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Home > For Sale > Multi-Family Fourplex(4 units)
Listing ID: 3726
Beautifully Rehabbed 5 Plex Apartment $365000 For Sale We can finance it! Property Description Seller financing provided with 10% down payment on a short term contract for deed. ( Refinancing considerably simpler than purchase money mortgage.) Price is $365,000 with $36,500 down payment. The seller will provide $5000.00 for completion of the 5th unit, which should be ample to make it a good rental unit. The fifth unit already has appliances, laminate flooring and a newly tiled bathroom. The price is firm, seller has underlying mortgage of $325.000. Please do a drive-by of the property and if you are seriously interested in purchasing based on the drive-by and the documentation we will schedule an inspection. We are avoiding unnecessary traffic unless a party is seriously interested. Situation Seller?s intent after the complete remodeling was to hold the property and take advantage of rapid appreciation do to the proposed light rail corridor. Seller has recently gone through divorce and is a single parent who is therefore willing to sell this building. Property Description Large (4704 FSF) newly remodeled top to bottom 4-plex ( 5th unit easy to finish for $ 600 a month in increased cash flow; No cost to you see terms above). Two full stories with freshly painted exterior, off street parking lot for all units and tool/supply shed. There is basement storage for each unit. The property was vacated and rehabbed top to bottom (see photos), including the following: Exterior: Body and Trim completely painted Landscaping done Interior: Refinished hardwoods in all units and hallways Porcelain tile in kitchens and baths New Kitchen cabinets and hardware New Countertops New Appliances in all units ( including microwaves) New Vanities New light fixtures throughout New Blinds on all windows Garbage disposals in all units New Washer and Dryer Painted throughout including trim Neutral colors throughout Unit Descriptions There are 2 - 2 bedroom units and 2 ? 1 bedroom remodeled units. The basement has a partially finished, unoccupied 5th unit. The units are remodeled top to bottom. There is a bonus room off the kitchen that could be used for office, dining, playroom or baby?s room. Two of the kitchens have been opened up to the living room and have a breakfast bar. Location This is a solid rental location walking distance to State Capital and very near downtown St. Paul. It is just one block from transportation on University Avenue. It is easy to rent units due to its location. Location convenient to all shopping and entertainment. Redevelopment Plans There is plan on file with the City of St. Paul to redevelop the entire University Avenue corridor from Minneapolis to the State Capital and install light rail. The Plan has been approved. Properties values in the area are anticipated to have a sharp escalation upon completion. Information regarding light rail plans can be accessed through the Minnesota Department of Transportation web site. Basic Operating Statement Operating Income: Unit 1 Two Bedroom 850 Unit 2 One Bedroom 750 Unit 3 Two Bedroom 850 Unit 4 One Bedroom 750 Unit 5 Efficiency 600 (upon completion of 5) Total Gross Rents 3800 Monthly Operating Expenses Property Taxes 2007 $ 391.00 Utilities-Gas $ 400.00 Utilites-Electric Tenants Pay on separate meters Utilities- Water and Sewer $ 65.00 Garbage $ 72.00 Property Insurance $ 177.00 Total Monthly Expenses $ 1105.00 Available for Debt Service $2695.00 Estimated Debt Service $1965.00 This newly remodeled apartment building in a great location offers tremendous appreciation potential with the plans for redevelopment of the area. The tenants are very strong and long term. There is very little ongoing maintenance as the building is totally renovated. The sellers personal situation allows you to buy this building with a low down payment and good short term financing. It will be sold to the first qualified buyer. Contact Information Contact person: owner Seller type: Private Owner Owner Finance: Yes MLS: Phone: Log in to view Address: Log in to view City: St. Paul State/Province: Zip/Postal Code: Country: Listing Information Type: Apartment Buildings Listing Status: For Sale Price: 365000 Bedrooms: Bathrooms: Stories: Square Feet: 4704 sqft Lot Size: Age of Home: Additional Feature: Appliances: Benefits: Planning to Sell or Buy a Home? Compare REALTORS® First. It's Fast and Free!