1305 3rd Ave S, Wheaton, MN 56296

Summary:

Pineview Apartments – Wheaton, Minnesota

In 1971, five apartment communities were developed across Minnesota using HUD financing with affordability restrictions. One of these is Pineview Apartments, located in Wheaton, Minnesota. Originally built with 58 units, some were later combined to create larger floor plans. Today, the property consists of 48 units. Pineview is now offered at a discounted price, presenting a unique value-add opportunity.

The current unit mix is especially attractive:

• 22 one-bedroom units

• 7 two-bedroom / one-bath units

• 15 two-bedroom / two-bath units

• 4 three-bedroom / one-bath units

The property also features 40 garage stalls and abundant off-street parking.

Situated on a spacious 4.59-acre lot, Pineview offers the potential for above-average amenities, including a large community room and multiple laundry facilities. With creative repositioning and strategic marketing, the property could significantly outperform its current operations.

At present, Pineview experiences elevated vacancy. However, this does not reflect the local rental market: a survey of other Wheaton apartment buildings shows they are largely full, with some maintaining waiting lists. The data indicates a clear, unmet demand for housing in Wheaton.

Wheaton itself is a small but vital regional hub. Since 1886 it has served as the county seat of Traverse County, anchoring the area’s government activity. The local economy is supported by a strong agricultural base and bolstered by a significant healthcare presence, led by Sanford Wheaton Medical Center. Wheaton’s location near the Minnesota–South Dakota–North Dakota border provides access to a broader tri-state market.

Pineview Apartments represents a bargain-priced opportunity in a stable rural community, with strong fundamentals and room for operational upside.

This information has been secured from sources that we believe to be reliable. However, we make no representations or warranties, either expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.