228 Main St E - Storefront FOR SALE


Norwood Young America, MN 55397
$875,000 USD
612-834-7907
228 Main St E, Norwood Young America, MN for Sale
$875,000 USD
Storefront - FOR SALE
1/2
null | 6.86% Cap Rate

228 Main St E
Norwood Young America, MN 55397


HIGHLIGHTS

  • Fully Occupied
  • Lots of traffic to Laundromat During business hours
  • Great visibility

OVERVIEW

The subject offering was built in 1911 with many recent improvements including a new roof in 2019 & all 6 units renovated in the past 3 years. One building features 6 two-bedroom apartments with the other featuring one retail property, currently the laundromat is owned by the Landlord. The two-parcel offering includes ample Class IV gravel off-street parking in the rear of each respective building. Each unit is separately metered for gas and electric, making expenses relatively low for this investment. The residential building has new boilers (2025). The property has a strong rental history and is 100% occupied. The landlord has successfully renovated all units along with rent increases per year of 7%-10% since purchasing the building in 2020, making this acquisition a solid-performing asset in a growing community with little to no competition. Note: During your tour, do not approach tenants or ask questions as they are unaware of the sale.

FOR SALE DETAILS

PRICE

$875,000 USD

PRICE/SF

$415 USD /SF

CAP RATE

6.86%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1911

SPRINKLERS

-

PARKING SPACES

10

LAND DETAILS

LAND ACRES

0.1 AC

LAND SF

4,356 SF

ZONING

R-2

APN/PARCEL ID

58.0510490

ASK ABOUT THIS PROPERTY

Nishul PatelBridge RealtyMore Info
612-834-7907

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Nishul PatelBridge RealtyMore Info
612-834-7907

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