For Sale: Lake Park MLS# 6467604
Active
$899,000
Commercial: Apartments
Built 1968
0.52 acres
Lake Park-Audubon schools
MLS# 6467604
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Property Description
Seller offering $10, 000 credit towards buyer's closing costs or appliances. What a great investment opportunity in the City of Lake Park! Welcome to Park Terrace Apartments, a 12-plex building located between Detroit Lakes, MN and Fargo, ND. Featuring 11-2bed/1bath units, 1-1bed/1 bath unit, 6 garage stalls and parking lot, shared/coin-op laundry in the lower level, common interior hallways, and more. Each 2nd and 3rd floor unit has a balcony, and two of the lower-level units have a walk-out patio. Over half of the units have been updated (Currently fully occupied). The roof was replaced about 10 years ago. New common water heater (6 years old). Hallway and Laundry updates underway. Plenty of Upside with current market rates, garage stall income (3 of 6 now rented), and coin-op laundry. Book your showing today! 48 hr notice required.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$899,000
Property Type:
Commercial
City:
Lake Park
Garage Spaces:
6
County:
Becker
Year Built:
1968
State:
MN
Property Style:
Apartments
Zip Code:
56554
Subdivision Name:
Canfields 1st Add
Exterior
Stories:
Two
Garage Spaces:
6
Garage Dimensions:
22x63
Garage Size:
1,386 ft2
Other Parking Spaces:
16
Air Conditioning:
Wall Unit(s)
Foundation Size:
3,976 ft2
Handicap Accessible:
None
Heating System:
Baseboard
Parking Features:
- Detached
- Guest Parking
- Parking Lot
- Paved
Shared Amenities:
Coin-op Laundry Owned
Exterior Material:
Brick/Stone
Roof Details:
- Age Over 8 Years
- Flat
- Rubber
Rooms
Shared Rooms:
Other
Lot & Land
Acres:
0.52
Geolocation:
46.8898444009, -96.097482131
Inclusions:
Building, Fixture/Equipment, Leases
Lot Dimensions:
150 x 150
Zoning:
- Business/Commercial
- Residential-Multi-Family
Schools
School District:
2889
District Phone:
218-238-5914
Expenses
Annual Caretaker Expense:
$1,000
Annual Electric Expense:
$2,259
Annual Insurance Expense:
$6,000
Annual Maintenance Expense:
$1,444
Annual Gross Expense:
$32,615
Annual Trash Expense:
$2,400
Annual Water/Sewer Expense:
$11,000
Tenant Expenses:
Cable TV, Electricity
Financial & Taxes
Tax Year:
2023
Annual Taxes:
$6,302
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$6,302
Income
Annual Gross Income:
$111,600
Rent
Annual Net Income:
$78,985
Units
Total Units:
12
Miscellaneous
Current Use:
Residential
Fuel System:
- Electric
- Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
- Electric Separate
- Hot Water Common
Water System:
City Water/Connected
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Listing provided by RMLS,
courtesy of The Real Estate Company of Detroit Lakes.
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.