1902 & 2008 8 1/2 Street SE, Rochester, MN 55904

$5,585,000
Property Type: Commercial Lot Size (sq. ft.): 237,402 Status: Closed
Current Price: $5,585,000 List Date: 11/21/2024 Last Modified: 7/19/2025

Overview

Description

$500,000 Price Reduction! 80 Unit Multifamily Investment Opportunity in the heart of highly desirable Rochester. This offering features 10 buildings, totaling 80 units with 76 actively online. The properties are stable, but still offer value add potential with below market rental rates and the ability to build another 4-5 buildings (with necessary approvals). Current ownership remodeled most all of the units since their acquisition in 2016. Properties are enrolled in the 4(d) affordable housing program. Built in 1979 with 93,600 square feet, 2 adjacent parcels on 5.45 acres offering an ideal blend of space and comfort for residents. The portfolio totals 80 units, comprised of 75 units with 3 beds and 2 baths and 5 units have 2 beds and 2 baths. all buildings are similar with solid construction and quality finishes throughout. Zoning is R3 Medium Density Residential.

Listing Details MLS# 6633791

General Property Information

Lot Measurement
Acres
Multiple PIDs?
Yes
Owner Occupied
No
Year Built
1978
Yearly/Seasonal
Yearly
Zoning
Business/Commercial, Residential-Multi-Family
Foundation Size
Yes
For Sale or Lease
For Sale
Acres
5.45
Lot Dimensions
594x404
Assessment Pending
Unknown
Other Parking Spaces
0
Garage Stalls
0

Property Features

Accessible: None Appliances: Cooktop; Refrigerator Basement: Full; Slab CMU Style: Apartments/Multi Family; Freestanding; Low Rise Construction Status: Previously Owned Current Use: Commercial; Residential Existing Financing: Free and Clear Exterior: Vinyl Financing Terms: Conventional Foundation: Slab Fuel: Natural Gas Heating: Baseboard Loan Terms: Cash; Conventional On Site Utilities: Electric Separate; Heating Separate; Hot Water Separate Parking Characteristics: Paved Lot; Unassigned; Uncovered/Open Rental License Type: Standard Roof: Age Over 8 Years Sewer: City Sewer/Connected Stories: Two Tenant Pays: Cable TV; Electricity; Fuel Water: City Water/Connected

Contract Information

Off Market Date
2025-07-07
Closed Date
2025-06-27
Sales Close Price
5585000
Contingency
None
ListPrice
5895000
Owner is an Agent?
No
Auction?
No

Location Tax and Other Information

House Number
1902 & 2008
Street Name
8 1/2
Street Suffix
Street
Street Direction Suffix
SE
Postal City
Rochester
County
Olmsted
State
MN
Zip Code
55904
Complex/Dev/Subdivision
Cavalier Condos

Additional Parcels Information

Property ID #2
630632084743

Assessments

Assessment Balance
562.2
Tax With Assessments
57735.24

More Information

Building Information

Building Finished SqFt
93600

Lease Details

Land Leased
Not Applicable

Miscellaneous Information

Homestead
No

Ownership

Fractional Ownership
No

Public Survey Info

Range#
13
Section#
6
Township#
106

Sale Options

Sale Includes
Building, Fixture/Equipment, Land, Leases, Rental License

Unit 2

No. of 2 Bedroom Units
5

Unit 3

No. of 3 Bedroom Units
75

Unit Details

Total Units
80

Office/Member Info

Association
MAAR

Location, Tax and Other Information

Legal Description
SECT-06 TWP-106 RANGE-013 CAVALIER CONDOS LOT 4 BLK 1 REPLAT OF LOT 1 BLK 1 CAMPUSTOWN SUBD BLDGS 1902, 1910, 1918, 1926, 1934, 1942, 1950, & 1958 APTS A,B,C,D,E,F,G & H & AN UND 57.143% INT IN COMMON ELEMENTS & AERIAL WAYS IN CAVALIER CONDO ASSOC LO CATED ON LOT 2 BLK 1 CAMPUSTOWN SUBD & LOT 4 BLK 1 REPLAT OF LOT 1 BLK 1 CAMPUSTOWN SUBD
Listing City
Rochester
Map Page
999
Municipality
Rochester
School District
Rochester
School District Phone
507-328-3000
Zip Plus 4
8625
Property ID Number
630632084742
Tax Year
2024
Tax Amount
57173.04
In Foreclosure?
No
Potential Short Sale?
No
Lender Owned?
No

Directions & Remarks

Public Remarks
$500,000 Price Reduction! 80 Unit Multifamily Investment Opportunity in the heart of highly desirable Rochester. This offering features 10 buildings, totaling 80 units with 76 actively online. The properties are stable, but still offer value add potential with below market rental rates and the ability to build another 4-5 buildings (with necessary approvals). Current ownership remodeled most all of the units since their acquisition in 2016. Properties are enrolled in the 4(d) affordable housing program. Built in 1979 with 93,600 square feet, 2 adjacent parcels on 5.45 acres offering an ideal blend of space and comfort for residents. The portfolio totals 80 units, comprised of 75 units with 3 beds and 2 baths and 5 units have 2 beds and 2 baths. all buildings are similar with solid construction and quality finishes throughout. Zoning is R3 Medium Density Residential.
Directions
Highway 14 and College Dr SE to 8 1/2 St SE.

Accessible

None
Yes

Appliances

Cooktop
Yes
Refrigerator
Yes

Basement

Full
Yes
Slab
Yes

Construction Status

Previously Owned
Yes

Existing Financing

Free and Clear
Yes

Exterior

Vinyl
Yes

Financing Terms

Conventional
Yes

Foundation

Slab
Yes

Fuel

Natural Gas
Yes

Heating

Baseboard
Yes

Parking Characteristics

Paved Lot
Yes
Unassigned
Yes
Uncovered/Open
Yes

Rental License Type

Standard
Yes

Roof

Age Over 8 Years
Yes

Sewer

City Sewer/Connected
Yes

Stories

Two
Yes

Water

City Water/Connected
Yes

Tenant Pays

Cable TV
Yes
Electricity
Yes
Fuel
Yes

On Site Utilities

Electric Separate
Yes
Heating Separate
Yes
Hot Water Separate
Yes

CMU Style

Apartments/Multi Family
Yes
Freestanding
Yes
Low Rise
Yes

Current Use

Commercial
Yes
Residential
Yes

Loan Terms

Cash
Yes
Conventional
Yes
IDX
Listing Office: RE/MAX Results
Last Updated: July - 19 - 2025
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity SM Program of the Regional Multiple Listing Service of Minnesota, Inc. The information provided is deemed reliable but not guaranteed. Properties subject to prior sale, change or withdrawal. ©2024 Regional Multiple Listing Service of Minnesota, Inc All rights reserved.
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