Property Description

100% Occupied 16 Unit Apartment Building With Immediate Cash Flow Generating $140,000 in annual gross income, County Assessed Value at 1,036,100.00 on the edge of town surrounded by farm fields, park across the street, and long history of low vacancies only minutes from Cold Spring, I-94 and the large St. Cloud Metro. Only a few vacancies in the past 6 years and immediately filled. Two 1970 brick buildings consisting of 12 - Two Bedroom units averaging $775 in rent with market rents being around $900 and 4 - One Bedroom units averaging $650 in rent with market rents being around $750 per unit. Many recent updates including architectural shingles, vinyl windows, and nearly all units have been updated such as the three units in photos with newer flooring, paint, kitchen, appliances, bathrooms & fixtures. Two newer sets of coined washer/dryer for additional income. Hot water boiler heat the owner pays for gas, plus water, sewer, garbage, snow removal and lawn care. Tenants pay for electric heat with 16 separate electric meters and AC units on 60 amp fuses. 6 garage stalls and blacktop parking lot. Annual expenses Include: Insurance $10,365, Taxes $13,950, Garbage $6,500Water/Sewer $12,000, Electric $3,800, Gas $7,500This is a rare find and opportunity to own a TURN KEY cash flowing apartment building.

Property Features

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