Lake Country Apartments: Brand New 24-Unit Apartment Complex with Development Potential
Property Details
Sale Price: |
Property Description
SVN | Northco is pleased to present for sale the Lake Country Apartments in Siren Village, Wisconsin, a brand new multifamily residential complex in an in-demand rental market ("Property"). The Property is comprised of 24 apartments within 3 buildings that are located in close proximity to one another, along with 3 garage buildings with 8 stalls each. The buildings will be sold 100% occupied, and there is very strong rental demand in this market moving forward.
The complex includes a variety of community amenities such as individual patios or balconies, pet areas, on site built in grills, high speed internet access, in unit washer/dryer, AC, Baseboard heating, garages available, new energy efficient kitchen appliances, plush carpeting and high end laminate flooring.
Siren is a town in Northwestern Wisconsin known for its natural beauty and outdoor recreational activities. It is located near several lakes, parks, and trails, providing residents with plenty of opportunities to enjoy the great outdoors. The town also has a variety of local shops, restaurants, and cultural events. Siren is located approximately 1 hour by vehicle from the Twin Cities.
Highlights
- 6% cap rate (in-place at closing); 7% cap rate (year 4 pro forma)
- Brand new (built in 2023) three-building multifamily residential complex of 24 apartments on ±5 acres of land with expansive green areas. All three buildings are fully built and 100% occupied.
- Extremely high demand rental market (and State); 150+ rental applications for the first 8-unit building
- All units have 2 bedrooms and 1 bathroom, and each unit is approximately 782 square feet
- Development potential exists for two additional 8 unit buildings (approved), or potentially more
- Assumable financing is available for qualified prospects
Map
Location Description
Lake Country Apartments are within the village of Siren, located in Burnett County, in the northwestern part of Wisconsin. Siren is the country seat of Burnett County. Siren is known for its beautiful natural surroundings, including several lakes and the nearby St. Croix National Scenic Riverway. The town is also home to many outdoor recreational activities, such as fishing, boating, hiking, and camping. Wisconsin in general is facing a severe housing shortage that is expected to continue for the next decade or more. Lake Country Apartments is aiming to help fix this problem within Burnett County and these apartments will fill rapidly.