For Sale
$899,000

4011 4Th StLake Park, MN 56554

12-Unit Multifamily Investment

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional 12-unit apartment building presents a compelling investment opportunity in Lake Park, Minnesota, ideally situated between Detroit Lakes and Fargo. The property, boasting 11,928 square feet on a 0.52-acre lot, comprises a two-story building constructed in 1968 with significant renovations completed in 2022 and 2023. The building features 11 two-bedroom/one-bathroom units and one one-bedroom/one-bathroom unit, providing a diverse rental mix. Residents enjoy amenities such as balconies (second and third-floor units) and walk-out patios (two lower-level units), along with a shared coin-op laundry facility currently undergoing updates. Ample parking is available with 27 spaces, including six garage stalls. The property benefits from a 100% occupancy rate as of January 30, 2024, generating a current NOI of $84,128 and a pro-forma NOI of $96,128, reflecting a 9.36% cap rate and a pro-forma cap rate of 10.69%, respectively. Recent improvements include a new common water heater (installed five years ago) and a roof replacement approximately ten years prior. The asking price is $899,000, translating to $75.37 per square foot and $74,916.67 per unit. The seller is offering a $10,000 credit towards the buyer's closing costs. The property is zoned for both business/commercial and residential multi-family use, offering potential for future expansion or diversification. This core+ investment presents significant upside potential through market rate adjustments, garage stall rental income, and the coin-op laundry facility. The property's strong performance and recent upgrades make it an attractive addition to any investment portfolio.

Highlights

  • Excellent investment opportunity: 12-unit apartment building in Lake Park, MN, situated between Detroit Lakes and Fargo, ND.
  • Strong current annual gross income of $111,600, with market potential of $125,500.
  • 9.36% cap rate, and a pro-forma cap rate of 10.69% with increased income.
  • Seller offering a $10,000 credit towards buyer closing costs.
  • Property includes 11 two-bedroom/one-bathroom units and one one-bedroom/one-bathroom unit, six garage stalls, and a parking lot.

Property Details for 4011 4Th St

Property type
Apartment buildings
Square Feet
11,928 SF
Class
B
Year Built
1968
Buildings
1
Stories
2
Lot Size (sq. ft)
22,651 SF
Units
12

Location Insight

City
Lake Park
County
Becker
State
Minnesota
Latitude
46.889541070298
Longitude
-96.097619279803
4011 4Th St, Lake Park, Minnesota

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
4011 4Th St
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message