1220 Front St N

Far off

40 photos

Photos courtesy of EXIT REALTY HEARTLAND ND - Broker, via Realtor.com.

Asking price: $498,500
Monthly cash flow: −$2,240
Estimated rent: $1,950/mo
Break-even price: $77,659

Adjust the numbers See the full breakdown

From the listing

Apartments: 14 of 15 units leased (93%), one move-in pending; the 15th is freshly renovated and available to show now. One resident since 2009; leases staggered through 2027. Boiler 2021, new gutters 2026, gas hot-water heat, private entrances, on-site laundry, ample parking, near shops & schools. Full 3-year P&L, rent roll and appraisal available - no NDA. PARK APARTMENTS - 1220 N FRONT ST, CROOKSTON MN THE BASICS 15 units on a full 1.5 acres (220 x 300): fourteen efficiency units and one one-bedroom. Built 1950. Gas hot water heat, private entrances, common-area laundry, and ample off-street parking with room left over. Appraised at $488,000 on 02/04/2026 by Weber Appraisal Service. OCCUPANCY AS OF 08/20/2026 - 11 units occupied and paying - 2 units leased, tenants not yet moved in (units 2 and 6) - 2 units available now (units 8 and 15) In-place rent is $4,605/mo. All fifteen at current asking rents is $6,230/mo, or $74,760/yr. Tenancy is stable here. One resident has been in place since 2009 and another since 2019, and leases are staggered through mid-2027 - no buyer walks into a cliff. ALREADY PAID FOR - Boiler replaced 2021 - New gutters installed 2026 - Ongoing unit turns and renovations throughout THE NUMBERS, STRAIGHT 2026 run-rate, annualized from current operating statements: - Effective gross income: $61,535 - Operating expenses: $41,127 (property tax shown separately) These expense figures are the real ones, not a trimmed set. They include management, repairs, unit turnover, advertising, lawn care, snow removal, rental license and utilities. The owner carries insurance outside the property, so no premium appears in these numbers - budget your own. THE UPSIDE Asking rent on the efficiencies is $400. The last three units that turned rented at $420, $465 and $500. That gap is the opportunity, and you can verify it yourself against the rent roll we have posted. - Fill the two open units at current asking rents: NOI to roughly $28,600 - Bring all fifteen toward the high $400s: NOI to roughly $38,000 PRICING Listed at $498,500 against a February 2026 appraisal of $488,000 (Weber Appraisal Service, file APP3451). The value is in the fifteen doors, the 1.5 acres, and the room left in the rent roll. DOCUMENTS - NO NDA Three years of profit-and-loss statements, the current rent roll, and the 2026 appraisal are posted. Bring your own numbers and check ours. UTILITIES Owner pays gas, water, sewer and trash. Tenants pay electric, cable and internet. SHOWINGS Text or email the listing agent. Units 8 and 15 can be shown any time; occupied units require 24+ hour notice. BUYER TO VERIFY Zoning is recorded as A-1 Limited Development. Any buyer with expansion or redevelopment plans should confirm intended use directly with the City of Crookston. Square footage and tax figures should be independently verified.

Listing courtesy of EXIT REALTY HEARTLAND ND - Broker (Derek Nolte). Description from Realtor.com, MLS #26-1239. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

The numbers

Edit rents, costs and assumptions

Default: 20% down (no PMI), offer at asking, self-managed, 7.00% for 30 years, buyer pays closing costs (3%).

The deal

Price: $498,500
Cash to close: $114,655
Price per unit: $249,250
GRM: 21.3

Each month

Cash flow: −$2,240/mo
Cash-on-cash: −23.4%
Cap rate: 1.0%
DSCR: 0.16×

Break-even

Price that breaks even: $77,659
Rent that breaks even: $4,822/mo

Long run

Year 30: property vs stocks: $1.14M vs $3.34M
Cash flow turns positive: not within 30 years

Monthly

Monthly breakdown

Rent	$1,950
Vacancy (6%)	−$117
Collected	$1,833
Property tax Listing	−$620
Insurance Estimate	−$258
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$156
Capital reserve (8% of rent)	−$156
Net operating income	$413
Mortgage (principal + interest)	−$2,653
Cash flow	−$2,240
Principal paid down (equity, not cash)	$338

Cash flow each year

Rents +3%/yr, costs +3.5%/yr. Red bars are months you'd cover out of pocket.

