For Sale: Milaca MLS# 7147300
Active
NEW!
$499,900
Commercial: Other
Built 1900
0.043 acres
Milaca schools
MLS# 7147300
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Property Description
Excellent mixed-use investment opportunity in a high-visibility corner location in Milaca! This versatile property combines an established residential income stream with flexible commercial space, offering investors multiple ways to maximize the property’s potential.
The residential portion features 6 apartments—four 1-bedroom units and two efficiency units—with all six currently leased, providing immediate rental income and an established tenant base. The main-level commercial space has most recently operated as a restaurant and offers excellent visibility and exposure from its prominent corner location. The space provides flexibility for an owner-user or future tenant and could potentially be converted to office, retail, service, or other commercial uses, subject to zoning and applicable approvals.
The combination of fully leased residential units and adaptable commercial space creates an attractive opportunity for investors seeking diversified income within a single property. An owner-user could also explore utilizing the commercial portion while retaining the residential units as an income-producing component.
With its prominent location, existing rental income, and flexible commercial footprint, this property offers a variety of possibilities for an investor looking to acquire a mixed-use asset with potential for continued income and future value enhancement. Bring your vision and take advantage of the possibilities this property has to offer!
Listing
Listing Status:
Active
Contingency:
None
List Price:
$499,900
Property Type:
Commercial
City:
Milaca
Garage Spaces:
0
County:
Mille Lacs
Year Built:
1900
State:
MN
Property Style:
Other
Zip Code:
56353
Subdivision Name:
First Add To Milaca
Exterior
Stories:
Three Or More
Garage Spaces:
0
Foundation Size:
1,914 ft2
Foundation Dimensions:
Getting
Handicap Accessible:
None
Heating System:
- Baseboard
- Forced Air
Parking Features:
On-Street Parking Only
Lake & Waterfront
Waterfront Present:
N
Lot & Land
Acres:
0.043
Geolocation:
45.754885, -93.651716
Inclusions:
Building
Lot Dimensions:
Getting
Zoning:
- Business/Commercial
- Residential-Multi-Family
Schools
School District:
912
District Phone:
3209827210
Financial & Taxes
Tax Year:
2026
Annual Taxes:
$5,658
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$5,658
Income
Annual Gross Income:
$56,118
Rent
Annual Net Income:
$39,295
Units
Total Units:
7
Miscellaneous
Current Use:
- Residential
- Restaurant
Fuel System:
- Electric
- Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
Electric Separate
Water System:
City Water/Connected
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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 Premier Real Estate Services.
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.