1115 W Michigan St, Duluth, MN 55806

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)
General Information
Location:  1115 W Michigan St, Duluth, MN 55806
Type: Multi Family
Price:  $5,000,000
Units:  68 units
Unit Mix:  27 Studios, 34 1-Bedrooms, 6 2-Bedrooms, 1 3-Bedroom
Exterior:
Roof:
AC:
Heat:
Boiler:
Water Heater:
Windows:
Laundry:
PID: