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ORION
REAL ESTATE
| Main Offices: 630 1st Street South Waite Park, MN 56387 320-251-1177 Phone 320-251-1584 Fax |
INVESTMENT PROPERTY - 7% CAP RATE
IVY APARTMENTS
ADDRESS: 1510, 1518 & 1526 9th Avenue South, St Cloud, MNTYPE OF BUILDING: Student Housing
LOCATION: St. Cloud State University Campus Area
STUDENT POPULATION: 16,000+
# BUILDINGS: 3 buildings all of which are 3 Stories
AGE: Built in 1990
# UNITS: 54 units total, all with 4 bedrooms
# STUDENTS: Licensed for 216 students
EXTERIOR: Brick veneer & vinyl
CONDITION: Above Average
PARKING SPACES: 164 at $135/year
EXISTING MORTGAGE: Assumable 6% loan payable at $17,900 per month plus taxes and insurance. 30 Year amortization with a 10 year balloon due January 2012. No prepayment.
ASKING PRICE: $4 Million or Best Offer
COMMENTS: This is an attractive student rental investment opportunity in excellent condition throughout. Owners maintain this property on a regular basis with little or no deferred maintenance noted. Excellent rental history and a solid investment opportunity. You will notice that the repairs and maintenance line item on the operating statements are very high. The owners have elected to put profits back into improving the properties rather than distribute profits to the owners. This results in lower net income on the financial statements than would otherwise be the case. Anyone considering this property for purchase should take this into consideration. For more details go to cbcworldwide.
Letter of Confidentiality required of all prospects. Print Letter of Confidentiality.
CALL MIKE SCHMITT TODAY FOR A PERSONAL SHOWING
(320) 251-1177
Or Contact us via Email at Coldwell Banker Commercial-Orion
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.