FAQ

/FAQ
FAQ2018-05-25T17:05:31+00:00
Nokomis Square Monument, Front of Cooperative Building, Minneapolis MN

Life at Nokomis Square Cooperative offers many advantages including financial benefits, a wide variety of amenities, convenient location, vibrant community and numerous floor plans to choose from.

What does it mean to purchase a membership?2017-10-17T17:31:02+00:00

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.

Does Nokomis Square have a waiting list?2017-10-17T17:30:12+00:00

We maintain a waiting list of individuals who want specific floor plans or building locations.

What do I pay for an underground parking stall?2017-10-17T17:29:26+00:00

The garage maintenance fee is $10 monthly.

What about the monthly housing charge?2019-01-11T19:35:02+00:00

Housing charges include principal and interest and cooperative operating costs prorated by unit size. 1 Bedroom Apartments – $710 to $921 monthly; 2 Bedroom Apartments – $1,020 to $1,223 monthly.

What would my down payment be?2017-10-17T17:28:46+00:00

Cash at closing is the difference between the selling price and assumed share of the master mortgage.

What do your cooperative apartments cost?2019-01-11T19:35:49+00:00

1 Bedroom Apartments – Starting at $105,000; 2 Bedroom Apartments – Starting at $190,000; Ask about our 3 bedroom and larger combined units.

How do I select and compare senior housing?2019-02-13T17:56:23+00:00

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, an easy comparison worksheet and more. Buyers are encouraged to compare other senior housing options with the benefits of living at Nokomis Square.

Easy Housing Type Comparison Worksheet

Cooperative Advantages

About Nokomis Square Cooperative

Nokomis Square Cooperative offers apartment style senior living in the Lake Nokomis area of South Minneapolis, MN. With a variety of features and amenities on site, many nearby conveniences, and exceptionally maintained senior housing units, you’re sure to find activities and comforts to enhance your daily living. Contact us today for more information!