Everwood Condominiums/Apartments

4076 Tower Street, Saint Bonifacius, MN, USA

Listing Details

  • Property Type: Condo/Apartment
  • Listing Type: For Sale
  • Offering Price: $1,750,000/$118.45 psf/$97,222 per unit.
  • Taxes: 2022 Proposed Taxes of $19,218 /$1.31 psf.
  • Building SF: 14,774 sf building/45,944 sf-1.055 acre lot size/built 1983.
  • PID Numbers: (18) PIDs, 31-117-24-11-0089 through 31-117-24-11-0106.

 

 

Features

  • Fully assembled (18) unit condominium/apartment complex available FOR SALE.
  • Great investment opportunity in growing St. Bonifacius with many area amenities.
  • (21) parking spaces, (18) garage units for tenant’s use , plus on street parking for ample tenant parking.
  • Roof is approximately (4) years old, new washer and dryer, and new water softener.
  • Tenants pay their own electrical, which includes heat and A/C.
  • Restrooms have been updated with new tile and new tub/shower faucets.
  • Units are in good condition with a variety of recent updates to flooring, counters, and appliances.
  • Gross income at $850 per 2-bedroom and $750 per 1-bedroom is $182,400.
  • Investment Analysis:
    – Gross Rental Revenue: $182,400 Estimated Expenses 2022: ($45,867)
    – Laundry Room Revenue: $ 4,800 Structural Reserve at $.25 psf: ($3,694)
    – Gross Revenue*: $187,200 Vacancy Factor at 5%: ($9,120)
    – Utilities Vacancy at 5%: ($540)
    – Net Operating Income (NOI): $127,979/7.31% CAP Rate ($59,221)
  • * Currently (2) units are vacant, units 118 and 112. Seller is planning to lease (1) unit, and leave (1) open for showing to prospective buyers. Majority of spaces are currently MTM, but can be extended by new Owner.