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Active
Listed
$795,000
/mo   Edit
MLS# 5487284
Commercial
Built 1961
0.33 acres
Elk River schools
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    Description:   6, 528 SF above ground, 9, 792 SF including lower level. Approximately $68, 000 in place NOI/8.6% Cap Rate. (3) lower level suites available at $300 each creating potential fully occupied Cap Rate of 9.9%. C-1 Central Commercial District zoning. Great multi-tenant office building investment opportunity. Excellent downtown Elk River location. Seller is replacing the main roof, and all the asphalt shingled mansard roof spring 2020. Two above ground levels, and one lower level. Common areas include 2 stairwells, elevator, and 6 restrooms. Well maintained building with brick front, architectural mansard roof, and arched window openings. Well maintained HVAC. The parking lot is in good shape, and has ample parking with approximately 32 spots. On street parking available as well. Building signage included for tenants.
    List Price: $795,000
    Sold Date: 0000-00-00
    Price/sq ft: None
    Property Type: Commercial
    Listing Status: Active
    Contingency: None
    Year Built: 1961
    City: Elk River
    County: Sherburne
    State: MN
    Zip Code: 55330

    Interior

    Building Fin Sq Ft: 9,792 ft²

    Exterior

    Heating System: Forced Air
    Foundation Size: 3,264 ft²
    Handicap Accessible: Elevator, Other
    Exterior Material: Brick/Stone, Block
    Garage Spaces: 0
    Other Parking Spaces: 32

    Lot

    Acres: 0.33
    Latitude: 45.30446900
    Longitude: -93.56425500
    Lot Size Dim.: 109' x 132'
    Dev/Complex Name: Village Elk River
    Zoning: Business/Commercial

    Schools

    School District: 728 - Elk River
    District Phone: 763-241-3400

    Expenses

    Annual Gross Expense: $34,804

    Financial & Taxes

    Tax Year: 2020
    Annual Taxes: $16,186
    Assessment Pending: Unknown
    Taxes w/ Assessments: $16,186

    Income

    Annual Gross Income: $102,804

    Rent

    Annual Net Income: $68,000

    Unit

    Total Units: 15

    Miscellaneous

    Current Use: Business Service, Professional Service
    Fuel System: Natural Gas
    Owner Occupied: N
    Sale Includes: Building, Land, Leases, Other
    Sewer System: City Sewer/Connected
    Utilities: Heating Common, Electric Common
    Water System: City Water/Connected

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    Get to know our Home Mortgage Professionals

    Justin
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    Movement
    Jason
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    Jeff
    Zajac
    TruStone
    Justin Larson
    Loan Officer
    Movement Mortgage NMLS#1490922
    Justin, the "Mortgage Man", is a senior loan officer who works with one of the nation top mortgage companies, Movement Mortgage! Justin has a dedicate team to streamline the home loan process. As a Veteran of Operation Iraqi Freedom and Eagle Scout he has a "service to others" attitude that put him well above his peers in the mortgage industry. Honesty, trust and friendship through solid and open communication is how he has built his success in the industry. The American Dream of owning a home is one of the largest purchases of most people lives. It’s a long process that can be frustrating, scary, and really confusing. He experienced this when purchasing his first couple of homes and looking back he wished he had a friend that would take the time to educate him on the best options for him and his family. This is the driving force of why I got into this industry.
    320-296-9177

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    Listing provided by RMLS, courtesy of Summerhill Commercial Real.
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