Property Listing
Description
VALUE-ADD! 23-unit apartment property in growing western suburb of Lake Minnetonka. Charming side-by-side buildings with new pitched roofs, gutters, AC-Smith water heaters, and common area lights. New boilers in 2018, hot water baseboards individually controlled via in-unit thermostats. We just began rolling out RUBS, where tenants are responsible for heat, water/sewer, and trash use, 4 units so far and plan was to continue to 100% implementation as units turn. Separate electric with in-unit breakers paid directly by tenants. 2009 Commerce has 12 units and was built in 1963. 2017 Commerce has 11 units and was built in 1970. Eight studios with current average rent $818 (proforma $995), 15 one bedroom units with current average rent $905 (proforma $1,125). Many long-term residents. 11 units have been updated. Significant upside remaining; current ownership must sell as part of a 1031. Price and surety of close important. Neighboring properties provide potential for future development. Demand vs supply and demographics very strong. Nearby Mound Westonka ranks #12 in MN. Main intersection of Commerce and Shoreline Drive including Jubilee (grocery), Walgreens, Carbone's Pizzeria Bar and Grille, Anytime Fitness, True Value Hardware, expanding park and plaza with connecting Dakota Rail Trail, public parking ramp and transit center, Ice Arena... and more, less than 0.5 miles away. Great opportunity!
Property Information
Status: Active
Sub Type: ********
List Price: $2,650,000
MLS#: 6627694
Current Price: $2,650,000
Address: 2009 Commerce Boulevard, Mound, MN 55364
City: Mound
State: MN
Postal Code: 55364
Geo Lat: 44.942583
Geo Lon: -93.666402
Subdivision: Mound Shores
County: Hennepin
Property Description
Year Built: 1963
Lot Size SqFt: 24829.2
Gen Tax: 28383
Specials Inst: 0
High School: ********
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Total SqFt.: ********
Style: ********
Total Bedrooms: 1
Total Bathrooms: 1
Total Full Baths: ********
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Garage Stalls: 0
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Property Features
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Lot Feat/Fld Plain: Array
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