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For Sale:  Rush City MLS# 6649758

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Active Contingent
$800,000
/mo Edit
Commercial:  Apartments
Built 1974
0.4 acres
Rush City schools
MLS# 6649758
763-576-8286
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    Property Description

    This well-maintained 9-unit apartment building is a fantastic investment opportunity, offering a diverse mix of units including 2 one-bedroom apartments, 1 studio, and 6 two-bedroom units. Most of the units have been recently updated, providing modern living spaces while minimizing maintenance needs for the future owner. The property also features newer windows throughout and an installed drain tile system, ensuring long-term durability and reducing the risk of costly repairs. With ample parking available for residents and trash services on-site, the building offers convenience and ease of management. Additionally, the building has a solid CAP return rate average of 7.9% at this value, making it a strong performer for investors seeking reliable income. The current rent levels are somewhat below the area's average, offering potential for future rent adjustments without immediate disruption to existing tenants. This provides an opportunity for increased returns over time, with minimal immediate concern for tenant stability. This building is a great choice for both new and seasoned investors looking for a low-maintenance property with solid return.

    Listing

    Listing Status: Active Contingent
    Contingency: Other
    List Price: $800,000
    Property Type: Commercial
    City: Rush City
    Garage Spaces: 0
    County: Chisago
    Year Built: 1974
    State: MN
    Property Style: Apartments
    Zip Code: 55069
    Subdivision Name: John E Smiths 1st Add

    Interior

    Basement Details: Drainage System

    Exterior

    Stories: Two
    Garage Spaces: 0
    Other Parking Spaces: 20
    Foundation Size: 4,100 ft2
    Foundation Dimensions: 75x130
    Handicap Accessible: None
    Heating System: Baseboard
    Parking Features: Parking Lot
    Exterior Material:
    • Cedar
    • Stucco
    Roof Details:
    • Age Over 8 Years
    • Asphalt

    Lot & Land

    Acres: 0.4
    Geolocation: 45.68778, -92.971752
    Inclusions: Building, Fixture/Equipment, Leases
    Lot Dimensions: 100 x 275
    Zoning:
    • Business/Commercial
    • Residential-Multi-Family

    Schools

    School District: 139
    District Phone: 320-358-4855

    Expenses

    Tenant Expenses: Electricity

    Financial & Taxes

    Tax Year: 2024
    Annual Taxes: $7,684
    Lender-owned: No
    Assessment Pending: No
    Taxes w/ Assessments: $7,684

    Units

    Total Units: 9

    Miscellaneous

    Current Use: Residential
    Fuel System: Electric
    Owner Occupied: No
    Sewer System: City Sewer/Connected
    Available Utilities:
    • Electric Separate
    • Heating Separate
    • Hot Water Separate
    Water System: City Water/Connected

    Mortgage Calculator

    Use this calculator to estimate your monthly mortgage payment, including taxes and insurance. Simply enter the price of the home, your down payment and loan term. Property taxes are based on the last known value for this property or 0.012 of property price when data is unavailable. Your interest rate and insurance rates will vary based on credit score, loan type, etc.
    Payment:  /mo

    Local Home Mortgage Professionals

    651-253-2144
    Jason & Kim Stone
    Branch Manager & Co-Branch Manager
    Fairway Mortgage    NMLS#1018649
    Jason Stone joined Fairway Independent Mortgage Corporation in October 2017, as a Producing Branch Manager with over 15 years of experience in the mortgage industry. Throughout his career, Jason has originated over $500,000,000 in residential loan volume and has helped several thousand customers with their home financing needs. Jason was named Minneapolis Magazine: Super Mortgage Professional in 2018-2023, Scotsman Guide: Top Mortgage Originator 2019-2022, and Minnesota Housing: Platinum Leander. He is also a retired volunteer firefighter for the city of Mendota Heights, MN which is one of the reasons he’s a Home for Heroes affiliate lender.

    Kim Stone joined Fairway Independent Mortgage Corporation in August 2021, as Co-Branch Manager and Loan Officer. Kim leverages her previous experience as a leader in the non-profit sector to provide care and support throughout each home financing transaction. She has a bachelor’s degree in Communication and Marketing from Minnesota State University, Mankato and a master’s degree in International Business from Nova Southeastern University in Ft Lauderdale, FL.

    Leveraging more than 20 years of combined industry experience, the Stone Mortgage Team of Fairway Independent Mortgage Corporation, considers customer service as a way of life. Not only are we dedicated to finding great rates for our customers, but we also offer some of the fastest turn times in the industry. We pride ourselves on being personable, knowledgeable, accessible and reliable. Financing a home is one of the biggest commitments you will ever make - let us help guide you throughout the entire loan process from application to closing and beyond.
    It would be our pleasure to assist you with your home purchase!

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    Listing provided by RMLS, courtesy of RE/MAX RESULTS.
    Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.