909 Janson Street, Albert Lea, MN

Dick Ryan | Re/Max Best Commercial IA, IL | dick@dickryan.net | 563-459-4434

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Albert Lea has an assumable (5.5% interest) loan balance of $1,784,000--PITI is $11,679.91/mo which includes an escrow of $1,403/mo for taxes &ins

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Multi-Family, 71 units

offered at $2,350,000

Year Built	Unspecified
Sq Footage	Unspecified
Floors	0
Parking	Car garage
Lot Size	Unspecified
Maint	$2,379 per month

DESCRIPTION

Albert Lea appraised some time ago at $2,250,000 and since then over $70,000 worth of improvements were made. It shows great and the occupancy has been between 98-99%. These units have a great cash flow and are a great investment property.

Photo 1

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PROPERTY FEATURES

Effective February 1, the manager started renting out storage units which previously were not rented

Please note on the projected IE sheet, rents have been raised on renewal leases effective Mar.1st.

The future looks bright due to the shortage of apartments, creating a strong demand

OTHER SPECIAL FEATURES

These apts have a newer gable roof installed over a flat roof on the largest of the three buildings

We have spent a lot of money on new appliances and new carpet

$21,000 worth of blacktop work done has been done recently and some new washers and dryers

Attached garages and a nice courtyard are some nice amenities that this complex offers.

ADDITIONAL LINKS

Walk Score: 54

Mortgage calculator

Website

Contact info:

Dick Ryan

Re/Max Best Commercial IA, IL

dick@dickryan.net

563-459-4434

For sale by agent/broker

Equal Opportunity Housing

Posted: Nov 19, 2009, 12:54pm PST

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