Includes 4+ acre lot next door, 68 units-54 done and rented, 14 to go but have applications on them-they will be done in November, the common areas will be done in Dec/Jan and there will be a brand new parking lot in the spring. We can close anytime and seller will escrow anything not yet done.
- Recently converted from 35 units to 68 units, all units are like new.
- Property has 7 year left on a pay as you go TIF. Seller will consider 10% down contract for deed at 4-
- 5% interest with a 3 year balloon.
- 27 Studios (300 sq ft) renting from $600-650/mo
- 34 one bedrooms (650 sq ft) renting from $900-950/mo
- 6 two bedrooms (900 sq ft) renting at $1200/mo
- 1 three bedroom renting at $1400/mo
- Currently 45 units are completed and occupied and the remaining 15 units will be done in November
- and all have applications on them (actually there is a waiting list).
- All units have (will have) new flooring, lights/ceiling fans, new cabinets, new countertops, appliances
- and paint.
- The Common areas will be redone by Dec/Jan
- There will be a new parking lot installed in the spring.
- The one and two bedrooms have dishwashers.
- 12 garages
- The 2 bedrooms come with a washer and dryer.
- The building has a sprinkler system.
- Owner pays Gas and electric.
- Pitched roof is 10 years old.
- New boilers and Hot water heater.
- Laundry room on every floor (machines owned by seller)
|Location:||1115 W Michigan St, Duluth, MN 55806|
|Unit Mix:||27 Studios, 34 1-Bedrooms, 6 2-Bedrooms, 1 3-Bedroom|