55421

Location Overview

The 55421 zip code is primarily made up of the city of Columbia Heights. It also includes the small city of Hill Top, parts of Fridley and Saint Anthony. It is located just north of Northeast Minneapolis and is bordered on the North by Hwy 694 and to the West by the Mississippi River. For the most part it is located in Anoka County, but the portions allotted to the city of Saint Anthony are within Ramsey County.

Property Landscape:

In this area there are 124 multifamily apartment buildings with five or more units. These total 4,646 rental units and are owned by 89 separate people or businesses. This does not include assisted living facilitates which may have separate living units.

The average number of years that these properties have been owned is 14, with several properties staying in the family for more than 30 years.

Market Activity:

When focusing in on 5-50 unit multifamily there is typically about 5-6 transactions per year.

 These transactions tend to be spread out throughout the year but mostly in the first 3 quarters.

In terms of sales volume - there is typically around $5.3M - $6.2M worth of property that trades hands each year. Being a first ring suburban area, 55421 seems to hold strong interest from investors.

Variance In Transaction Volume:

Although the overall trend is positive, there are fluctuations in transaction volume from year to year. Factors such as economic conditions, interest rates, and investor sentiment may influence the number of transactions in any given year.

Importance of Net Operating Income (NOI):

While the median price per door is a useful metric for assessing overall market sentiment, it's crucial for owners to focus on optimizing NOI. Properties with higher NOI are likely to command higher prices in the market, regardless of the median price per door. This highlights the importance of effective property management and operational efficiency for maximizing returns on investment.

If you're interested in how this data applies to your property then contact John Stiles today at 612-584-1345 or send us a message.