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Pinewood Apartments

Pinewood Apartments

6717 Old Sawmill Rd  /

Property Details

Price: $ 630,000
Property Type Multifamily
Total Lot Size: 0.43 Acres
Year Built: 1981
Number of Units: 17
Garages: 26
County: Chisago

Description

The Pinewood Apartments consists of 17 affordable apartment units. All residents are 62 years of age or older, or have a verifiable disability. All of the units are contained in one building with 16 one bedroom units and 1 two bedroom unit. It is a Class B Rural Development (RD) 515 with a HUD Section 8 contract covering 100% of the units. This program creates affordable rental housing for low income residents of rural areas in the United States. Tenants at Pinewood pay rent equal to 30% of their income with the rest paid by Rental Assistance (RA) from the government. When the property is sold, it can remain in the program or convert to market rate.

Location

Harris, MN, a small community located approximately 45 miles north of the Twin Cities, has a population of around 1100 residents. Situated near many lakes and rivers, and within minutes of larger cities, Harris is a small town with access to endless amenities and recreational opportunities. Harris is a part of the North Branch Area Public School system. NBAPS serves approximately 10 communities and 3000 students. They have award winning schools and offer alternative learning options, early childhood programming and adult educational opportunities as well. A quiet, rural town, Harris has that "small town feel". With the Twin Cities less than an hour away and North Branch just minutes away, restaurants, shopping and entertainment are within an easy drive. It is easily accessible with Interstate 35 within one mile. Public transportation is provided by Heartland Express, a public transit service operated by Isanti and Chisago Counties.

Highlights

100% occupied with a waiting list
Roof on back side of building 6 years old
Siding 6 years old
Vinyl cased windows 6 years old
Air conditioners and sleeves 6 years old
Parking lot sealed and striped in September 2016
26 parking spaces
Community room
5 garden boxes for tenants use
2 washers and 2 dryers (owned)
Men’s and Women’s public rest rooms
Storage closet for each unit
Garage for maintenance and storage
Maintenance and storage room in building
2 Weil McLain Boilers – 1 pump two years old
2 Rheem Ruud 76 gallon commercial hot water heaters

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