118 South Main, Dexter, MN 55926

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$375,000 Sold Price
Sold on 8/31/2023
 
Listing ID 11172504
Property Type Multi-Unit (5+)
County Mower
Total Tax $3,904
Tax ID 23.007.0010
FEMA Flood Map fema.gov/portal
Year Built 1890
   
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Turn-key multi family (5 plex) with an excellent rental history!

Don't miss the chance to be your own boss by investing in this turn-key, hit the ground running industry by owning your very own multi-family five-plex in Dexter, MN. This complex is comprised of 5 apartments with a 1 bedroom + den, two-1 bedroom apartments, two-2 bedroom apartments, respectively each with dedicated off-street parking stalls. In addition, there is a common area with hallways and related indoor access to coin operated laundry machines. In addition, there is a generous parking lot with 10+ off street spaces for tenants. A very reliable contactor does the snow removal and yard work making for a minimal time commitment for the owners! This property has an excellent rental history with virtually no vacancies and strong tenants one of 15+ years. Annual revenues are north of $44k with net cash flows of over $31k annually.
Property Details
  • 5 Full Baths
  • 4556 SF
  • 0.67 Acres
  • Built in 1890
  • 2 Stories
  • Available 5/02/2023
  • Lower Level: Unfinished
  • Renovation: Turn key and in excellent condition with tenant paid base board electric heat and dedicated mini-splits for cooling. Permanent siding with metal shingles for a maintenance free exterior
Unit Information
Unit #1 – Rent Price: 705, Bedrooms: 1, Full Baths: 1, Occupied
Unit #2 – Rent Price: 695, Bedrooms: 1, Full Baths: 1, Occupied
Unit #3 – Rent Price: 615, Bedrooms: 1, Full Baths: 1, Occupied
Unit #4 – Rent Price: 695, Bedrooms: 2, Full Baths: 1, Occupied
Unit #5 – Rent Price: 900, Bedrooms: 2, Full Baths: 1, Occupied
Interior Features
  • Carpet Flooring
  • Linoleum Flooring
  • Baseboard
  • Electric Fuel
  • Wall/Window A/C
Exterior Features
  • Frame Construction
  • Aluminum Siding
  • Metal Roof
  • Municipal Water
  • Municipal Sewer
  • Driveway
Income/Expenses
  • Gross Income $44,520
  • Net Income $31,170
  • Operating Exp $8,659
  • Insurance Exp $3,054
  • Electric Exp $1,637
  • Total Exp $13,350
  • Paid by Landlord: Water, Insurance, Ground Maint.
Taxes and Fees
  • $894 School Tax
  • $1,062 County Tax
  • $1,497 City Tax
  • $379 Other Tax
  • $3,904 Total Tax
  • Tax Year 2023
Sale Information
  • Sold on 8/31/2023
  • Sold for $375,000
  • Buyer's Agent: Tara Freidt
  • Company: Dwell Realty Group
Previously Listed By
High Point Land Company, LLC
Office: 507-218-1243
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