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ERBERTS & GERBERTS
THIS DOWNTOWN ICONIC SAINT PETER MINNESOTA PROPERTY OFFERS INVESTORS AN OPPORTUNITY TO ACQUIRE A UNIQUE ALL BRICK AND KASOTA LIMESTONE FIVE-UNIT MIXED-USE PROPERTY!! THE BUILDING FEATURES TWO LARGE MAIN FLOOR RETAIL UNITS. ERBERTS & GERBERTS IS ONE OF THESE ANCHOR TENANTS AND HAS A LONG LEASE IN PLACE. THE SECOND FLOOR FEATURES TWO OVERSIZED LOFT STYLE APARTMENTS WITH TALL CEILINGS. THE LOWER LEVEL IS LEASED TO A GOOD STANDING LONG TERM TENANT. THE WHOLE ASSET IS FULLY LEASED AND IN TURN-KEY CONDITION!! AMAZING EXTERIOR CURB APPEAL. MOST UTILITIES ARE PAID BY TENANTS. ROOF IS 1998 AND WINDOWS HAVE BEEN REPLACED. NET OPERATING INCOME $45,007 / CAP RATE 7.50%
Property Description
THIS DOWNTOWN ICONIC SAINT PETER MINNESOTA PROPERTY OFFERS INVESTORS AN OPPORTUNITY TO ACQUIRE A UNIQUE ALL BRICK AND KASOTA LIMESTONE FIVE-UNIT MIXED-USE PROPERTY!! THE BUILDING FEATURES TWO LARGE MAIN FLOOR RETAIL UNITS. ERBERTS & GERBERTS IS ONE OF THESE ANCHOR TENANTS AND HAS A LONG LEASE IN PLACE. THE SECOND FLOOR FEATURES TWO OVERSIZED LOFT STYLE APARTMENTS WITH TALL CEILINGS. THE LOWER LEVEL IS LEASED TO A GOOD STANDING LONG TERM TENANT. THE WHOLE ASSET IS FULLY LEASED AND IN TURN-KEY CONDITION!! AMAZING EXTERIOR CURB APPEAL. MOST UTILITIES ARE PAID BY TENANTS. ROOF IS 1998 AND WINDOWS HAVE BEEN REPLACED.NET OPERATING INCOME $45,007 / CAP RATE 7.50%
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $650,000 |
| No. of Units: | 5 |
| Cap Rate: | 7.50% |
| GRM /GIM: | 9.72 |
| Average Occupancy: | 100 |
| Year Built: | 1887 |
| Year Renovated: | 1998 |
| Building Size: | 9,500 Sq ft |
| Lot Size: | 0.08 Sq ft |
| No. of Stories: | 3 |
| APN: | 19-412-3810 |
| Zoning Code: | COMMERCIAL |
| Buy Side Fee: | 1% |
| Opportunity Zone: | No |
| Price per unit: | $130,000 |
| Property Website | Click Here |
FINANCIAL DETAILS
| Income/expense info: | Pro Forma |
|---|---|
| Financial year: | 2024 |
| Gross income: | 61722 |
| Effective Gross income: | 61722 |
| Operating expenses: | 16765 |
| Net operating income: | 45007 |
| Pre-tax cashflow: | 45007 |
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