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120-124 E 13th St 24 Unit Apartment Building $1,300,000 ($54,167/Unit) 7.01% Cap Rate Blue Earth, MN 56013
Executive Summary
Village Green Apartments is a superior chance to acquire a value-add opportunity in southern Minnesota close to the Iowa border. The unit mix offers fourteen two-bedroom and ten one-bedroom all with one bathroom. The property consists of three 8-plexes and is situated on a 0.97-acre corner lot right across the street from Putnam Park with tennis courts and community swimming pool. Includes on-site coin laundry facilities in each building, newer water heaters, and plenty of off-street parking! This one has huge potential by organically raising rents to market while improving the operating expenses to quickly increase its value!
Built in 1979-1980, this very well-maintained building features a mix of one and two-bedroom units all with one bathroom, providing a variety of options for potential renters. Additionally, the property includes a spacious parking lot with 34 separate parking spaces, ensuring that tenants have ample space to park their vehicles.
The exterior of the property is well-maintained and features a classic brick façade with vinyl siding, while the interior of the units are spacious and have updated appliances. The property is conveniently located near major highways and the downtown area, making it easy for tenants to enjoy all that Blue Earth has to offer.
Investors looking for a value-add opportunity with strong cash flow potential will appreciate the low maintenance costs and high rental demand in the area. Don't miss out on this rare opportunity to own a property that is super clean and well maintained and also in a non-rent controlled city of Minnesota!
PROPERTY FACTS:
Year Built: 1979-1980
Square Footage: 19,200
Units: 24
Zoning: Multiple-family District
Parking: 34 Off-Street Parking Spaces
Exterior: Brick and Vinyl Siding with Gutters Replaced in 2019
Heating: Hot Water Boiler and Electric Baseboard Systems
Roof: Pitched - All Three Buildings Replaced in 2019
UNIT DESCRIPTION:
14 - 2 bedroom, 1 bath - Approx. 790+ Sqft.
10 - 1 bedroom, 1 bath - Approx. 630+ Sqft
PRICE: $1,300,000
Built in 1979-1980, this very well-maintained building features a mix of one and two-bedroom units all with one bathroom, providing a variety of options for potential renters. Additionally, the property includes a spacious parking lot with 34 separate parking spaces, ensuring that tenants have ample space to park their vehicles.
The exterior of the property is well-maintained and features a classic brick façade with vinyl siding, while the interior of the units are spacious and have updated appliances. The property is conveniently located near major highways and the downtown area, making it easy for tenants to enjoy all that Blue Earth has to offer.
Investors looking for a value-add opportunity with strong cash flow potential will appreciate the low maintenance costs and high rental demand in the area. Don't miss out on this rare opportunity to own a property that is super clean and well maintained and also in a non-rent controlled city of Minnesota!
PROPERTY FACTS:
Year Built: 1979-1980
Square Footage: 19,200
Units: 24
Zoning: Multiple-family District
Parking: 34 Off-Street Parking Spaces
Exterior: Brick and Vinyl Siding with Gutters Replaced in 2019
Heating: Hot Water Boiler and Electric Baseboard Systems
Roof: Pitched - All Three Buildings Replaced in 2019
UNIT DESCRIPTION:
14 - 2 bedroom, 1 bath - Approx. 790+ Sqft.
10 - 1 bedroom, 1 bath - Approx. 630+ Sqft
PRICE: $1,300,000
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Property Facts
| Price | $1,300,000 | Apartment Style | Low-Rise |
| Price Per Unit | $54,167 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.97 AC |
| Cap Rate | 7.01% | Building Size | 19,200 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 87% |
| Gross Rent Multiplier | 7.67 | No. Stories | 2 |
| No. Units | 24 | Year Built/Renovated | 1975/2010 |
| Property Type | Multifamily | Parking Ratio | 1.77/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | 205 | ||
| Price | $1,300,000 |
| Price Per Unit | $54,167 |
| Sale Type | Investment |
| Cap Rate | 7.01% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 7.67 |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.97 AC |
| Building Size | 19,200 SF |
| Average Occupancy | 87% |
| No. Stories | 2 |
| Year Built/Renovated | 1975/2010 |
| Parking Ratio | 1.77/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | 205 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 14 | $637.50 | 790 |
| 1+1 | 10 | $587.50 | 600 |
1 1
Somewhat walkable
30/100
Very drivable
80/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 21.577.1320 | Improvements Assessment | $689,800 |
| Land Assessment | $155,100 | Total Assessment | $844,900 |
Property Taxes
Parcel Number
21.577.1320
Land Assessment
$155,100
Improvements Assessment
$689,800
Total Assessment
$844,900
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120-124 E 13th St