2009-2017 Commerce Blvd - Apartments FOR SALE


Mound, MN 55364
$2,319,000 USD
612-247-1698
2009-2017 Commerce Blvd, Mound, MN for Sale
$2,319,000 USD
Apartments - FOR SALE
1/37
null | 6.4% Cap Rate

2009-2017 Commerce Blvd
Mound, MN 55364


HIGHLIGHTS

  • Nearby Mound Westonka ranks #12 in MN
  • Main intersection of Commerce and Shoreline Dr including Jubilee, Walgreens, Carbone's Pizzeria Bar and Grille, Anytime Fitness, True Value Hardware
  • Also near expanding park and plaza with connecting Dakota Rail Trail, public parking ramp, transit center, and Ice Arena

OVERVIEW

VALUE-ADD 23unit apartment property in growing western suburb of Lake Minnetonka. Charming sister buildings with new pitched roofs, gutters, and hot water heaters. 2009 (12units) built in 1963, 2017 (11units) built in 1970. 8 studios with current average rent $818 (proforma $995), 15 One Bedroom units with current average rent $905 (proforma $1,125). Many long-term residents. 11 units have been updated. Significant upside remaining; current ownership must sell as part of a 1031. Price and surety of close important. Neighboring properties provide potential for future development. Demand vs supply and demographics very strong.

FOR SALE DETAILS

PRICE

$2,319,000 USD

PRICE/SF

$142 USD /SF

# OF UNITS

23

PRICE/UNIT

$100,826

CAP RATE

6.4%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1963

PARKING SPACES

10

LAND DETAILS

LAND ACRES

0.3 AC

LAND SF

13,068 SF

ZONING

multi-family

APN/PARCEL ID

14-117-24-14-0037

ASK ABOUT THIS PROPERTY

Charlie HornigHornig Partners Sotheby's International RealtyMore Info
612-247-1698

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Charlie HornigHornig Partners Sotheby's International RealtyMore Info
612-247-1698

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.