FOR SALE - INVESTMENT PROPERTY
8 UNIT APARTMENT COMPLEX

          

LOCATION: 302 John Street, Clarissa, MN
# UNITS: 8 Total, 1 – One bedroom; 7 - Two Bedrooms
LAND AREA: 24,570 sq ft
BUILDING: 6,720 SF; Horizontal steel siding and a shingled roof; asphalt surface lot parking.           
CONSTRUCTION:  Two story frame over 4” poured concrete slab/footings
CITY SERVICES: City water and city sewer
HVAC: Heat is baseboard electric in the rooms and common areas, and the apartments have individual AC units. Each unit has an exterior electric outlet for cars in parking lot.
OCCUPANCY: 100%.
GROSS RENTAL INCOME: $38,154 (2008) $35,844 (2007); $35,743 (2006)  
CAP RATE: 8.13%                  
TENANT MIX: A number of long term residents

ASKING PRICE:  $359,000    TERMS: Negotiable

COMMENTS:  This is the only apartment building within 25 miles open to everyone. (As opposed to just Low Housing or Srs.) No advertising necessary, strictly word of mouth. This property has an excellent rental history with a rare vacancy. Qualifies for HRA (have 4). Remodeled under the USDA grant program approximately 4-5 years ago. Coin operated Laundry provides addl income. There is one main entrance on each side of the building. Outside storage shed included.

Call Steve for More Information at 320-760-7299

The information above has been obtained from sources believed reliable. While we do not doubt its accuracy we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness.