For Sale: Park Rapids MLS# 6520698
Active
$515,000
Commercial: Apartments
Built 1960
10.55 acres
Park Rapids schools
MLS# 6520698
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Property Description
Invest in a 5 unit apartment building overlooking a lake on over 10 acres of land! This property is less than 3 minutes to Park Rapids and just north of Long Lake, overlooking Mud Lake. Fabulous setting! The 2 buildings contain 5 separate units. Two of the units are 3 bedroom, 2 bath units. One is a main level unit and the other 3 bedroom is an upper level unit. There are also 3 units that have 2 bedrooms and 1 bath. Of these 2 bedroom units, two of them are upper level and one is lower. All have many recent updates and are in very nice condition. Always full, there is a huge demand for rentals in the area.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$515,000
Property Type:
Commercial
City:
Park Rapids
Garage Spaces:
0
County:
Hubbard
Year Built:
1960
State:
MN
Property Style:
Apartments
Zip Code:
56470
Interior
Ceiling Height:
Less Than 8 Feet
Ranges:
Five
Refrigerators:
Five
Appliances Included:
- Electric Water Heater
- Range
- Refrigerator
Basement Details:
Slab
Exterior
Stories:
Two
Garage Spaces:
0
Other Parking Spaces:
0
Air Conditioning:
Window Unit(s)
Foundation Size:
2,352 ft2
Foundation Dimensions:
49x48 40x24
Handicap Accessible:
Partially Wheelchair
Road Responsibility:
Private Maintained Road
Heating System:
- Baseboard
- Dual
- Other
Parking Features:
- Gravel
- Guest Parking
- More Parking Onsite for Fee
Shared Amenities:
Patio
Unit Amenities:
Patio
Road Frontage:
Township
Exterior Material:
Vinyl Siding
Roof Details:
- Age Over 8 Years
- Metal
- Pitched
Lake & Waterfront
Waterfront Present:
N
Waterfront Name:
Unnamed Lake
DNR Lake ID#:
999999999
Elev Highpt to WF feet:
0-4
Waterfront Slope:
Gradual
Lake Chain Name:
N
Lake Acres:
0
Lake Depth:
0
Waterfront:
Lake View
Lot & Land
Acres:
10.55
Geolocation:
46.935324, -94.991016
Inclusions:
Building, Land, Leases
Lot Dimensions:
1022 x 596 x 690 x 745
Zoning:
Other
Lot Description:
Tree Coverage - Medium
Farm
Topography:
Level
Schools
School District:
309
District Phone:
218-237-6500
Expenses
Annual Gross Expense:
$11,500
Tenant Expenses:
Cable TV, Electricity
Financial & Taxes
Tax Year:
2023
Annual Taxes:
$3,290
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$3,290
Income
Annual Gross Income:
$57,300
Rent
Annual Net Income:
$45,800
Units
Total Units:
5
Miscellaneous
Current Use:
Residential
Fuel System:
- Electric
- Propane
Owner Occupied:
No
Sewer System:
- Private Sewer
- Septic System Compliant - Yes
- Tank with Drainage Field
Available Utilities:
Electric Separate
Water System:
- Submersible - 4 Inch
- Well
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Listing provided by RMLS,
courtesy of Keller Williams Realty Professionals.
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.