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$685,000
Est. payment /mo
15 Beds
8 Baths
15,246 SqFt
UPDATED:
Key Details
Property Type Commercial
Listing Status Pending
Purchase Type For Sale
Square Footage 15,246 sqft
Price per Sqft $44
Subdivision Original Kensington
MLS Listing ID 6689872
Bedrooms 15
Year Built 1984
Annual Tax Amount $5,090
Lot Size 0.350 Acres
Acres 0.35
Lot Dimensions 100, 142, 100, 142
Property Description
Discover the Runestone Grand Apartments, a prime investment opportunity featuring a fully-rented 8-unit apartment building in Kensington, MN. This property comprises seven spacious 2-bedroom, 1-bath units (approx. 875 sq ft each) and one cozy 1-bedroom, 1-bath unit (approx. 550 sq ft). Most units have undergone extensive renovations, showcasing modern appliances, updated flooring, fresh paint, updated plumbing, and lighting. Tenants cover their own electricity and optional internet/cable, while the owner is responsible for water, sewer, trash, and snow removal. Fiber-optic internet is available to each unit. Efficient heating and cooling systems. Low-maintenance steel siding. Each unit features wall-mounted air conditioning and electric baseboard heating (metered separately to each unit). A shared coin-operated laundry facility and off-street parking are available to tenants. Currently generating a gross monthly income of $6,160. With a list price of $685,000, the projected cap rate for Runestone Grand is over 8%. This investment offers consistent cash flow in a desirable rental market. Don't miss your chance to own a well-maintained apartment complex in West Central MN!
Location
State MN
County Douglas
Community Original Kensington
Direction East on State Street, South on Grand Av to property on the left.
Rooms
Basement Slab
Interior
Heating Baseboard
Cooling Wall
Exterior
Parking Features Parking Lot, Assigned
Utilities Available Electric Common, Electric Separate, Heating Separate, Hot Water Common
Roof Type Asphalt Shingles
Accessibility None
Building
Water City Water/Connected
Structure Type Frame
Others
Senior Community No
Tax ID 810024000
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Listed by Counselor Realty Inc of Alex
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