30 years

How those totals add up

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,209,990
Minus 6% selling cost	−$72,599
Minus loan still owedTenants' rent paid down all $448,650 of principal by year 30	$0
Plus rental profits, invested at 7%$0 of profit by year 30, before investment growth	$0
What you'd walk away with	$1,137,391
If you put the same money in stocks
Cash to close ($64,805) invested at 7%	$493,312
Monthly shortfalls ($905,838 total by yr 30) investedThe money you'd have put into the building while it lost money	$2,929,275
What you'd walk away with	$3,422,587
Building minus stocks	−$2,285,196

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,209,990
Minus 6% selling cost	−$72,599
Minus loan still owedTenants' rent paid down all $448,650 of principal by year 30	$0
Plus rental profits, invested at 7%$0 of profit by year 30, before investment growth	$0
What you'd walk away with	$1,137,391
If you put the same money in stocks
Cash to close ($64,805) invested at 7%	$493,312
Monthly shortfalls ($1,000,021 total by yr 30) investedThe money you'd have put into the building while it lost money	$3,185,885
What you'd walk away with	$3,679,197
Building minus stocks	−$2,541,806

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,185,718
Minus 6% selling cost	−$71,143
Minus loan still owedTenants' rent paid down all $439,650 of principal by year 30	$0
Plus rental profits, invested at 7%$0 of profit by year 30, before investment growth	$0
What you'd walk away with	$1,114,575
If you put the same money in stocks
Cash to close ($63,505) invested at 7%	$483,416
Monthly shortfalls ($884,013 total by yr 30) investedThe money you'd have put into the building while it lost money	$2,859,662
What you'd walk away with	$3,343,078
Building minus stocks	−$2,228,503

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,185,718
Minus 6% selling cost	−$71,143
Minus loan still owedTenants' rent paid down all $439,650 of principal by year 30	$0
Plus rental profits, invested at 7%$0 of profit by year 30, before investment growth	$0
What you'd walk away with	$1,114,575
If you put the same money in stocks
Cash to close ($63,505) invested at 7%	$483,416
Monthly shortfalls ($978,195 total by yr 30) investedThe money you'd have put into the building while it lost money	$3,116,272
What you'd walk away with	$3,599,688
Building minus stocks	−$2,485,113

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,209,990
Minus 6% selling cost	−$72,599
Minus loan still owedTenants' rent paid down all $398,800 of principal by year 30	$0
Plus rental profits, invested at 7%$0 of profit by year 30, before investment growth	$0
What you'd walk away with	$1,137,391
If you put the same money in stocks
Cash to close ($114,655) invested at 7%	$872,783
Monthly shortfalls ($772,984 total by yr 30) investedThe money you'd have put into the building while it lost money	$2,466,575
What you'd walk away with	$3,339,358
Building minus stocks	−$2,201,967

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,209,990
Minus 6% selling cost	−$72,599
Minus loan still owedTenants' rent paid down all $398,800 of principal by year 30	$0
Plus rental profits, invested at 7%$0 of profit by year 30, before investment growth	$0
What you'd walk away with	$1,137,391
If you put the same money in stocks
Cash to close ($114,655) invested at 7%	$872,783
Monthly shortfalls ($867,166 total by yr 30) investedThe money you'd have put into the building while it lost money	$2,723,185
What you'd walk away with	$3,595,969
Building minus stocks	−$2,458,578

