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401 1st Avenue SE, Pelican Rapids, MN 56572

$289,500
Property Type: Multi-Family Bedrooms: 6 Baths: 3 Square Footage: 2,200 Lot Size (sq. ft.): 12,197 Status: Active
Current Price: $289,500 List Date: 8/12/2026 Last Modified: 9/10/2026

Overview

Description

Investment opportunity! Updated 3 unit Income property located just down from the pool in Pelican Rapids. A total of 3600 sq ft. of income. One 1200 sq.ft Unit downstairs(2 bed 1 bath), and two units upstairs, one being an efficiency, (1600sq. ft(3 bed 1 bath) & 600 sq. ft(1 bed 1 bath)). A near 10% cap rate makes this property a great addition to your investment portfolio.

Listing Details MLS# 7124909

General Property Information

Lot Measurement
Acres
Multiple PIDs?
No
Owner Occupied
No
Waterfront YN
No
Year Built
1959
Yearly/Seasonal
Yearly
Zoning
Residential-Single Family
Main Floor Total SqFt
2200
Below Grd Total SqFt
2200
Total SqFt
2200
Foundation Size
2200
Style
(MF) Triplex
Total Finished Sqft
3400.00
Power Company
Ottertail Power
Garage Stalls
2
Lot Dimensions
120x110
Acres
0.28
Assessment Pending
No

Property Features

Accessible: None Amenities Shared: Common Laundry Facility; Patio Basement: Concrete Block Construction Status: Previously Owned Exterior: Cement Board Foundation: Concrete Block Fuel: Natural Gas Heating: Baseboard; Forced Air Laundry: In Garage Lot Description: Corner Lot Owner Pays: Lawn; Snow Removal; Trash Collection Road Responsibility: Public Maintained Road Roof: Architectural Shingle Sellers Terms: Cash; Conventional Sewer: City Sewer/Connected Stories: One Tenant Pays: Electricity; Gas; Sewer; Water Unit 1 Appliances: Range; Refrigerator Unit 1 Cooling: Central Unit 2 Appliances: Range; Refrigerator Unit 2 Cooling: Central Unit 3 Appliances: Range; Refrigerator Unit 3 Cooling: Central Water: City Water/Connected

Contract Information

Contingency
None
Original List Price
298500
ListPrice
289500
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 Installment
85
Tax With Assessments
3348

Basement

Foundation Dimensions
66x32 irregular

More Information

Building Information

Finished SqFt Above Ground
2200
Finished SqFt Below Ground
1200

Income and Expenses

Annual Electric Expense
2400
Annual Gross Income
40200
Annual Insurance Expense
3800
Annual Maintenance Expense
1000
Annual Net Income
29250
Annual Repair Expense
1500
Annual Trash Expense
1450
Annual Water/Sewer Expense
1200
Total Annual Expenses
7950

Lease Details

Land Leased
Not Applicable

Miscellaneous Information

DP Resource
Yes
Homestead
No

Ownership

Fractional Ownership
No

Parking Characteristics

Garage Door Height
7
Garage Door Width
9
Garage Square Feet
600

Public Survey Info

Range#
43
Section#
27
Township#
136

Unit 1

Furnished?
No
Leased?
Yes
Level
Main Level
Unit Number
Yes
Annual Rent
18000
Finished SqFt
1600
Full Baths
Yes
Monthly Rent
1500
No. of Units Like This
Yes
Total Baths
Yes
Total Bedrooms
3
Total Rooms
7

Unit 2

Furnished?
No
Leased?
Yes
Level
Below Ground
Unit Number
2
Annual Rent
11400
Finished SqFt
1200
Full Baths
Yes
Monthly Rent
950
No. of Units Like This
Yes
Total Baths
Yes
Total Bedrooms
2
Total Rooms
4

Unit 3

Furnished?
No
Leased?
No
Level
Main Level
Unit Number
3
1/2 Baths
Yes
Annual Rent
10200
Finished SqFt
600
Monthly Rent
850
No. of Units Like This
Yes
Total Baths
Yes
Total Bedrooms
Yes
Total Rooms
3

Unit Details

Total Units
3

Documents

IDX
Listing Office: The Real Estate Company of Detroit Lakes
Last Updated: September - 10 - 2026
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity SM Program of the Regional Multiple Listing Service of Minnesota, Inc. The information provided is deemed reliable but not guaranteed. Properties subject to prior sale, change or withdrawal. ©2026 Regional Multiple Listing Service of Minnesota, Inc All rights reserved.

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