Pending: Blue Earth MLS# 7096552
Pending
$1,225,000
Commercial: 2 Stories
Built 1979
0.96 acres
Blue Earth Area schools
MLS# 7096552
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Property Description
Village Green Apartments is a superior chance to acquire a value-add opportunity in southern Minnesota close to the Iowa border. The unit mix offers fourteen two-bedroom and ten one-bedroom all with one bathroom. The property consists of three 8-plexes and is situated on a 0.97-acre corner lot right across the street from Putnam Park with tennis courts and community swimming pool. Includes on-site coin laundry facilities in each building, newer water heaters, and plenty of off-street parking! This one has huge potential by organically raising rents to market while improving the operating expenses to quickly increase its value!
Built in 1979-1980, this very well-maintained building features a mix of one and two-bedroom units all with one bathroom, providing a variety of options for potential renters. Additionally, the property includes a spacious parking lot with 34 separate parking spaces, ensuring that tenants have ample space to park their vehicles.
The exterior of the property is well-maintained and features a classic brick façade with vinyl siding, while the interior of the units are spacious and have updated appliances. The property is conveniently located near major highways and the downtown area, making it easy for tenants to enjoy all that Blue Earth has to offer.
Investors looking for a value-add opportunity with strong cash flow potential will appreciate the low maintenance costs and high rental demand in the area. Don't miss out on this rare opportunity to own a property that is super clean and well maintained and also in a non-rent controlled city of Minnesota!
Listing
Listing Status:
Pending
Contingency:
None
List Price:
$1,225,000
Property Type:
Commercial
City:
Blue Earth
Garage Spaces:
0
County:
Faribault
Year Built:
1979
State:
MN
Property Style:
2 Stories
Zip Code:
56013
Subdivision Name:
Sunnyside Add
Interior
Ceiling Height:
8-10
Flooring:
Carpet, Tile, Vinyl
Refrigerators:
One Per Unit
Appliances Included:
- Range
- Refrigerator
Basement Details:
None
Exterior
Stories:
Two
Garage Spaces:
0
Air Conditioning:
Wall Unit(s)
Foundation Size:
7,500 ft2
Fencing:
None
Handicap Accessible:
None
Road Responsibility:
Public Maintained Road
Heating System:
- Baseboard
- Boiler
Parking Features:
Paved Lot
Road Frontage:
City Street
Exterior Material:
- Block
- Frame
Pool:
None
Roof Details:
- Age 8 Years or Less
- Asphalt
- Pitched
Lake & Waterfront
Waterfront Present:
N
Lot & Land
Acres:
0.96
Geolocation:
43.630837, -94.101324
Inclusions:
Building, Business, Land, Leases, Rental License
Lot Dimensions:
Irregular
Zoning:
Residential-Multi-Family
Lot Description:
- Corner Lot
- Irregular Lot
- Tree Coverage - Light
Farm
Topography:
Level
Schools
School District:
2860
District Phone:
5075263188
Expenses
Annual Caretaker Expense:
$8,466
Annual Electric Expense:
$2,000
Annual Fuel Expense:
$9,000
Annual Insurance Expense:
$11,000
Annual Trash Expense:
$4,500
Annual Water/Sewer Expense:
$10,148
Tenant Expenses:
Electricity, Heat
Financial & Taxes
Tax Year:
2026
Annual Taxes:
$19,714
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$19,714
Income
Annual Gross Income:
$169,331
Rent
Annual Net Income:
$91,103
Units
Total Units:
24
Miscellaneous
Current Use:
Residential
Fuel System:
- Electric
- Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
- Electric Separate
- Heating Common
- Heating Separate
- Hot Water Common
Water System:
City Water/Connected
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Local Home Mortgage Professionals
Eric Bloomstrand
Branch Sales Manager
Fairway Home Mortgage NMLS#274211
612-961-2600
Eric Bloomstrand is a Branch Sales Manager at Fairway Home Mortgage with 30+ years of experience in the mortgage banking services industry. Eric has extensive skills in construction loans, FHA financing, VA loans, USDA, and first-time buyer down payment assistance programs. He is a well-qualified finance professional with a Bachelor of Science focused in Finance and Marketing from Minnesota State University, Mankato. Helping individuals acquire their dream home is his passion.
Connect with Eric today to get started with your home purchase!
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.