, Litchfield, MN 55355 (MLS# 6321832)

General Property Information

Lot Measurement: Acres
Multiple PIDs?: Yes
Other Parking Spaces: 45
Owner Occupied: No
Year Built: 2010
Yearly/Seasonal: Yearly
Zoning: Residential-Multi-Family
Foundation Size: 9480
For Sale or Lease: For Sale
Acres: 2.33
Lot Dimensions: 350x283
Assessment Pending: Unknown
Garage Stalls: 0

Property Features

Accessible: Doors 36"+; Lowered Switches/Controls; No Stairs Internal; Reduced Height Counters; Wheelchair Ramp; Other Air Conditioning: Central Air; Wall Unit(s) Amenities Shared: Coin-op Laundry Owned; Deck; Patio; Porch; Security Building Appliances: Cooktop; Microwave; Range; Refrigerator Assumable Loan: Not Assumable Basement: Concrete Block; Partially Finished CMU Style: Apartments/Multi Family Construction Status: Previously Owned Current Use: Other Existing Financing: Conventional Exterior: Brick/Stone; Vinyl; Wood Financing Terms: Conventional Fuel: Electric; Natural Gas Heating: Forced Air Loan Terms: Cash; Conventional On Site Utilities: Electric Separate; Heating Separate; Hot Water Separate Owner Pays: Insurance; Janitorial Service; Janitorial Service; Lawn; Lawn; Maintenance/Repair; Snow Removal; Taxes; Trash Collection; Water Parking Characteristics: Gravel Lot; Storage; Uncovered/Open Rental License Type: Standard Road Frontage: City Street Roof: Age 8 Years or Less; Asphalt Shingles Sewer: City Sewer/Connected Stories: Two Tenant Pays: Electricity; Fuel Water: City Water/Connected

Contract Information

Off Market Date: 2023-06-05
Closed Date: 2023-07-05
Sales Close Price: 1750000
Contingency: None
ListPrice: 1950000
Owner is an Agent?: No
Auction?: No

Location Tax and Other Information

Postal City: Litchfield
County: Meeker
State: MN
Zip Code: 55355

Additional Parcels Information

Property ID #2: 270099001

Assessments

Tax With Assessments: 14304
Assessment Balance: 0

More Information

Building Information

Building Finished SqFt: 14123

Income and Expenses

Annual Gross Expenses: 73070
Annual Gross Income: 236520
Annual Net Income: 163450
Total Annual Expenses: 73070

Lease Details

Land Leased: Not Applicable

Miscellaneous Information

Homestead: No

Ownership

Fractional Ownership: No

Sale Options

Sale Includes: Building, Land, Rental License

Unit 1

No. of 1 Bedroom Units: 10

Unit 2

No. of 2 Bedroom Units: 7

Unit 3

No. of 3 Bedroom Units: Yes

Unit Details

Total Units: 31

Unit Information

No. of Efficiency Units: 13

Office/Member Info

Association: MAAR
MLSID: RMLS

Location, Tax and Other Information

Legal Description: HANSON'S ADD. PT BK 7, BEG NW COR BLK 6, S558.16' POB E145.83' SE145.78' E18.28' NLY TO NE COR WLY TO NW COR S TO POB & S 1/2 VAC HAMBURG
Listing City: Litchfield
Map Page: 999
Municipality: Litchfield
Rental License?: Yes
School District: Litchfield
School District Phone: 320-693-2444
Country: US
Property ID Number: 271486001
Tax Year: 2022
Tax Amount: 14304
In Foreclosure?: No
Potential Short Sale?: No
Lender Owned?: No

Directions & Remarks

Public Remarks: Beautifully renovated and cash-flowing multi-family building in Litchfield! On-site caretaker, local management and leasing, major capital improvements, recent renovations, and diverse unit mix make this the perfect hands-off investment opportunity. Comprised of two buildings, all 31 units at Lake Ripley Apartments are occupied by grade "A" tenants. Current owners have completed major renovations including, but not limited to: in-unit rehabs including flooring, fixtures, appliances, kitchens, and bathrooms; exterior rehab including full exterior paint, landscaping, and signage; capital expenditures including a new security system with online integration, new common areas with washers, dryers, and coin machines, sump pump, radon mitigation, and full electrical updates.
Directions: Hwy 12 to Litchfield. South on Hwy 22, 1 mile. Across from elementary school and Lake Ripley.

Accessible

Doors 36"+: Yes
Lowered Switches/Controls: Yes
No Stairs Internal: Yes
Reduced Height Counters: Yes
Wheelchair Ramp: Yes
Other: Yes

Air Conditioning

Central Air: Yes
Wall Unit(s): Yes

Amenities Shared

Coin-op Laundry Owned: Yes
Deck: Yes
Patio: Yes
Porch: Yes
Security Building: Yes

Appliances

Cooktop: Yes
Microwave: Yes
Range: Yes
Refrigerator: Yes

Assumable Loan

Not Assumable: Yes

Basement

Concrete Block: Yes
Partially Finished: Yes

Construction Status

Previously Owned: Yes

Existing Financing

Conventional: Yes

Exterior

Brick/Stone: Yes
Vinyl: Yes
Wood: Yes

Financing Terms

Conventional: Yes

Fuel

Electric: Yes
Natural Gas: Yes

Heating

Forced Air: Yes

Owner Pays

Insurance: Yes
Janitorial Service: Yes
Lawn: Yes
Maintenance/Repair: Yes
Snow Removal: Yes
Taxes: Yes
Trash Collection: Yes
Water: Yes

Parking Characteristics

Gravel Lot: Yes
Storage: Yes
Uncovered/Open: Yes

Rental License Type

Standard: Yes

Road Frontage

City Street: Yes

Roof

Age 8 Years or Less: Yes
Asphalt Shingles: Yes

Sewer

City Sewer/Connected: Yes

Stories

Two: Yes

Water

City Water/Connected: Yes

Tenant Pays

Electricity: Yes
Fuel: Yes

On Site Utilities

Electric Separate: Yes
Heating Separate: Yes
Hot Water Separate: Yes

CMU Style

Apartments/Multi Family: Yes

Current Use

Other: Yes

Loan Terms

Cash: Yes
Conventional: Yes