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,185,718
Minus 6% selling cost	−$71,143
Minus loan still owedTenants' rent paid down all $390,800 of principal by year 30	$0
Plus rental profits, invested at 7%$0 of profit by year 30, before investment growth	$0
What you'd walk away with	$1,114,575
If you put the same money in stocks
Cash to close ($112,355) invested at 7%	$855,275
Monthly shortfalls ($753,823 total by yr 30) investedThe money you'd have put into the building while it lost money	$2,406,244
What you'd walk away with	$3,261,519
Building minus stocks	−$2,146,944

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,185,718
Minus 6% selling cost	−$71,143
Minus loan still owedTenants' rent paid down all $390,800 of principal by year 30	$0
Plus rental profits, invested at 7%$0 of profit by year 30, before investment growth	$0
What you'd walk away with	$1,114,575
If you put the same money in stocks
Cash to close ($112,355) invested at 7%	$855,275
Monthly shortfalls ($848,005 total by yr 30) investedThe money you'd have put into the building while it lost money	$2,662,854
What you'd walk away with	$3,518,129
Building minus stocks	−$2,403,554

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,209,990
Minus 6% selling cost	−$72,599
Minus loan still owedTenants' rent paid down all $373,875 of principal by year 30	$0
Plus rental profits, invested at 7%$0 of profit by year 30, before investment growth	$0
What you'd walk away with	$1,137,391
If you put the same money in stocks
Cash to close ($139,580) invested at 7%	$1,062,519
Monthly shortfalls ($713,286 total by yr 30) investedThe money you'd have put into the building while it lost money	$2,278,606
What you'd walk away with	$3,341,124
Building minus stocks	−$2,203,733

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,209,990
Minus 6% selling cost	−$72,599
Minus loan still owedTenants' rent paid down all $373,875 of principal by year 30	$0
Plus rental profits, invested at 7%$0 of profit by year 30, before investment growth	$0
What you'd walk away with	$1,137,391
If you put the same money in stocks
Cash to close ($139,580) invested at 7%	$1,062,519
Monthly shortfalls ($807,468 total by yr 30) investedThe money you'd have put into the building while it lost money	$2,535,216
What you'd walk away with	$3,597,735
Building minus stocks	−$2,460,344

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,185,718
Minus 6% selling cost	−$71,143
Minus loan still owedTenants' rent paid down all $366,375 of principal by year 30	$0
Plus rental profits, invested at 7%$0 of profit by year 30, before investment growth	$0
What you'd walk away with	$1,114,575
If you put the same money in stocks
Cash to close ($136,780) invested at 7%	$1,041,204
Monthly shortfalls ($695,323 total by yr 30) investedThe money you'd have put into the building while it lost money	$2,222,045
What you'd walk away with	$3,263,249
Building minus stocks	−$2,148,674

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,185,718
Minus 6% selling cost	−$71,143
Minus loan still owedTenants' rent paid down all $366,375 of principal by year 30	$0
Plus rental profits, invested at 7%$0 of profit by year 30, before investment growth	$0
What you'd walk away with	$1,114,575
If you put the same money in stocks
Cash to close ($136,780) invested at 7%	$1,041,204
Monthly shortfalls ($789,505 total by yr 30) investedThe money you'd have put into the building while it lost money	$2,478,656
What you'd walk away with	$3,519,860
Building minus stocks	−$2,405,285

Future dollars. At 3% inflation, divide year-30 figures by about 2.4 for today's buying power. Rental profits are assumed invested, not spent.

30 years: this property vs. the same money in stocks

This propertyStocks at 7%

Year 30 (loan paid off): property $1.14M, stocks $3.34M. Stocks win.

Comparable rentals

The closest rental listings with each unit's bedroom count, as of 2026-10-04. The estimate is the median asking rent of every rental we found nearby (the count is shown for each); houses are left out. Asking rents from Realtor.com rental listings, not signed leases.

