4011 4Th St, Lake Park, MN 56554

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.