401 1st Avenue SE, Pelican Rapids, MN 56572

General Property Information

Lot Measurement: Acres
Multiple PIDs?: No
Owner Occupied: No
Year Built: 1959
Yearly/Seasonal: Yearly
Zoning: Residential-Multi-Family
Main Floor Total SqFt: 2048
Above Ground SqFt: 2048
Below Grd Total SqFt: 2048
Total SqFt: 4096
Foundation Size: 2048
Style: (MF) Triplex
Total Finished Sqft: 3280.00
Garage Stalls: 2
Lot Dimensions: 105x120
Acres: 0.28
# Carport Spaces: 0

Property Features

Accessible: Wheelchair Ramp Assumable Loan: Not Assumable Basement: Slab Construction Materials: Frame Construction Status: Previously Owned Exterior: Wood Financing Terms: Conventional Fuel: Electric; Natural Gas Heating: Baseboard; Forced Air Laundry: Common Area; In Basement; Laundry Room; Lower Level Lock Box Type: None Lot Description: Corner Lot; Tree Coverage - Medium Owner Pays: Insurance; Lawn; Taxes Parking Characteristics: Shared Garage/Stall; Tuckunder Garage Rental License Type: Standard Road Frontage: City Street; Curbs; Paved Streets; Storm Sewer; Street Lights Road Responsibility: Public Maintained Road Roof: Age Over 8 Years; Asphalt Shingles Sellers Terms: Cash; Conventional Sewer: City Sewer/Connected Shared Rooms: Other Stories: One Tenant Pays: All Utilities; Snow Removal; Trash Collection; Water Topography: Sloped Unit 1 Amenities: Built-In Bookcases; Custom Cabinetry; Open Floor Plan; Deck; Kitchen Window Unit 1 Appliances: Dishwasher; Range; Refrigerator Unit 1 Bath Description: Main Floor Full Bath Unit 1 Cooling: Central Unit 1 Dining Room Description: Informal Dining Room Unit 1 Family Room Characteristics: Main Level Unit 1 Fireplace Char: Insert; Gas Burning Unit 2 Amenities: Deck Unit 2 Appliances: Range; Refrigerator Unit 2 Bath Description: Main Floor Full Bath Unit 2 Cooling: Central Unit 2 Dining Room Description: Living/Dining Room Unit 3 Amenities: Patio Unit 3 Appliances: Range; Refrigerator Unit 3 Bath Description: Full Basement Unit 3 Cooling: Central Unit 3 Dining Room Description: Kitchen/Dining Room Water: City Water/Connected

Contract Information

Off Market Date: 2023-06-20
Contingency: None
Closed Date: 2023-07-14
Original List Price: 217500
ListPrice: 217500
Sales Close Price: 212500
Owner is an Agent?: No
Auction?: No

Location Tax and Other Information

House Number: 401
Street Name: 1st
Street Suffix: Avenue
Street Direction Suffix: SE
Postal City: Pelican Rapids
County: Otter Tail
State: MN
Zip Code: 56572
Complex/Dev/Subdivision: Frazees 4th Add

Assessments

Assessment Balance: 70
Tax With Assessments: 2680

Building Information

Finished SqFt Above Ground: 2048
Finished SqFt Below Ground: 1232

More Information

Income and Expenses

Annual Gross Expenses: 4360
Annual Gross Income: 31800
Annual Insurance Expense: 960
Annual Maintenance Expense: 250
Annual Net Income: 25850
Annual Repair Expense: 250
Total Annual Expenses: 4360
Annual Caretaker Expense: 0
Annual Electric Expense: 0
Annual Fuel Expense: 0
Annual Trash Expense: 0
Annual Water/Sewer Expense: 0

Lease Details

Land Leased: Not Applicable

Lock Box Type

Lock Box Source: LCAR
None: Yes

Miscellaneous Information

DP Resource: Yes
Homestead: No

Ownership

Fractional Ownership: No

Parking Characteristics

Garage Square Feet: 816
Shared Garage/Stall: Yes
Tuckunder Garage: Yes

Public Survey Info

Range#: 43
Section#: 27
Township#: 136

Unit 1

Furnished?: No
Leased?: Yes
Level: Main Level
Unit Number: Yes
# of Fireplaces: Yes
Annual Rent: 14400
Finished SqFt: 1542
Full Baths: Yes
Monthly Rent: 1200
No. of Units Like This: Yes
Total Baths: Yes
Total Bedrooms: 3
Total Rooms: 7

