This property is Off-Market
315 Fern Street
Big Lake, MN 55309 ·
24 Units · Multifamily For Sale
|Price||N/A||Property Use Type||Investment|
|No. Units||24||Cap Rate||8%|
|Building Size||25,000 SF||Occupancy||100%|
|Property Type||Multifamily||No. Stories||3|
|Property Sub-type||Garden/Low-Rise||Year Built||1976|
|Listing ID: 17710197||Date Created: 06/18/2012||Last Updated: 01/24/2013|
PRICE REDUCED - Auburn Manor was built in 1976 and has a 3 story above ground design with an attractive mostly brick exterior. The property has 24 units and is 100% occupied. The property consists of 3 two bedroom +den units, 9 two bedroom units, 1 one bedroom + den unit, 11 one bedroom units and 13 garages. The property has a laundry facility and the washers and dryers are owned by the Seller. The heat for the buildings is electric heat. The residents pay for their own electricity including their electric heat. The individual unit amenities include an attractive floor plan, electric stove, refrigerator, air conditioner and celing fan. Some recent improvements include a new fire alarm system in 2002 and all new metal garage doors in 2002, a new asphalt parking lot and a new sidewalk in 2008, new apartment entry doors for all units in 2008 and a new garage roof in 2012.
The Auburn Manor Apartments are located in Big Lake Minnesota. The City of Big Lake is located approximately 35 miles northwest of the Twin Cities. Big Lake is located in Sherburne County. The population of Sherburne County increased 37% from 2000-2010. The residents of Auburn Manor have easy access to Highway 10 and find it very convenient to be within walking distance of downtown Big Lake, Coburns Foods, the new high school and middle school and the new Northstar Transit Station.
- 100% occupied
- Great location near Coburn Foods, schools, Northstar Commuter Station
- Tenants pay electric heat
- Some major capital improvements
- 18% cash on cash return
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