RICHFIELD SUMMARY

Welcome to Richfield, MN's vibrant commercial trade area - a thriving community that offers exciting opportunities for investors and businesses alike.

This neighborhood offers excellent characteristics for investors to acquire multifamily investment property.

The total population of Richfield is over 37K and growing - up 2.2% since the last census.

The average household income is estimated to be over $101K per year with a disposable income of $76K.

While unemployment is at 4.6%, slightly above the national average of 4.0%, this community has healthy employment in the healthcare, retail, and professional services industries.

The majority of housing in Richfield is owner-occupied while only 37% of the housing units are occupied by renters.

With only 136 multifamily properties and 5,399 apartment units, the average vacancy rate in Richfield remains low.

The median home value is $344,500 which increased by 2.8% in the last twelve months. For-sale inventory remains historically low at only 1 month of supply. This has pushed would-be homebuyers into renting, causing upward pressure on rent prices.

Richfield offers a stable and thriving environment for businesses and investors. the tight housing supply in Richfield combined with above-average household income and growing population make this neighborhood an excellent target for real estate investors.

RECENT TRANSACTIONS

420 E 73rd St

MULTIFAMILY FOR SALE

There are currently two multifamily properties for sale in Richfield.

Contact David Wallace to learn more about current for-sale inventory.

MULTIFAMILY INVENTORY

The Richfield multifamily market contains a total of 136 properties and 5,399 total apartment units. These properties are owned by 78 unique ownership groups.

Multifamily inventory data is sourced from our proprietary database. To learn more about the apartment stock in this market, contact David Wallace with MFI Realty Advisors today!

HOUSING INVENTORY

ECONOMY & DEMOGRAPHICS

Sources

• MN Compass 

• InfoSparks

• RPR Trade Area

CONTACT US

I hope you enjoyed this update.

• Have any questions?

• Want to learn about our current listings?

• Considering a sale of your property?

Drop us a line today.

Twitter: @David_J_Wallace

LinkedIn: @David-J-Wallace

Website: www.mfirealtyadvisors.com

Email: [email protected]

Phone: (612) 524-9483

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