Unit 2

Furnished?: No
Leased?: Yes
Level: Main Level
Unit Number: 2
Annual Rent: 6600
Finished SqFt: 506
Full Baths: Yes
Monthly Rent: 550
No. of Units Like This: Yes
Total Baths: Yes
Total Rooms: 3

Unit 3

Furnished?: No
Leased?: Yes
Level: Below Ground
Unit Number: 3
Annual Rent: 10800
Finished SqFt: 1000
Full Baths: Yes
Monthly Rent: 900
No. of Units Like This: Yes
Total Baths: Yes
Total Bedrooms: 2
Total Rooms: 6

Unit Details

Total Units: 3

Office/Member Info

Association: LCAR
MLSID: RMLS

Location, Tax and Other Information

Listing City: Pelican Rapids
Map Page: 999
Municipality: Pelican Rapids
Rental License?: Yes
School District: Pelican Rapids
School District Phone: 218-863-5910
Zip Plus 4: 7157
Property ID Number: 76000990506001
Tax Year: 2022
Tax Amount: 2610
In Foreclosure?: No
Potential Short Sale?: No
Lender Owned?: No

Directions & Remarks

Public Remarks: Investment opportunity in Pelican Rapids with great rental history! This completely occupied triplex features a recently UPDATED 3 Bed one bath unit and an efficiency unit on the main level, along with a lower level walkout 2 Bed 1 bath unit. See financial remarks for rents and expenses! Owner bills back for Utilities. Shared Laundry in the basement. There are 2 Tuck-under garage stalls along with street and paved driveway parking. Furnace replaced 3 years ago and shingles replaced within 7 years. City corner lot has frontage on 3 streets. Don't miss out on this great opportunity achieving a 11.4 Cap Rate! Call today for more details and to schedule a private showing.
Directions: Hwy 59 in Pelican Rapids to Hwy 108 E to South on corner of 4th St SE 1st Ave SE.

Accessible

Wheelchair Ramp: Yes

Assumable Loan

Not Assumable: Yes

Basement

Slab: Yes

Construction Materials

Frame: Yes

Construction Status

Previously Owned: Yes

Exterior

Wood: Yes

Financing Terms

Conventional: Yes

Fuel

Electric: Yes
Natural Gas: Yes

Heating

Baseboard: Yes
Forced Air: Yes

Laundry

Common Area: Yes
In Basement: Yes
Laundry Room: Yes
Lower Level: Yes

Lot Description

Corner Lot: Yes
Tree Coverage - Medium: Yes

Owner Pays

Insurance: Yes
Lawn: Yes
Taxes: Yes

Patio, Porch and Deck Features

Deck: Yes
Patio: Yes

Rental License Type

Standard: Yes

Road Frontage

City Street: Yes
Curbs: Yes
Paved Streets: Yes
Storm Sewer: Yes
Street Lights: Yes

Road Responsibility

Public Maintained Road: Yes

Roof

Age Over 8 Years: Yes
Asphalt Shingles: Yes

Sellers Terms

Cash: Yes
Conventional: Yes

Sewer

City Sewer/Connected: Yes

Shared Rooms

Other: Yes

Stories

One: Yes

Topography

Sloped: Yes

Water

City Water/Connected: Yes

Tenant Pays

All Utilities: Yes
Snow Removal: Yes
Trash Collection: Yes
Water: Yes

Unit 1 Amenities

Built-In Bookcases: Yes
Custom Cabinetry: Yes
Open Floor Plan: Yes
Deck: Yes
Kitchen Window: Yes

Unit 1 Appliances

Dishwasher: Yes
Range: Yes
Refrigerator: Yes

Unit 1 Bath Description

Main Floor Full Bath: Yes

Unit 1 Cooling

Central: Yes

Unit 1 Dining Room Description

Informal Dining Room: Yes

Unit 1 Family Room Characteristics

Main Level: Yes

Unit 1 Fireplace Char

Insert: Yes
Gas Burning: Yes

Unit 2 Amenities

Deck: Yes

Unit 2 Appliances

Range: Yes
Refrigerator: Yes

Unit 2 Bath Description

Main Floor Full Bath: Yes

Unit 2 Cooling

Central: Yes

Unit 2 Dining Room Description

Living/Dining Room: Yes

Unit 3 Amenities

Patio: Yes

Unit 3 Appliances

Range: Yes
Refrigerator: Yes

Unit 3 Bath Description

Full Basement: Yes

Unit 3 Cooling

Central: Yes

Unit 3 Dining Room Description

Kitchen/Dining Room: Yes