$3,600,000
6807, 6813 & 6819 Humboldt Ave N
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 31,002
Units 36
Cap Rate 6.47%
NOI $232,785
Occupancy 92%
Pro-Forma Cap Rate 10.4%
Pro-Forma NOI $374,363
Class C
Year Built 1966
Year Renovated 2024
Buildings 3
Stories 3
Acreage 2.410
36 Units | Creative Financing Structure | Plenty of Upside
Marketing description
Humboldt Court Apartments is a 36-unit multifamily C Class community at 6807, 6813 and 6819 Humboldt Ave N in Brooklyn Center, Minnesota, a first-ring suburb immediately north of Minneapolis.
Investment highlights
- Assumable Below-Market Financing: The combination of an assumable contract for deed at 5.5%, and the seller willing to carry a small 2nd position note means buyers can acquire this asset for as little as 11% down. Get in for less, stabilize, and refinance as needed or when the CD is up.
- Government-Backed Income Stream: $11,579/month ($138,948/year) in GRH rent subsidies (June 2026) from the MN Department of Human Services is embedded in gross revenue.
- Completed Capital Program: New electrical panels in all 36 units, LED lighting, fresh entryway flooring, parking restriping, and trash enclosure, all completed 2024-2025. The $97,955 in one-time capex is done and non-recurring.
- 92% occupancy with 33 of 36 units occupied as of June 2026. GRH tenant rents increased materially. Three vacant units represent immediate lease-up upside toward $53,100/month at full market occupancy.
- 36 Separate PIDs: Pervious owners went through the work to create separate condo PIDs, adding flexibility on exit plans for owners who may want piece off condo units individually for higher price points.
- First-Ring Minneapolis Location: Brooklyn Center is directly north of Minneapolis with access to 1-94 and Hwy 100. Strong renter demand, workforce housing tenant base, and consistent occupancy fundamentals.
- Plenty of upside with market rate tenants or GRH to maximize income.
Listing Contacts
Valuation Calculator
Login or Sign up to see Valuation Metrics
Sign up for Crexi to see valuation metrics for this property
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$232,785.00
$19,398.75/mo
Valuation Metrics
0
DSCR
6.47%
Cap Rate
6.47%
ROI
Broker Selected Comps View More Comps
Property History
Similar Properties
Is there information that looks off?
