314 County Rd Rockville, MN 56369

Property Details for 314 County Rd

Year built

1969

Lot size

1.30 lot acres

Property size

14,976 SF

Property type

Apartment buildings

Description

This exceptional 16-unit apartment building presents a compelling investment opportunity in Rockville, Minnesota. Situated on a 1.3-acre lot at 314 County Road 8, this property enjoys a prime location on the edge of town, offering residents a tranquil setting adjacent to a park and surrounded by farmland. The property's convenient proximity to Cold Spring, Interstate 94, and the larger St. Cloud metropolitan area ensures strong tenant demand. The complex comprises two 1970s brick buildings, featuring twelve two-bedroom units and four one-bedroom units. Current average rents stand at $775 for two-bedroom units and $650 for one-bedroom units, with market rates significantly higher at approximately $900 and $750 respectively, presenting immediate upside potential. The property boasts a long history of low vacancy rates, further enhancing its investment appeal. Numerous recent upgrades have been implemented, including new architectural shingles, vinyl windows, and interior renovations in approximately half of the units. These updates encompass new flooring, paint, kitchens, appliances, bathrooms, and fixtures, as showcased in the provided photographs. Two new sets of coin-operated washer/dryer units generate additional income streams. The owner covers heating (hot water boiler), water, sewer, garbage, snow removal, and lawn care. Tenants are responsible for electric heat (16 separate meters) and air conditioning (60-amp fuses). Six garage stalls and a blacktop parking lot provide ample parking for residents. The property benefits from professional management, ensuring smooth operations and consistent income generation. With its strong occupancy, attractive location, and significant upside potential, this property represents a rare opportunity for discerning investors. The total square footage is 14,976.

Location Insight

City

Rockville

County

Stearns

State

Minnesota

Longitude

-94.3486

Latitude

45.4687