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Property Description
Well-maintained 28-unit multifamily investment opportunity consisting of three apartment buildings in St. Cloud, Minnesota. The property offers strong in-place cash flow with a 9.1% in-place cap rate while boasting full occupancy. Ownership has completed extensive capital improvements including major boiler component upgrades, roof replacements (2010 and 2017), flooring, appliances, and common area improvements. Tenants pay separately metered electricity and internet while ownership pays gas, water/sewer, trash, and common utilities. On-site laundry, ample surface parking, and proximity to St. Cloud State University and downtown St. Cloud make this an attractive long-term investment opportunity.
Property Features
Property Type: Commercial - Business
Basement: Yes
Cooling: Window Unit(s)
Fuel Type: Natural Gas
Heating: Boiler
Lot Size: 0.44 Acres
Stories: 3.0
Taxes: $12,540
Year Built: 1988
Feature Descriptions
Appliances: Dishwasher, Range, Refrigerator
Basement: Block, Partial
Current Use: Residential
Days on Site: 82
Foundation Size: 11940
Lot Dimensions: 1.23 acres
Owners Expense: Heat, Hot Water, Insurance, Grounds Care, Repairs, Management, Pest Control, Roof Maintenance, Security, Sewer, Snow Removal, Taxes, Water
Parcel#: 82447030001
Parking: Asphalt, Open
Sale Includes: Building
Sewer: City Sewer/Connected
Tenant Expenses: Cable TV, Electricity, Telephone
Units: 28
Utilities: Electric Separate, Heating Common
Water: City Water/Connected
Local Schools
School District: St. Cloud
Listed By / Shown By
Listed By
Agency Name: RIC Property Management, Inc.
Agency Phone: 763-689-0349
Shown By
Agency Title: Counselor Realty
Agency Phone: 612-405-8404
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1416 6th Avenue S | MLS# 7112424
This commercial property located at 1416 6th Avenue S, Saint Cloud, MN 56301 is currently listed for sale with an asking price of $2,590,000. 6th Avenue S is located within the St. Cloud school district. Search Saint Cloud real estate on www.counselorrealty.net today.