For Sale: Saint Charles MLS# 6606547
Active
$4,650,000
Commercial: Apartments
Built 1979
3.54 acres
St. Charles schools
MLS# 6606547
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Property Description
Presenting an exclusive opportunity to acquire a meticulously maintained portfolio comprising 5 properties, all strategically positioned along the same block. This diverse collection features a total of 30 two-bedroom, 6 one-bedroom, and 8 three-bedroom units, offering a balanced mix to cater to various tenant demographics.
While easy to maintain not all units are currently optimized to their full market rental potential, recent capital investments totaling more than $100, 000 (2023) have been dedicated to enhancing the portfolio's appeal. These upgrades include comprehensive flooring and appliance enhancements, underscoring a commitment to elevating the tenant experience and maximizing value.
With a proven track record of strong historically low occupancy rates, and the lack of rental property in a 25 mile radius, these properties represent a stable and lucrative investment opportunity. The the lack of rental property in a 25 mile radius supports the rents could be increased.
Conveniently situated just off of I -90 and 20 miles West of Winona and 20 miles East of Rochester which ranks inside the top 20 across all 390 Midwest metros for percent annual non farm payroll growth. Rochester's steady multifamily demand is fueled by its status as a healthcare hub centered around the globally renowned Mayo Clinic, Which attracts medical professionals and patients seeking extended stay options. Furthermore, the metros commitment to the Destination Medical Center (DMC) initiative, aiming to transform Rochester into a global destination for health and wellness, helps drive demand for multifamily housing to accommodate its expanding workforce and visitor base, Rochester's apartment market also benefits from its educational institutions, including the Mayo Clinic School of Medicine and the University of Minnesota Rochester.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$4,650,000
Property Type:
Commercial
City:
Saint Charles
Garage Spaces:
2
County:
Winona
Year Built:
1979
State:
MN
Property Style:
Apartments
Zip Code:
55972
Subdivision Name:
Dotys 1st
Interior
Ranges:
One Per Unit
Refrigerators:
One Per Unit
Appliances Included:
- Dishwasher
- Dryer
- Range
- Refrigerator
- Washer
Exterior
Stories:
Two
Garage Spaces:
2
Garage Size:
450 ft2
Other Parking Spaces:
44
Air Conditioning:
Wall Unit(s)
Foundation Size:
9,000 ft2
Handicap Accessible:
No Stairs External, Wheelchair Ramp(s)
Heating System:
Baseboard
Parking Features:
- Attached Garage
- Parking Lot
- Paved
Unit Amenities:
Washer/Dryer Hookup
Exterior Material:
Vinyl Siding
Lot & Land
Acres:
3.54
Geolocation:
43.966932, -92.074145
Inclusions:
Building, Fixture/Equipment, Land, Leases
Lot Dimensions:
206 x 250
Addl Parcels:
290250210, 290250020
Zoning:
- Business/Commercial
- Residential-Multi-Family
Schools
School District:
858
District Phone:
507-932-4423
Expenses
Annual Electric Expense:
$9,997
Annual Insurance Expense:
$14,056
Annual Gross Expense:
$125,462
Annual Trash Expense:
$9,899
Annual Water/Sewer Expense:
$17,226
Tenant Expenses:
Cable TV, Electricity
Financial & Taxes
Tax Year:
2023
Annual Taxes:
$24,346
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$24,346
Income
Annual Gross Income:
$481,733
Rent
Annual Net Income:
$356,271
Units
Total Units:
44
Miscellaneous
Current Use:
Residential
Fuel System:
Electric
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
- Electric Separate
- Hot Water Common
Water System:
City Water/Connected
Mortgage Calculator
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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 Coldwell Banker River Valley, REALTORS.
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.