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401 37th Ave N

401 37th Ave N

401 37th Ave N  /

Property Details

Price: $ 380,000
Property Type Multifamily
Total Lot Size: 0.24 Acres
Year Built: 1984
Number of Units: 6
Garages: 9
County: Stearns

Description

The property located at 401 37th Ave N is comprised of 6 apartment units. All 6 apartments are two bed, one bath units. There are 9 off-street parking spaces for the tenants use, along with laundry facilities on site. The current owner has done a fantastic job not only maintaining the property, but providing upgrades whenever possible. That being said, 5 of the 6 units have not had a turn in 2 or more years. There are 2 tenant that have been at the property for over 12 years! The current owner never intended to sell his properties, and it shows! Only a recent opportunity for the owner has prompted him to make this property available for purchase. The rents are very low and there is a significant opportunity to raise the rents beyond the current listed market rents on the rent roll. Additionally, there is very little deferred maintenance. Conversely, there has been significant capital improvements made to the property in the last few years. This is a property you will be proud to own for years to come. Schedule your showing today!

Location

The apartments at 401 37th Ave North are located in Stearns County in the City of Saint Cloud. The City of Saint Cloud is located in the geographical center of Minnesota approximately 60 miles northwest of Minneapolis. Saint Cloud is the political, cultural, commercial and manufacturing center for all of Central Minnesota. A very sophisticated transportation network makes the Saint Cloud area readily accessible to all parts of the region. A stabilizing force in the community is the fact that the Saint Cloud area is home to four major institutions of higher learning including Saint Cloud Technical College, The College of Saint Benedict, Saint John's University and Saint Cloud State University. Saint Cloud State University is the largest of these with over 16,000 students enrolled. The greater Saint Cloud Tri-County area includes Stearns, Sherburne and Benton County. The population of the Saint Cloud MSA is approximately 189,000 and is expected to grow to about 231,000 by 2030. The population of Sherburne County grew 37% in the last 10 years and is one of the fastest growing counties in the state. The population of Stearns County grew 13% in the last 10 years and Benton County grew 12.3% in the last 10 years. The Saint Cloud Area is somewhat recession proof because of its diverse economy. The area boasts a mix of manufacturers, agricultural related entities, a growing health care industry, emerging professional services, a thriving printing industry, several large public sector employers and a very active retail component. The Saint Cloud Area is the retail hub of Central Minnesota with several expansive malls and retail centers. The Saint Cloud area ranks third in the state, behind only Minneapolis and Saint Paul in retail sales.The business community is continuing to grow at a rapid pace. The Tri-County labor force is expected to expand by nearly 40% between 1990 and 2020 as compared to only 21% statewide. As the population and labor force continue to grow so will the demand for rental housing.

Highlights

Exterior remodel including new paint and shutters in 2018
New windows in 3 units in 2018
New hot water boiler in 2018
New roof in 2017
New hot water heater in 2015
New entry doors with keyless entry
Unit #301 completely remodeled
Off-street parking
Long-term tenants
On-site laundry

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