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For Sale:  Norwood Young America MLS# 6699747

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Active
$875,000
/mo Edit
Commercial:  Apartments
Built 1911
0.14 acres
Central schools
MLS# 6699747
763-576-8286
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    Property Description

    This property was built in 1911 with many recent improvements including a new roof in 2019 & all 6 units renovated in the last 3 years. One building features 6 two-bedroom apartments with the other building featuring one retail property, currently the laundromat is owned by the Landlord. The two-parcel offering includes ample Class IV gravel off-street parking in the rear of each respective building. Each unit is separately metered for gas and electric, making expenses relatively low for this investment. The residential building has new boilers (2025). The property has a strong rental history and is 100% occupied. The landlord has successfully renovated all units along with rent increases per year of 7%-10% since purchasing the building in 2020, making this acquisition a solid-performing asset in a growing community with little to no competition.

    Listing

    Listing Status: Active
    Contingency: None
    List Price: $875,000
    Property Type: Commercial
    City: Norwood Young America
    Garage Spaces: 0
    County: Carver
    Year Built: 1911
    State: MN
    Property Style: Apartments
    Zip Code: 55397
    Subdivision Name: City Lts Of Young America

    Interior

    Ceiling Height: 8-10
    Ranges: One Per Unit
    Refrigerators: One Per Unit
    Appliances Included:
    • Gas Water Heater
    • Microwave
    • Range
    • Refrigerator
    • Stainless Steel Appliances

    Exterior

    Stories: Two
    Garage Spaces: 0
    Other Parking Spaces: 8
    Air Conditioning: Window Unit(s)
    Foundation Size: 6,800 ft2
    Foundation Dimensions: 100x68
    Handicap Accessible: No Stairs Internal
    Road Responsibility: Public Maintained Road
    Heating System:
    • Baseboard
    • Radiator(s)
    Parking Features:
    • Gravel
    • Guest Parking
    • Paved
    Shared Amenities: Coin-op Laundry Owned
    Unit Amenities:
    • Cable
    • Ceiling Fan(s)
    • Ethernet Wired
    • Kitchen Window
    • Main Floor Primary Bedroom
    • Tile Floors
    Road Frontage: City Street
    Exterior Material: Vinyl Siding
    Roof Details: Age 8 Years or Less

    Lot & Land

    Acres: 0.14
    Geolocation: 44.78348, -93.912583
    Inclusions: Building, Business Assets, Business, Fixture/Equipment, Inventory, Land, Leases
    Lot Dimensions: 0
    Zoning: Business/Commercial
    Lot Description:
    • Corner Lot
    • Some Trees
    • Underground Utilities
    • Zero Lot Line

    Farm

    Topography: Level

    Schools

    School District: 108
    District Phone: 952-467-7000

    Expenses

    Annual Caretaker Expense: $1,500
    Annual Electric Expense: $7,000
    Annual Insurance Expense: $5,500
    Annual Trash Expense: $4,500
    Annual Water/Sewer Expense: $7,000
    Tenant Expenses: All Utilities, Cable TV, Electricity, Gas, Sewer

    Financial & Taxes

    Tax Year: 2025
    Annual Taxes: $8,768
    Lender-owned: No
    Assessment Pending: No
    Taxes w/ Assessments: $8,768

    Income

    Annual Gross Income: $100,000

    Rent

    Annual Net Income: $60,000

    Units

    Total Units: 7

    Miscellaneous

    Current Use:
    • Laundromat
    • Residential
    Fuel System:
    • Electric
    • Natural Gas
    Owner Occupied: No
    Sewer System: City Sewer/Connected
    Available Utilities:
    • Electric Separate
    • Heating Separate
    Water System: City Water/Connected

    Mortgage Calculator

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    Payment:  /mo

    Listing provided by RMLS, courtesy of Bridge Realty, LLC.
    Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.