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
What a great investment opportunity in the City of Lake Park! Welcome to Park Terrance 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 (2 current vacancies under construction). The roof was replaced about 10 years ago. New common water heater (5 years old). Laundry updates underway. Plenty of Upside with current market rates, garage stall income, 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:
46.88984440, -96.09748213
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 Fuel Expense:
None
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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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.
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!
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.