For Sale: Oronoco MLS# 6693134
Active
$384,900
Multi-family: Triplex
Built 1920
3,550 sqft • 0.41 acres
Rochester schools
MLS# 6693134
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Property Description
Incredible investment opportunity in the growing community of Oronoco, MN. This well-maintained triplex has been owned by the same landlord for over 20 years and is now primed for increased rental income and long-term value. The property includes three separate units: a spacious 4-bedroom, 2-bath main unit spanning 2, 000 sq. ft. across the main and second floors; a 2-bedroom, 1-bath basement unit with 800 sq. ft.; and a 600 sq. ft. efficiency unit with 1 bath on the third floor.
Current rents are below market, with Unit A vacant, Unit B renting at $850/month, and Unit C at $750/month. Market rent projections show strong upside, with potential to achieve $1, 900 for Unit A, $950 for Unit B, and $850 for Unit C.
Each unit is separately metered for gas and electric, and tenants are responsible for their own utilities, including internet. The owner currently covers water, sewer, and trash. Shared laundry is available in the basement, and there is a separate meter for both the mechanical room and laundry area. The property features a dual heating setup with both a boiler system and furnace as well as updated vinyl windows and metal siding and a new roof in 2017.
Recent updates include a new water heater within the past five years. The property has also recently been connected to city sewer and waterâ??an essential infrastructure upgrade that supports continued growth in Oronoco.
This is a great opportunity for an owner-occupant to live in one unit while generating income from the others. It also makes for a smart first investment or a strong addition to an existing rental portfolio. With solid bones, recent improvements, and significant rent growth potential, this triplex offers excellent value-add potential. Implementation of a RUBS (Ratio Utility Billing System) could further optimize returns. Donâ??t miss your chance to invest in a cash-flowing asset in a rapidly developing area.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$384,900
Price per sq ft:
$108
Property Type:
Multi-family
City:
Oronoco
Garage Spaces:
0
County:
Olmsted
Year Built:
1920
State:
MN
Property Style:
Triplex
Zip Code:
55960
Subdivision Name:
Ottman Sub
Interior
Finished Area:
3,550 ft2
Living Area:
3,550 ft2
Ranges:
Three
Refrigerators:
Three
Basement Details:
- Full
- Sump Pump
Exterior
Stories:
More Than 2 Stories
Garage Spaces:
0
Foundation Size:
1,075 ft2
Handicap Accessible:
None
Heating System:
- Boiler
- Forced Air
Parking Features:
- Gravel
- Parking Lot
Exterior Material:
Metal Siding
Roof Details:
Architectural Shingle
Lot & Land
Acres:
0.41
Geolocation:
44.156818, -92.532835
Lot Dimensions:
540
Zoning:
Residential-Multi-Family
Schools
School District:
535
District Phone:
507-328-3000
Elementary School:
Overland
Middle School:
Dakota
High School:
Century
Expenses
Annual Caretaker Expense:
$1,200
Annual Electric Expense:
$600
Annual Fuel Expense:
None
Annual Insurance Expense:
$4,500
Annual Maintenance Expense:
$2,220
Annual Gross Expense:
$13,260
Annual Trash Expense:
$840
Annual Water/Sewer Expense:
$1,680
Tenant Expenses:
Electricity
Financial & Taxes
Tax Year:
2024
Annual Taxes:
$4,250
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$4,250
Income
Annual Gross Income:
$44,400
Misc. Annual Income:
None
Misc. Monthly Income:
None
Units
Total Units:
3
Miscellaneous
Fuel System:
Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Water System:
City Water/Connected
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Listing provided by RMLS,
courtesy of Harbor Realty & Management Group LLC.
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.