This property is Off-Market

315 Fern Street
Big Lake, MN 55309 ·

24 Units · Multifamily For Sale

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Auburn Manor

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

Description

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.

Highlights

  • 100% occupied
  • Great location near Coburn Foods, schools, Northstar Commuter Station
  • Tenants pay electric heat
  • Some major capital improvements
  • 18% cash on cash return

Research

315 Fern Street, Big Lake, MN 55309 (Sherburne County)

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