Rum River Square Apartments 3040 Bridge St NW 42 Unit Apartment Building $3,175,247 CAD ($75,601 CAD/Unit) 7.05% Cap Rate Saint Francis, MN 55070

Property Summary
Rum River Square Apartments presents a rare opportunity to acquire a 21-unit multifamily asset positioned within the growing north metro community of St. Francis, Minnesota. Originally developed for senior housing, the property offers durable brick construction, elevator service, wide hallways, handicap accessibility, controlled access entry, and community-oriented amenities that continue to support strong tenant appeal and long-term occupancy stability.
The property has recently transitioned from a prior HUD-restricted structure to fully market-rate operations. Existing residents utilizing portable housing vouchers currently support in-place rent collections, while future leasing is unrestricted and may be leased at market rates without program limitations.
Built in 1990, the property consists entirely of spacious one-bedroom units featuring large walk-in closets, separate electric metering, and functional layouts designed for long-term residency. Community amenities include elevator access, controlled entry, community room, lounge area, on-site laundry, detached garages, storage lockers, and professionally maintained common areas.
Rum River Square offers investors the opportunity to acquire a stabilized workforce housing asset with strong occupancy, durable physical construction, and long-term rental demand fundamentals within an expanding exurban market. While certain capital improvements including roofing, parking lot, and mechanical systems should be anticipated over time, the building itself has been well maintained and provides a strong operational foundation for long-term ownership.
Location Summary
Rum River Square Apartments is located in St. Francis, Minnesota, an expanding north metro community approximately 45 miles northwest of Minneapolis. Positioned within Anoka County, St. Francis continues to experience residential growth driven by housing affordability, access to regional employment centers, and increasing demand for suburban and exurban housing alternatives. The property benefits from proximity to Highway 47 and convenient regional access to Elk River, Blaine, Coon Rapids, Maple Grove, and the greater Twin Cities metro area. The surrounding area offers a strong mix of local retail, schools, parks, healthcare services, and community amenities supporting long-term residential demand. St. Francis demonstrates favorable multifamily fundamentals supported by population growth, limited existing rental inventory, and increasing housing demand. Area demographics reflect strong household incomes and stable long-term residency trends, while continued residential expansion supports future rental demand within the market.
Property Highlights
21-unit multifamily community comprised entirely of spacious 1 bedroom units
Transitioned from legacy HUD structure to fully market-rate operations
Existing portable housing vouchers currently support in-place rent collections
Future leasing unrestricted by HUD program limitations
Durable brick construction with elevator service and controlled access entry
Senior-friendly design including wide hallways, handicap accessibility, and auto door openers
Strong occupancy within a growing north metro community
Stable workforce and senior-oriented tenant appeal
Large walk-in closets and separate electric metering in all units
Community room, lounge area, detached garages, storage lockers, and on-site laundry
Approximately 45 miles northwest of Minneapolis with access to regional employment centers
Long-term rental demand supported by limited local multifamily supply
Opportunity to implement phased capital improvements over time
Well-maintained physical structure with strong long-term hold characteristics
Attractive operational profile for owner-operators and workforce housing investors