1 bed estimate $975/mo · range $825–$1,250 · 357 rentals across Greater Minnesota

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
1700 Widman Ln, Crookston	$865	1 / 1	775	0.3 mi	2025-05-29	Apartment
1120 Barrette St, Crookston	$868	1 / 1	500	0.7 mi	2025-07-10	Apartment
220 E Gateway Dr NW, East Grand Forks	$585	1 / 1	650	22.0 mi	2026-09-19	Apartment
400 17th St NW, East Grand Forks	$758	1 / 1	479	22.4 mi	2026-06-02	Apartment
2206 8th Ave NW, East Grand Forks	$650	1 / 1	450	22.8 mi	2026-03-21	Apartment
1301 1st St W, Thief River Falls	$945	1 / 1	630	29.6 mi	2025-04-02	Apartment
1602 Pioneer Ct, Thief River Falls	$730	1 / 1	550	30.6 mi	2026-05-14	Apartment
228 2nd Ave W, Halstad	$745	1 / 1	—	31.6 mi	2026-07-09	Apartment
222 14th St NE, Dilworth	$1,065	1 / 1	705	62.7 mi	2025-06-21	Apartment
735 Center Ave W, Dilworth	$550	1 / 1	—	62.9 mi	2026-04-16	Apartment

0 bed estimate $975/mo · range $800–$1,250 · 82 rentals across Greater Minnesota

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
1901 Pirate Dr, Crookston	$745	0 / 1	441	1.0 mi	2026-07-23	Apartment
1301 1st St W, Thief River Falls	$825	0 / 1	410	29.6 mi	2025-04-02	Apartment
1205 Main Ave, Moorhead	$995	0 / 1	758	63.4 mi	2025-04-29	Apartment
1805 20th St S, Moorhead	$475	0 / 1	—	64.5 mi	2026-04-16	Apartment
2725 40th St S, Moorhead	$1,050	0 / 1	421	64.7 mi	2025-06-03	Apartment
2725 40th St S Apt 308, Moorhead	$1,050	0 / 1	—	64.7 mi	2026-08-20	Apartment
900 30th Ave S, Moorhead	$1,075	0 / 1	535	65.4 mi	2025-07-10	Apartment
600 30th Ave S, Moorhead	$1,025	0 / 1	551	65.4 mi	2025-07-30	Apartment
900 44th Ave S, Moorhead	$860	0 / 1	345	66.4 mi	2025-03-04	Apartment
801 44th Ave S, Moorhead	$975	0 / 1	502	66.5 mi	2025-03-06	Apartment

On the maps, this property and comparable rentals. Comparable rentals and rent estimate: Realtor.com rental listings. Rents are asking rents from listings; check them against the actual leases.

Red flags and opportunities

Watch for

mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 1220 FRONT ST N
mediumAsking is $420,841 above the price where cash flow breaks even ($77,659) at the default scenario. Based on: Derived: price $498,500 vs. break-even $77,659

Opportunities

None found.

Questions for the agent

Can we see the current leases and a rent roll, with move-in dates?
What did water/sewer/trash, heat and electric cost the owner over the last 12 months?
How old are the roof, boiler or furnaces, water heaters and electrical panels?
Is the building licensed as a rental for this many units, and when was the last city inspection?
Any special assessments pending, and will the seller pay them off at closing?

Standard questions worth asking about any building.

What the records say

Where each number comes from

Property tax / yr Listinglisting, tax year 2024. The tax the listing states. If the seller lives there it may be at the lower homestead rate; an investor owner pays the non-homestead rate, often 20–40% more on the owner's unit.	$7,436
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$3,096
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid	$170
Heat / mo Assumptionassumption. tenants pay heat; confirm with the agent	$0
Lawn care / mo Assumptionassumption. $120/mo for 6 months, spread over 12; no snow removal	$60
Repairs / capital reserve Rulerule. base rate	8% / 8%

Status history

2026-08-12New at $498,500

From the listing Listing

Listed as	multi family
Property tax, 2024	$7,436
County	Polk
Parcel number	820089700

As the listing states it (NorthstarMLS, via Realtor.com). We don't have county records here yet; check the tax, homestead status and special assessments with the county.

Crime, rental-license and vacant-building records are only available for St. Paul and Minneapolis so far. Check with Crookston on rental licensing before you buy.