Frequently Asked Questions
55+ Senior Housing Cooperative, South Minneapolis

Selecting independent senior housing in Minneapolis?
Compare our financial advantages: Ownership with deductible mortgage interest and real estate taxes, no landlord or outside investors, affordable down payment, and predictable housing expenses with a reserve fund for major repair and replacement. We're happy to provide details, easy comparison worksheets and more. Buyers are encouraged to compare other senior housing options with the benefits of living at Nokomis Square.

What do your cooperative apartments cost? 1 Bedroom Apartments - Starting at $59,000; 2 Bedroom Apartments - Starting at $109,000; Ask about our 3 bedroom and larger combined units.

What would my down payment be? Cash at closing is the difference between the selling price and assumed share of the master mortgage.

What about the monthly housing charge? Housing charges include principal and interest and cooperative operating costs prorated by unit size. 1 Bedroom Apartments - $731 to $886 monthly; 2 Bedroom Apartments - $985 to $1182 monthly.

What do I pay for an underground parking stall? The garage maintenance fee is $10 monthly.

Does Nokomis Square have a waiting list? We maintain a waiting list of individuals who want specific floor plans or building locations. However, some 1 and 2 bedroom apartments are available at this time for immediate occupancy.

What does it mean to purchase a membership? In cooperative housing you purchase a membership, not a deed to the property. The buyer does not need a separate mortgage because one master mortgage covers the entire building. The buyer does not pay the closing costs normally associated with the purchase of a home. The monthly housing charge is a share of the operating costs for the cooperative based on the size of the apartment, and a share of the master mortgage.

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Learn More: our Location & Map, Meet Our Members!

Some helpful information:

10 Reasons To Choose NSC
Your Guide to Cooperative Living
Compare Housing Costs

Your Guide to Cooperative Living is
an informational sheet outlining Purchasing, Governance, Cooperative Advantages, and Sample Purchase Information. For additional details, please contact us at any time, by calling 612.721.5077.