Apartments: 14 of 15 units leased (93%); one has a Nov 1 move-in, and the 15th is freshly renovated and available now. At $33,233 a door, there's room for a buyer to fill it. One resident since 2009; leases staggered through 2027. Boiler 2021, gutters 2026, gas hot-water heat, private entrances, on-site laundry, parking, near shops & schools. Full 3-yr P&L, rent roll & appraisal - no NDA PARK APARTMENTS - 1220 N FRONT ST, CROOKSTON MN
THE BASICS
15 units on a full 1.5 acres (220 x 300): fourteen efficiency units and one one-bedroom. Built 1950. Gas hot water heat, private entrances, common-area laundry, and ample off-street parking with room left over. Appraised at $488,000 on 02/04/2026 by Weber Appraisal Service.
OCCUPANCY AS OF 08/20/2026
- 11 units occupied and paying
- 2 units leased, tenants not yet moved in (units 2 and 6)
- 2 units available now (units 8 and 15)
In-place rent is $4,605/mo. All fifteen at current asking rents is $6,230/mo, or $74,760/yr.
Tenancy is stable here. One resident has been in place since 2009 and another since 2019, and leases are staggered through mid-2027 - no buyer walks into a cliff.
ALREADY PAID FOR
- Boiler replaced 2021
- New gutters installed 2026
- Ongoing unit turns and renovations throughout
THE NUMBERS, STRAIGHT
2026 run-rate, annualized from current operating statements:
- Effective gross income: $61,535
- Operating expenses: $41,127 (property tax shown separately)
These expense figures are the real ones, not a trimmed set. They include management, repairs, unit turnover, advertising, lawn care, snow removal, rental license and utilities. The owner carries insurance outside the property, so no premium appears in these numbers - budget your own.
THE UPSIDE
Asking rent on the efficiencies is $400. The last three units that turned rented at $420, $465 and $500. That gap is the opportunity, and you can verify it yourself against the rent roll we have posted.
- Fill the two open units at current asking rents: NOI to roughly $28,600
- Bring all fifteen toward the high $400s: NOI to roughly $38,000
PRICING
Listed at $498,500 against a February 2026 appraisal of $488,000 (Weber Appraisal Service, file APP3451). The value is in the fifteen doors, the 1.5 acres, and the room left in the rent roll.
DOCUMENTS - NO NDA
Three years of profit-and-loss statements, the current rent roll, and the 2026 appraisal are posted at https://tinyurl.com/parkapts. Bring your own numbers and check ours.
UTILITIES
Owner pays gas, water, sewer and trash. Tenants pay electric, cable and internet.
SHOWINGS
Text or email the listing agent. Units 8 and 15 can be shown any time; occupied units require 24+ hour notice.
BUYER TO VERIFY
Zoning is recorded as A-1 Limited Development. Any buyer with expansion or redevelopment plans should confirm intended use directly with the City of Crookston. Square footage and tax figures should be independently verified.
