Listed by NAI Sioux Falls
$2,600,000
117 3rd Street E.
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 101,291
Units 40
Cap Rate 8.57%
NOI $209,802
Tenancy Multi
Year Built 1939
Acreage 2.360
117 3rd Street E., Park Rapids, MN 56470
Marketing description
This downtown Park Rapids multifamily property is a former high school that was converted to residential units approximately 20 years ago. Located at the intersection of 3rd Street East and Washington Avenue South, the property offers excellent visibility and convenient access to surrounding businesses, restaurants, and community amenities.
Investment highlights
- Converted from a High School to Residential Units Approximately 20 Years Ago
- Located at the intersection of 3rd Street East and Washington Avenue South, this downtown Park Rapids property offers excellent visibility and convenient access to surrounding businesses, restaurants, and community amenities.
- New Sprinkler System, Security Cameras, 75% Roof Replacement, and Parking Lot Improvements
- New Electrical and Plumbing Completed Between 2004-2007
- Opportunity to Develop Additional Residential Units
- Includes Three Parcels
- An NDA will be required to receive further information.
Listing Contacts
Listed by NAI Sioux Falls
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$209,802.00
$17,483.50/mo
Valuation Metrics
0
DSCR
8.07%
Cap Rate
8.07%
ROI
Map
Zoning
R-B MixedMixed UseResidential Business Transition
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View all 34 uses
View all 34 uses Last updated May 8, 2026 For deeper zoning details, reports are available at Zoneomics
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