4011 4Th St Lake Park, MN 56554

Property Details for 4011 4Th St

Year built

1968

Lot size

0.52 lot acres

Property size

11,928 SF

Property type

Apartment buildings

Description

This exceptional 12-unit apartment building presents a compelling investment opportunity in Lake Park, Minnesota, ideally situated between Detroit Lakes and Fargo. The property, boasting 11,928 square feet on a 0.52-acre lot, comprises a two-story building constructed in 1968 with significant renovations completed in 2022 and 2023. The building features 11 two-bedroom/one-bathroom units and one one-bedroom/one-bathroom unit, providing a diverse rental mix. Residents enjoy amenities such as balconies (second and third-floor units) and walk-out patios (two lower-level units), along with a shared coin-op laundry facility currently undergoing updates. Ample parking is available with 27 spaces, including six garage stalls. The property benefits from a 100% occupancy rate as of January 30, 2024, generating a current NOI of $84,128 and a pro-forma NOI of $96,128, reflecting a 9.36% cap rate and a pro-forma cap rate of 10.69%, respectively. Recent improvements include a new common water heater (installed five years ago) and a roof replacement approximately ten years prior. The asking price is $899,000, translating to $75.37 per square foot and $74,916.67 per unit. The seller is offering a $10,000 credit towards the buyer's closing costs. The property is zoned for both business/commercial and residential multi-family use, offering potential for future expansion or diversification. This core+ investment presents significant upside potential through market rate adjustments, garage stall rental income, and the coin-op laundry facility. The property's strong performance and recent upgrades make it an attractive addition to any investment portfolio.

Location Insight

City

Lake Park

County

Becker

State

Minnesota

Longitude

-96.0976

Latitude

46.8895