of debt, it stands as a flagship property for those seeking to invest in a lakeside community with value-add upside and unmatched long-term appreciation potential.
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Attributen
Aantal eenheden
81
Bezettingspercentage
93%
Bouwjaar
1978
Netto gebouwoppervlakte
5.881 vierkante meter
Media
Investeringskenmerken
Rare Apartment Offering on the Shores of Lake Minnetonka with Value-Add Potential
- Situated directly on Lake Minnetonka, the largest lake in the Twin Cities metro at 14,528 acres, offering unparalleled views and recreational opportunities
- Strong property momentum with rent increases averaging 5-6% over the past four years.
- Substantial value-add potential, market analysis indicates potential for rent increases of $200-$300 per unit post renovation, with projected ROI exceeding 20%.
- 50 boat slips generate an additional $150,000+ in annual income, with potential to increase slip rental rates and expand dock capacity along the property’s shoreline
- Average Lake Minnetonka shoreline home price exceeds $2.7M in past 24 months; comparable lakeside estates with similar acreage to Park Island are valued in excess of $50M.
- Average household income surpassing $200,000 within a 5-mile radius of the property highlights the demand of the western suburban submarket and Lake Minnetonka region
- The Twin Cities is home to 16 Fortune 500 company headquarters, contributing to a diverse economy with a 3.9% unemployment rate (as of August 2024) and projected 3.0% annual wage growth over the next five years
Contact adviseurs
Park Island (0 Eigendommen)
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Laatst bijgewerkt
27 nov 2024
