Washington Court 2101 Washington St NE 38 Unit Apartment Building $7,677,560 CAD ($202,041 CAD/Unit) 6.81% Cap Rate Minneapolis, MN 55418

Marcus & Millichap, as the exclusive listing broker, is pleased to present Washington Court, a 38- unit Low Income Housing Tax Credit apartment building located in the Northeast community of Minneapolis, Minnesota. This property is being offered for sale on a free-and-clear basis.
Northeast Minneapolis often called “Nordeast,” is a vibrant neighborhood that stands out for its unique blend of rich history, artistic community, and diverse cultural influences. Situated just across the river from downtown Minneapolis, this area is known for its industrial roots, which have since transformed into a thriving hub of creativity and innovation. The neighborhood was historically a center for milling and manufacturing, but over the years, old factories and warehouses have been repurposed into lofts, galleries, breweries, and small businesses, giving Northeast a distinctive urban charm. One of the most notable aspects of Northeast Minneapolis is its strong arts scene. The neighborhood is home to the Northrup King Building, a massive artist studio complex, as well as numerous other galleries, theaters, and cultural venues. The annual Art-A-Whirl event, which takes place in May, draws thousands of visitors to explore local artists’ studios and exhibitions. Northeast has become a place where creatives can thrive, offering a space for musicians, painters, sculptors, and other artists to live and work in a supportive environment.
Washington Court was constructed in 2006 and features a balanced mix of one-, two-, and three-bedroom units. The units themselves feature large floor plans with dishwashers, in-unit washer/ dryer, and access to heated underground parking. The property has been well maintained including a new roof in 2022 and parking surface work done in 2023 as well as many in-unit upgrades.
The property offers an investor the opportunity to acquire a well maintained, stabilized property currently operating at 100% occupancy. Once the Extended Use Phase has lifted the owner has the option of resyndication or taking the property market rate and increase revenue through market rents.