For Sale: Pelican Rapids MLS# 7124909
Active
NEW!
$298,500
Multi-family: Triplex
6 br • 3 ba • Built 1959
3,400 sqft • 0.287 acres
Pelican Rapids schools
MLS# 7124909
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Property Description
Investment opportunity! Updated 3 unit Income property located just down from the pool in Pelican Rapids. A total of 3600 sq ft. of income. One 1200 sq.ft Unit downstairs(2 bed 1 bath), and two units upstairs, one being an efficiency, (1600sq. ft(3 bed 1 bath) & 600 sq. ft(1 bed 1 bath)). A near 10% cap rate makes this property a great addition to your investment portfolio.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$298,500
Price per sq ft:
$88
Property Type:
Multi-family
City:
Pelican Rapids
Garage Spaces:
2
County:
Otter Tail
Year Built:
1959
State:
MN
Property Style:
Triplex
Zip Code:
56572
Subdivision Name:
Frazees 4th Add
Interior
Bedrooms:
6
Bathrooms:
3
Finished Area:
3,400 ft2
Living Area:
3,400 ft2
Refrigerators:
Three
Basement Details:
Block
Exterior
Stories:
One
Garage Spaces:
2
Garage Size:
600 ft2
Garage Door Height:
7
Garage Door Width:
9
Foundation Size:
2,200 ft2
Foundation Dimensions:
66x32 irregular
Handicap Accessible:
None
Road Responsibility:
Public Maintained Road
Heating System:
- Baseboard
- Forced Air
Shared Amenities:
- Laundry
- Patio
Roof Details:
Architectural Shingle
Rooms
Laundry:
In Garage
Lake & Waterfront
Waterfront Present:
N
Lot & Land
Acres:
0.287
Geolocation:
46.569013, -96.077374
Lot Dimensions:
120 x 110
Zoning:
Residential-Single Family
Lot Description:
Corner Lot
Schools
School District:
548
District Phone:
2188635910
Expenses
Annual Caretaker Expense:
None
Annual Electric Expense:
$2,400
Annual Fuel Expense:
None
Annual Insurance Expense:
$3,800
Annual Maintenance Expense:
$1,000
Annual Trash Expense:
$1,450
Annual Water/Sewer Expense:
$1,200
Tenant Expenses:
Electricity, Gas, Sewer, Water
Financial & Taxes
Tax Year:
2026
Annual Taxes:
$3,263
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$3,348
Income
Annual Gross Income:
$40,200
Rent
Annual Net Income:
$29,250
Units
Total Units:
3
Miscellaneous
Fuel System:
Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Water System:
City Water/Connected
Power Company Name:
Ottertail Power
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Local Home Mortgage Professionals
Eric Bloomstrand
Branch Sales Manager
Fairway Home Mortgage NMLS#274211
612-961-2600
Eric Bloomstrand is a Branch Sales Manager at Fairway Home Mortgage with 30+ years of experience in the mortgage banking services industry. Eric has extensive skills in construction loans, FHA financing, VA loans, USDA, and first-time buyer down payment assistance programs. He is a well-qualified finance professional with a Bachelor of Science focused in Finance and Marketing from Minnesota State University, Mankato. Helping individuals acquire their dream home is his passion.
Connect with Eric today to get started with your home purchase!
Listing provided by RMLS,
courtesy of The Real Estate Company of Detroit Lakes.
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.