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Active NEW!
$385,000
/mo Edit
Commercial:  Apartments
Built 1967
0.23 acres
Blooming Prairie schools
MLS# 6750043
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    Property Description

    Blooming Prairie is located in the middle of Owatonna, Austin, and Rochester, MN. This traditionally built 7-unit multi-family apartment complex offers a mix of one and two bedroom units. Constructed in 1967 these apartments are spacious and have eat-in-kitchens, newer windows, and front and back secured entries. Plenty of closets and extra storage in the basement. The roof is being replaced this summer due to hail damage and will be completed before closing. Coin-operated washer and dryer located in the lower level for residents to use. There are five off-street parking spaces in the back lot and the property sits on 0.23 acres. Exterior siding is in great shape and the lawn is well manicured. This asset is very easy to own and manage with 7.5% Cap Rate!

    Listing

    Contingency: None
    City: Blooming Prairie
    County: Steele
    State: MN
    Property Style: Apartments
    Zip Code: 55917
    Subdivision Name: Original Town

    Interior

    Ceiling Height: 8-10
    Ranges: One Per Unit
    Refrigerators: One Per Unit
    Appliances Included:
    • Range
    • Refrigerator
    Basement Details:
    • Finished
    • Full

    Exterior

    Stories: Two
    Garage Spaces: 0
    Other Parking Spaces: 5
    Air Conditioning: Window Unit(s)
    Foundation Size: 3,000 ft2
    Handicap Accessible: None
    Road Responsibility: Public Maintained Road
    Heating System:
    • Boiler
    • Hot Water
    Parking Features: Gravel
    Shared Amenities: None
    Road Frontage: City Street
    Exterior Material:
    • Other
    • Vinyl Siding
    Roof Details:
    • Age 8 Years or Less
    • Asphalt
    • Pitched

    Lot & Land

    Acres: 0.23
    Geolocation: 43.868754, -93.053053
    Inclusions: Building, Land, Leases, Rental License
    Lot Dimensions: 50 x 120
    Zoning: Residential-Multi-Family
    Lot Description: Some Trees

    Farm

    Topography: Level

    Schools

    School District: 756
    District Phone: 507-583-4426

    Expenses

    Annual Caretaker Expense: None
    Annual Electric Expense: $3,000
    Annual Fuel Expense: $3,000
    Annual Insurance Expense: $4,068
    Annual Maintenance Expense: $2,500
    Annual Gross Expense: $21,133
    Annual Trash Expense: $1,000
    Annual Water/Sewer Expense: $2,409
    Tenant Expenses: Cable TV

    Financial & Taxes

    Tax Year: 2025
    Annual Taxes: $3,904
    Lender-owned: No
    Assessment Pending: No
    Taxes w/ Assessments: $3,904

    Income

    Annual Gross Income: $52,062

    Rent

    Annual Net Income: $28,929

    Units

    Total Units: 7

    Miscellaneous

    Current Use: Residential
    Fuel System: Natural Gas
    Owner Occupied: No
    Sewer System: City Sewer/Connected
    Available Utilities:
    • Electric Common
    • Heating Common
    • Hot Water Common
    Water System: City Water/Connected

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    Payment:  /mo

    Listing provided by RMLS, courtesy of Apartment Cash Flow, Inc..
    Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.