1685 Redding AveWindom, MN 56101

Property Details for 1685 Redding Ave

Year built

2020

Lot size

1.88 AC

Property size (Sq ft)

56,019 SF

Property type

Apartment buildings

Description

This exceptional 45-unit apartment building presents a compelling investment opportunity in Windom, Minnesota. Built in 2020, this three-story, Class B property boasts 56,019 square feet, with 44,131 square feet of net rentable space. The building features a desirable mix of one, two, and three-bedroom units, catering to a diverse tenant base. Currently operating at 95% occupancy, the property generates a strong net operating income (NOI) of $443,416, with a pro-forma NOI of $465,307, resulting in a 6.52% cap rate and a pro-forma cap rate of 6.84%. The asking price is $6,800,000, translating to $151,111 per unit and $121.39 per square foot. Amenities include controlled and keyless access, elevators, a community room, a fitness center, and ample parking (2.24 spaces per unit) with attached and detached garages. Security features include surveillance cameras. The building's construction includes steel siding with brick accents, prefabricated metal suspended deck systems, 9-foot ceilings on the ground floor, extra-wide hallways, recessed apartment entryways, full-size in-unit laundry machines, extra shelving in laundry and bathrooms, and walk-in closets. Units feature recessed lighting, open floor plans, kitchen islands, and stainless steel appliances. The 1.88-acre lot is zoned for residential, retail, and commercial use. A pay-as-you-go TIF note is in place through 2024. Located in the county seat of Cottonwood County, Windom benefits from a strong local economy anchored by employers such as TORO Manufacturing, Windom Public Schools, and Fortune Transportation. This property offers a blend of modern amenities, strong financial performance, and a desirable location in a growing community.

Location Insight

City

Windom

County

Cottonwood

State

Minnesota

Latitude

43.8745

Longitude

-95.1054

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