Park Avenue Apartments 117 3rd St E 40 Unit Apartment Building $3,693,716 CAD ($92,343 CAD/Unit) 8.57% Cap Rate Park Rapids, MN 56470

NAI Sioux Falls is pleased to present the opportunity to acquire a 40-unit multifamily property in Park Rapids, MN. This investment offers stable workforce housing fundamentals in a regional hub community known for year-round tourism, strong local employment, and limited housing inventory. The property consists of 8 studio units, 3 one-bedroom units, 15 two bedroom units, 8 three-bedroom units, 4 four-bedroom units, 1 five-bedroom unit, and 1 currently offline one-bedroom unit. Park Rapids is located along U.S. Highway 71 and serves as a gateway to Itasca State Park and Minnesota’s lake country. The community benefits from a diversified economic base supported by healthcare, tourism, retail trade, education, manufacturing, and regional services. Major local demand drivers include CHI St. Joseph’s Health, public schools, county and municipal services, and the area’s strong tourism economy. The city serves as a commercial and service center for the surrounding lakes region, drawing residents and visitors from across north-central Minnesota. Seasonal tourism activity, combined with a stable year-round population base, helps support consistent housing demand throughout the market. For investors, the property offers an attractive acquisition opportunity relative to larger metro markets, with consistent demand from local workforce tenants, limited new multifamily development, and potential for operational and rent upside. The area's constrained housing supply and barriers to new development continue to support occupancy and long-term rental growth. Park Rapids’ role as a regional service center, combined with tourism-supported employment and historically resilient occupancy trends, positions this 40-unit asset as a compelling long-term multifamily investment.