Forest Lake, MN - Gateway Green Townhomes - 6 UNITS - Market Price

The Gateway Green Townhome Cottages presents a unique turn-key investment opportunity for the passive investor. There are six separate quality built townhomes located in a newer planned development of Forest Lake, Minnesota. Currently 100% rented with tenants paying their own utilities. The Homeowners Association (HOA) covers exterior maintenance, hazard insurance, building exterior, sanitation, snow removal, Lawncare, and professional management. Units are all slab on grade construction, two-story with two-car attached garages. Spacious floor plans across all units with high end finishes including quartz countertops, stainless steel appliances with built-in microwaves, luxury vinyl plank flooring and gas fireplaces.

Property Facts

• Year Built: 2022

• Square Footage: 13,310

• Units: 6

• Zoning: Multiple-family District

• Parking: 6 Attached Two-Car Garage Stalls w/ Openers Plus 12 Off-Street Parking Spots

• Exterior: Decorative Shakes and Vinyl Siding

• Heating: Gas Fired Forced Air Furnaces

• Air Conditioning: Central Air Conditioning

• Roofs: Pitched Asphault Roofs - New installed in 2022

Unit Description

• 4 - Three Bedroom, 2 1/2 bath - Approx. 1631 -1779 Sqft.

• 2 - Two Bedroom +Den, 2 1/2 bath - Approx. 1583-1739 Sqft

Property Improvements

• 2022: New Electric High-Efficiency Water Heater

• 2022: New Forced Air Furnaces

• 2022: Roof - Pitched Roofs with 15-year warranty

• 2022: Windows - Double-Hung Vinyl Windows

Price: MARKET PRICE

Saint Paul, MN - 1619 Hubbard Ave - 9 UNITS - $1,099,000

1619 Hubbard Avenue is a remarkable investment opportunity to acquire 9 well-appointed units steps away from the prestigious Hamline University and five blocks south of the Minnesota State Fairgrounds. Every apartment is unique and spacious with some of them receiving solid surface quartz countertops, stainless steel appliances, refinished hardwood flooring, original French doors and luxury vinyl plank. Kitchens and bathrooms are remodeled with newer tile, cabinets, plumbing and lighting fixtures and fresh paint. Newer hot water boiler services all the apartments for heat. All the electrical panels and breakers have been updated. The exterior siding is maintenance free and windows have all been replaced. Both the pitched roofs on the main building and detached garage are newer. Building sits on a larger 0.34 acres with a five-car garage for additional income and a back parking lot for tenants with plenty of off-street parking. Lower level has the potential to add another unit making it a 10-unit. This asset is 100% full and super easy to keep rented. In place NOI of $67,772 and a 6.16% cap rate. This property has been well managed over the years and has great curb appeal!

Baldwin, WI - 1040 7th Ave - 4 UNITS - $299,000

Baldwin apartments is a fully stabilized 4-unit located a block off the busy main street. With it being 100% occupied this property is easy to keep full offering one & two bedroom units. All residents pay for their own unit electric and gas for heat. The owner just pays for water and trash. Built around the turn of the century the units are spacious and have some original hardwood floors, original trim, and tall ceilings. A lot of newer vinyl replacement windows. Plenty of off-street parking on the side of the property. Rents are currently below market and have room to organically improve! Net operating income $20,113+