North Suburban 3 Buildings Portfolio
3 Buildings · 39 Units Mounds View · Spring Lake Park · Columbia Heights
Portfolio Overview
3 Building Portfolio available as package or Individual Buildings
- Total Buildings 3
- Building 1 5284 Greenfield Ave, Mounds View, MN
- Building 2 8061 Pleasant View Dr NE, Spring Lake Park, MN
- Building 3 4621 University Ave NE Columbia Heights, MN
- Total Portfolio Unit Count 39
- Total Portfolio Unit Mix 15 – 1BR | 24 – 2BR
- Total Portfolio Package Price $5,100,000
Investment Highlights
Brentwood Terrace (Mounds View | 17 units | $2,210,000)
Brentwood is priced at $130,000 per unit, about $5,700 below the comparable-sales average. At that price it trades at roughly a 7.5% cap rate on the broker's 2026 pro forma NOI of $165,441, or 9.1% on the T12 NOI of $201,194. Rents leave room to grow: the 1BRs sit $79 below nearby comps and the 2BRs $45 below, and 11 of 17 units are only lightly updated. The owner has already handled the big-ticket items, including new mansard shingles in 2026, a laundry and storage room rehab and kitchen drain upgrades in 2024, and replaced water service lines. The building is 1.5 to 1.8 miles from Medtronic's Mounds View and Rice Creek campuses.
Pleasant View Manor (Spring Lake Park | 11 units | $1,370,000)
Pleasant View is the lowest-priced building in the portfolio at $124,545 per unit, about $11,100 below the comp average. That works out to roughly a 7.4% cap rate on pro forma NOI ($101,372), or 8.7% on the T12. It also has the most recent capital investment of the three: 2026 mansard shingles and windows, 2025 electrical breakers and twin-tank water softener, a 2024 water main, and a 2022 flat roof. Eight of 11 units have six or more updated items, so a buyer gets a largely turnkey asset. It is within 1.5 miles of Mercy Hospital's Unity Campus and both Medtronic campuses.
University Apartments (Columbia Heights | 11 units | $1,520,000)
Built in 1988, University is the newest building in the portfolio. It has the strongest rents, averaging $1,325 a month ($1.68/SF), and is still priced about $7,700 per unit below its comp average. It trades at roughly a 7.5% cap rate on pro forma NOI ($113,406), or 8.7% on the T12. Its infrastructure is modern: PVC drains throughout, 100A electric service per unit, a roof about 10 years old, a 2023 water heater, and 11 garage stalls with electric. No unit has had cabinets or bathrooms updated, which gives a buyer a clear interior value-add play. The location is 5.2 miles from downtown Minneapolis and 5.5 miles from the University of Minnesota.
