2009 Commerce Blvd Mound, MN 55364

Property Details for 2009 Commerce Blvd

Year built

1963

Lot size

0.57 lot acres

Property size

16,324 SF

Property type

Apartment buildings

Description

This exceptional 23-unit apartment property, situated on a 0.57-acre lot at 2009 Commerce Boulevard in Mound, Minnesota, presents a compelling investment opportunity. The property boasts 16,324 square feet of living space, housed in charming side-by-side low-rise buildings. Recent upgrades significantly enhance the property's value and appeal, including new pitched roofs, gutters, and AC-Smith water heaters. The common area lighting has also been updated. Heating is provided by hot water baseboards, individually controlled by in-unit thermostats, ensuring tenant comfort and efficiency. New boilers were installed in 2018, further enhancing the property's operational efficiency. Each unit features its own electrical breakers, with tenants responsible for their individual electricity costs. The property's location in a desirable western suburb of Lake Minnetonka offers access to excellent schools and a wealth of amenities. Its proximity to the main intersection of Commerce and Shoreline Drive (less than half a mile) provides convenient access to a variety of businesses, including a grocery store, pharmacy, restaurants, fitness center, hardware store, and more. The area also features an expanding park and plaza with a connecting trail, a public parking ramp, a transit center, and an ice arena. The seller is motivated and is participating in a 1031 exchange, making this a particularly attractive opportunity for qualified investors. Neighboring properties offer potential for future development, adding further long-term value to this already strong investment. The asking price is $2,319,000.

Location Insight

City

Mound

County

Hennepin

State

Minnesota

Longitude

-93.66648

Latitude

44.94258