109 Luverne St Luverne, MN 56156
- Apartment buildings
- 25,000 SF
- 2.22 lot acres
Current Use by Public Records
- City Centre Apartments / Apartment Building
Property Details for 109 Luverne St
- Year built
- 1925
- Lot size
- 2.22 lot acres
- Property size
- 25,000 SF
- Property type
- Apartment buildings
Description
This exceptional multifamily investment opportunity presents 15 units within the City Centre Condo building in Luverne, Minnesota. Located at 109 E Luverne St, Units 329-336, this property offers a compelling 9.00% cap rate and a strong net operating income (NOI) of $41,310. The asking price is $459,000, translating to $18.36 per square foot and $30,600 per unit. The building, constructed in 1925, comprises a single, one-story structure situated on a 2.218-acre lot. The total square footage is 25,000, encompassing a mix of 1.5 and 2-bedroom units. Residents enjoy access to a full-size gymnasium, a community room, shared coin laundry facilities, and an elevator. The property's prime location offers proximity to local amenities, including restaurants, shops, businesses, Luverne City Park, and the Rock River. This well-maintained building presents a rare opportunity to acquire a profitable multifamily asset in a desirable location. The building's history as a beautifully renovated historic school building adds unique character and appeal.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Luverne
- County
- Rock
- State
- Minnesota
- Longitude
- -96.2086
- Latitude
- 43.6568
