555 Central Ave S
Milaca, MN 56353
Redwood Terrace · Multifamily Property For Sale · 12 Units

The property consists of 12 two-bedroom units that average 785 square feet and the building is heated by two gas boilers. There is an on-site caretaker whose responsibilities include the general upkeep and cleaning of the property. In return, they receive a $65 per month rent credit. There are eight garage stalls available for rent at $40 per month, and they are currently fully rented. In addition, there is extra off-street parking behind the building. There is on-site laundry: one washer and one dryer, located in the garden level of the building. The coin-operated machines are owned by the building and cost $1.25 each per wash and dry. The property has been managed under the current ownership for the past three years. During that three-year time frame, the average occupancy has been 99.77 percent. There has only been one vacancy that lasted approximately one month. Rents were artificially kept low during the current ownership due to an agreement with the previous owner (the original developer). There is significant upside in rental rates once new ownership takes place. The average rent for a two-bedroom unit in Milaca is $630 per month. Located in Milaca and situated off of Highway 169, Redwood Terrace Apartments is approximately 60 miles from Minneapolis and 30 miles from St. Cloud.