210 Park Ave | Park Rapids, MN 56470
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- LoopNet Team
210 Park Ave
Park Rapids, MN 56470
Value Add Multi-Family Asset | Commercial Add · Multifamily Property For Sale
·
39 Units
INVESTMENT HIGHLIGHTS
- Unique, 30,834-square-foot apartment building converted from a school with optimum value-add capabilities sited on a 2.36-acre lot in Hubbard County.
- Rare opportunity to acquire a transformed asset with the ability to implement interior upgrades and add more units for additional income.
- Property features completely redone plumbing and electrical systems were at the time of conversion and two washer/dryer facilities.
- Park Rapids is a charming and desirable city paired with natural scenic amenities, including captivating lakes, forests, and recreational activities.
- Recent renovations include upgraded appliances, cabinets, LVT (Coretec) and hardwood floors, LED lighting, and low-flow toilets.
PROPERTY FACTS
| No. Units | 39 | Building Size | 30,834 SF |
| Property Type | Multifamily | Average Occupancy | 95% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built/Renovated | 1938/2019 |
| Building Class | B | Parking Ratio | 1.78/1,000 SF |
| Lot Size | 2.36 AC | ||
| Zoning | C - Commercial | ||
| No. Units | 39 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 2.36 AC |
| Building Size | 30,834 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built/Renovated | 1938/2019 |
| Parking Ratio | 1.78/1,000 SF |
| Zoning | C - Commercial |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Refrigerator
- Oven
- Range
- Smoke Free
- Wheelchair Accessible (Rooms)
SITE AMENITIES
- Laundry Facilities
- Playground
- Property Manager on Site
- Video Patrol
- Pet Play Area
- Smoke Free
- Storage Space
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 9 | $449.00 | 480 |
| 1+1 | 4 | $681.00 | 775 |
| 2+1 | 15 | $816.00 | 781 |
| 3+1 | 5 | $960.00 | 888 |
| 3+1.5 | 1 | $1,050 | 1,200 |
| 4+1 | 4 | $1,133 | 1,144 |
| 5+1 | 1 | $1,275 | 1,483 |
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $1,679,000 | |
| Land Assessment | $260,800 | Total Assessment | $1,939,800 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$260,800
Improvements Assessment
$1,679,000
Total Assessment
$1,939,800
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