Woof I think the commercial multi-family RE just got hot!

[grizzer]

These apts have been on the market for a couple of months; 1980's construction, some updating already, great southern exposure for Winter sun. Backs up to a major hwy but the front looks over a large park. Underground heated parking, elevators, W/D's and HVAC in each unit. makes for some maintenance.

I thought they would go for $80K/unit great price, $110K/unit at the top because additional capital is necessary. $136K/unit woof!!

New home builders are starting to build on 60 ft wide lots again to attract owner single family same as rent - not a townhouse.

Greystar do not seem to be dummies but much over about a buck/foot/mo. the newer competition will empty him out...

http://www.startribune.com/blogs/161219175.html

http://www.dominiumapartments.com/apartment-search.html?region=MN:Twin+Cities+SW

 

[Melensdad]

Multi family rentals have been HOT here for a couple years. I cant find any buildings to buy.

 

[grizzer]

Here's one for ya - pistol packin' apt manager has an activist tryin to cause trouble on a condemned and eviction. The TV news media did not go for the gun angle.

http://www.twincities.com/ci_210114...urging-residents-condemned?source=most_viewed

I was looking at a 1930 construction 14 unit near Mpls Institute of Art. Property sold for 15% discount to asking. $45K/unit. Student housing has turnover & no off street parking so I passed. But d*mn the CAP rate would pop above 10%.