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Active
$899,000
/mo Edit
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

    Contingency: None
    City: Lake Park
    County: Becker
    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

    Mortgage Calculator

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    Payment:  /mo

    Local Home Mortgage Professionals

    651-253-2144
    Jason & Kim Stone
    Branch Manager & Co-Branch Manager
    Fairway Mortgage    NMLS#1018649
    Jason Stone joined Fairway Independent Mortgage Corporation in October 2017, as a Producing Branch Manager with over 15 years of experience in the mortgage industry. Throughout his career, Jason has originated over $500,000,000 in residential loan volume and has helped several thousand customers with their home financing needs. Jason was named Minneapolis Magazine: Super Mortgage Professional in 2018-2023, Scotsman Guide: Top Mortgage Originator 2019-2022, and Minnesota Housing: Platinum Leander. He is also a retired volunteer firefighter for the city of Mendota Heights, MN which is one of the reasons he’s a Home for Heroes affiliate lender.

    Kim Stone joined Fairway Independent Mortgage Corporation in August 2021, as Co-Branch Manager and Loan Officer. Kim leverages her previous experience as a leader in the non-profit sector to provide care and support throughout each home financing transaction. She has a bachelor’s degree in Communication and Marketing from Minnesota State University, Mankato and a master’s degree in International Business from Nova Southeastern University in Ft Lauderdale, FL.

    Leveraging more than 20 years of combined industry experience, the Stone Mortgage Team of Fairway Independent Mortgage Corporation, considers customer service as a way of life. Not only are we dedicated to finding great rates for our customers, but we also offer some of the fastest turn times in the industry. We pride ourselves on being personable, knowledgeable, accessible and reliable. Financing a home is one of the biggest commitments you will ever make - let us help guide you throughout the entire loan process from application to closing and beyond.
    It would be our pleasure to assist you with your home purchase!

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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.