Pending: Granite Falls MLS# 6690933
Pending
$800,000
Commercial: Apartments
Built 1976
0.83 acres
Yellow Medicine East schools
MLS# 6690933
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Property Description
Cash flowing 16 units (2 - 8 unit buildings). Looking for a solid investment property with room to increase cash on cash significantly? This is the one. Never any vacancy unless wanted for unit turns.
Chippewa County has a strong need for affordable rental property. This property has 2 well maintained 8 unit buildings. 50% of the windows have been replaced. The exterior was recently painted and there is room to grow rents. 50 year Metal roofs on both buildings (approximately 10 years old). 2 BR units are 750 SF, 1 BR are 700 SF. Water, garbage and hot water are included in the rents. Tenants pay electricity, cable and internet. Coin operated laundry. Contact agent for P/L and showings. Strong, low maintenance, income producing property. Remaining showings cancelled, an offer has been accepted - 4/8/25
Listing
Listing Status:
Pending
Contingency:
None
List Price:
$800,000
Property Type:
Commercial
City:
Granite Falls
Garage Spaces:
0
County:
Chippewa
Year Built:
1976
State:
MN
Property Style:
Apartments
Zip Code:
56241
Subdivision Name:
Evans Park 2nd Add
Interior
Ranges:
Six or More
Refrigerators:
Six or More
Appliances Included:
- Range
- Refrigerator
Basement Details:
None
Exterior
Garage Spaces:
0
Other Parking Spaces:
20
Air Conditioning:
Wall Unit(s)
Foundation Size:
3,200 ft2
Foundation Dimensions:
80X40
Handicap Accessible:
None
Road Responsibility:
Public Maintained Road
Heating System:
Baseboard
Parking Features:
- Asphalt
- Gravel
Road Frontage:
City Street
Exterior Material:
- Brick/Stone
- Metal Siding
- Vinyl Siding
- Wood Siding
Roof Details:
Age Over 8 Years
Lot & Land
Acres:
0.83
Geolocation:
44.810086, -95.535908
Inclusions:
Building, Land, Leases
Lot Dimensions:
Common
Zoning:
Residential-Multi-Family
Lot Description:
- Corner Lot
- Some Trees
Schools
School District:
2190
District Phone:
320-564-4081
Expenses
Annual Electric Expense:
$2,100
Annual Fuel Expense:
None
Annual Insurance Expense:
$6,096
Annual Maintenance Expense:
$5,692
Annual Gross Expense:
$38,408
Annual Trash Expense:
$1,641
Annual Water/Sewer Expense:
$6,463
Tenant Expenses:
Cable TV, Electricity
Financial & Taxes
Tax Year:
2024
Annual Taxes:
$7,484
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$7,484
Income
Annual Gross Income:
$111,738
Rent
Annual Net Income:
$73,330
Units
Total Units:
16
Miscellaneous
Current Use:
Residential
Fuel System:
- Electric
- Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
Electric Separate
Water System:
City Water - In Street
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Listing provided by RMLS,
courtesy of RE/MAX Advantage Plus.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.