Current Use by Public Records
- Albertson Lake mobile home community / Housing Society
Property Details for 512 Balsam Ave
- Lot size
- 10.41 lot acres
- Property type
- Mobile home & RV parks
Description
Exceptional investment opportunity in Frazee, Minnesota, this Class B mobile home park boasts 31 lots on 10.41 acres, including 11 owner-occupied trailers and the remainder generating lot rent. Recently updated infrastructure includes city water and sewer lines, and an asphalt paved road, all completed in 2022. The property also features a 30x30 shop with a full basement, and 580 feet of desirable Albertson Lake frontage. The current NOI is $147,562, with a pro-forma NOI of $188,362, resulting in an 8.94% cap rate and a pro-forma cap rate of 11.42%. The asking price is $1,650,000, or $53,226 per pad. This turnkey operation presents a strong cash flow with significant upside potential. The seller is offering a $15,000 credit towards closing costs. The property is zoned for business/commercial use and has the potential for expansion. Financial information is available upon request with a completed non-disclosure agreement and proof of funds or pre-approval letter. This is a rare opportunity to acquire a well-maintained and improved mobile home park in a desirable lakeside location. The property is located at 512 Balsam Ave, Frazee, MN 56544.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Frazee
- County
- Becker
- State
- Minnesota
- Longitude
- -95.693
- Latitude
- 46.7228
