Hillcrest Apartments 500 Boright St

Marcus & Millichap, as the exclusive listing broker, is pleased to present Hillcrest
Apartments, a 23-unit market-rate apartment building located in Le Sueur, Minnesota.
This property is being offered for sale on a free-and-clear basis.
Le Sueur, Minnesota is located on Highway 169 halfway between the Twin Cities
and Mankato, MN. The area is known for its diverse employment opportunities with
companies like Cambria calling it home to their corporate headquarters. The region is
home to many recreational activities and boasts a thriving school district for families.
Some of these Schools include the Le Sueur-Henderson public school system and St.
Annes Catholic School.
The floorplans at Hillcrest consist of one- and two-bedroom units, ranging from 550
square feet to 816 square feet respectively. Multiple units have been updated with
new countertops and laminate wood flooring in the past few years. Other updates
include a new dual boiler in 2010, twelve car garage in 2017, and water heater in
2018. The property is constructed with a flat roof and brick/ vinyl siding exterior.
On site amenities include off-street/ garage parking and common area laundry for
residents.
Due to low inventory in the surrounding area the property consistently holds a tenant
waitlist and has experienced historically low vacancies. A new owner could bring
seventeen units to market with rent increases starting in February 2025. Currently
there is an on-site caretaker in-place at $200 per month.
Hillcrest creates an opportunity for a new investor to enter a stable investment with
long-term upside potential.