$750,000
$600,000
25.0%For more information regarding the value of a property, please contact us for a free consultation.
1.24 Acres Lot
SOLD DATE : 06/21/2023
Key Details
Sold Price $750,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
Subdivision Replat W View Acres 1St Add
MLS Listing ID 6337529
Sold Date 06/21/23
Year Built 1983
Annual Tax Amount $37,096
Tax Year 2022
Contingent None
Lot Size 1.240 Acres
Acres 1.24
Lot Dimensions 232x232
Property Description
Once in a life time opportunity to buy a 24 unit complex. This is a USDA loan program complex which means the buyer would be purchasing the current partnership that owns the complex and would have to keep the partnership until 2034 when the mortgage is paid off and you would have complete control over the buildings and rent. Currently the federal government controls the rent which is between $620-772 for a one bedroom and $655-$812 for a two bedroom. There is a reserve fund that will also go with the partnership. Current balance is $180,000 and can only be used to improve the buildings and complex. After the 2034 the funds become the property of the owner.
Location
State MN
County Dakota
Zoning Residential-Multi-Family
Interior
Heating Baseboard
Cooling Wall Unit(s)
Fireplace No
Exterior
Garage Assigned, Asphalt, Paved
Utilities Available Electric Separate, Heating Separate
Present Use Residential
Parking Type Assigned, Asphalt, Paved
Building
Foundation 12470
Sewer City Sewer/Connected
Water City Water/Connected
Structure Type Brick/Stone,Wood Siding
Schools
School District Farmington
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