Grass Lake Manor — Sale in Minneapolis, MN

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Minneapolis, MN 55423

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Description

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire Grass Lake Manor, a 51-unit multifamily community located at 900-920 Rae Drive, Richfield, Minnesota.? Grass Lake Manor is a 51-unit multifamily property located in Richfield, Minnesota.? The property is comprised of three neighboring buildings constructed in 1962 and 1963 and includes a well-balanced mix of seven studio, 32 one-bedroom, and 12 two-bedroom residences.? Across the property, residences average approximately 663 square feet in size with average rents of $939 per month, providing residents with a range of efficient and functional floor plans in a convenient Richfield location.? Grass Lake Manor is situated on a combined 1.82-acre site and features approximately 76 surface parking spaces, providing ample on-site parking for residents.? Over the past several years, ownership has completed a variety of property improvements, including new carpeting, updated appliances, fresh interior paint, and new roofs on two of the three buildings.? These recent investments help maintain the property's overall condition while providing a strong foundation for continued operations.? The three-building configuration also gives future ownership the scale of a larger multifamily asset while maintaining the feel of a more residential setting.? The property is located next to downtown Richfield, placing residents near a variety of restaurants, shopping, employment, entertainment, and everyday services.? This central location provides convenient access to many of Richfield's primary commercial amenities while also offering connectivity throughout the surrounding Minneapolis–Saint Paul metro.? Grass Lake Manor also backs up to Richfield Lake Park, giving residents convenient access to the roughly three-quarter-mile walking trail surrounding Richfield Lake and provides an additional recreational amenity just steps from the property.? Investment Highlights: • Long Term Ownership/

Market Context

This multifamily in Minneapolis, MN is listed for sale. Compare it against other multifamily listings for sale in Minneapolis, MN — view the full market.

As of Q1 2026, the Minneapolis multifamily market showed a 6.1% vacancy rate, and average asking rents near $1557.00/unit/mo. Source: multiple brokerage reports, Q1 2026.

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Vacancy is around 6.1% (Q1 2026).

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