For Sale: Blooming Prairie MLS# 6750043
Active
NEW!
$385,000
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
Listing Status:
Active
Contingency:
None
List Price:
$385,000
Property Type:
Commercial
City:
Blooming Prairie
Garage Spaces:
0
County:
Steele
Year Built:
1967
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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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.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.