For Sale: Red Lake Falls MLS# 6680842
Active
$550,000
Commercial: Other
Built 1910
0.14 acres
Red Lake Falls schools
MLS# 6680842
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Property Description
This is a great building and is ready to have the last four units finished off! Excellent tenants, great location, solid building and room to add a community center downstairs and keep expanding the patio area out back or upgrade the garages and bring another revenue stream in that way! We have a waiting list and new tenants looking all the time, you just need to finish what we started. The renovated units all have new windows, appliances, floors and bathrooms. We have low turnover (except 2 are mid term furnished rentals and stay consistently booked.) This is one you don't want to miss out on. We will keep working on the last units and update the price once they are finished and rented.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$550,000
Property Type:
Commercial
City:
Red Lake Falls
Garage Spaces:
2
County:
Red Lake
Year Built:
1910
State:
MN
Property Style:
Other
Zip Code:
56750
Subdivision Name:
Rlf-C&D Add
Interior
Ceiling Height:
Varied Heights
Ranges:
Six or More
Refrigerators:
Six or More
Appliances Included:
- Cooktop
- ENERGY STAR Qualified Appliances
- Electric Water Heater
- Freezer
- Microwave
- Range
- Refrigerator
Basement Details:
- Daylight/Lookout Windows
- Full
- Owner Access
- Partially Finished
- Storage Space
Exterior
Stories:
Three Or More
Garage Spaces:
2
Garage Dimensions:
20 x30
Garage Size:
600 ft2
Other Parking Spaces:
0
Air Conditioning:
Wall Unit(s), Window Unit(s)
Foundation Size:
2,400 ft2
Foundation Dimensions:
30x80
Handicap Accessible:
None
Road Responsibility:
Public Maintained Road
Heating System:
- Baseboard
- Boiler
Parking Features:
On-Street Parking Only
Shared Amenities:
- Coin-op Laundry Owned
- In-Ground Sprinkler System
Unit Amenities:
Unspecified
Road Frontage:
State Road
Exterior Material:
Brick/Stone
Roof Details:
- Age Over 8 Years
- Flat
- Rubber
Rooms
Shared Rooms:
Community Room
Lot & Land
Acres:
0.14
Geolocation:
47.883124, -96.273589
Inclusions:
Building, Business Assets, Business, Fixture/Equipment
Lot Dimensions:
60 ft x 130 ft
Zoning:
Business/Commercial
Lot Description:
- Corner Lot
- Property Adjoins Public Land
Farm
Topography:
Gently Rolling
Schools
School District:
630
District Phone:
218-253-2139
Expenses
Annual Caretaker Expense:
None
Annual Electric Expense:
$11,940
Annual Fuel Expense:
$2,400
Annual Insurance Expense:
$8,000
Annual Maintenance Expense:
$3,500
Annual Gross Expense:
$35,460
Annual Trash Expense:
$420
Annual Water/Sewer Expense:
$4,200
Tenant Expenses:
Cable TV
Financial & Taxes
Tax Year:
2024
Annual Taxes:
$3,928
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$3,928
Income
Annual Gross Income:
$83,400
Rent
Annual Net Income:
$47,940
Units
Total Units:
12
Miscellaneous
Current Use:
Commercial
Fuel System:
- Electric
- Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
- Electric Common
- Heating Common
- Hot Water Common
Water System:
City Water/Connected
Mortgage Calculator
Use this calculator to estimate your monthly mortgage payment, including taxes and insurance. Simply enter
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This amortization schedule shows how much of your monthly payment will go towards the principle and how
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| Month | Principal | Interest | P&I | Balance |
|---|---|---|---|---|
| Year | Principal | Interest | P&I | Balance |
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 123 For Sale Realty.
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.