a Berkshire Hathaway affiliate

$1,350,000

109 E Luverne Street, Luverne, MN 56156


109 E Luverne Street Luverne, MN 56156

Active Contingent MLS# 7025750

Commercial

Data current as of {{getLocalTime('2021-05-11T11:20:36Z')}}

Details

for 109 E Luverne Street

MLS# 7025750

Description for 109 E Luverne Street, Luverne, MN, 56156


Historic multi-family investment opportunity in downtown Luverne, MN, located 30 miles East of Sioux Falls, SD. Property was built as a school in 1925 and converted to 37 condominiums in 2000. This 75,000 SF building encompasses an entire city block! The property is set up as an LLC with 37 individual parcel ID's and an HOA for flexible ownership opportunities including seller retaining possible partial ownership of several units. New owner could continue operating as a rental property or sell off individual condominiums. Condo/Apartment Info: 1 studio (600 SF) 10 - 1BR (798 SF) 22 - 2BR (839 SF) 4 - 3 BR (1002 SF) Additional income from on-site laundry and garage unit rentals. 63 total parking spaces - 24 detached garage units and 39 paved parking spaces There is room on the 2.21 acre parcel to expand rental units, garages or other amenities. Approximately 30% of the Luverne population are renters and have an average median income of $41,179. City population has grown 3% between 2000 - 2010. City Centre Apartments provides safe, well-maintained, affordable housing for tenants ranging from families to the elderly. Tenants are responsible for their own cable, internet, electric and heat. A professional management company takes care of all renter applications, collecting rent, AP and AR, monthly rent roll and P&L reports, maintenance, lawn care and snow removal. There is a property manager that is on call 24 hours/day and lives very close to the property. This is truly a "hands off" investment for an owner who wants to be almost entirely absentee. 2019 Rental Income = $237,762 2019 NOI to absentee owner = $103,523 CAP Rate = 6.5%

Listing Information


Property Type: Commercial

Status: CONTNGNT-OTHER

Lot Size:

Square Feet:

Year Built: 1925

Foundation: 75,000 sq ft

Garage: No

Stories:

Construction: Concrete Block,Steel

Property Attached: No

Date Available:

Model Home:

Development:

Completion date:

Subdivision:

Builder:

Foundation:

Current Use:

Background Check: No

Furnished:

Smoking Permitted: No

In Foreclosure: No

Lender Owned: No

Potential Short Sale: No

Auction: No

County: Rock

Days On Market: 179

HERS Score:

Construction Status:

School Information


District: LuVerne #2184

Elementary:

Middle:

High:

Interior Features


Square Footage above:

Square Footage below:

Flooring:

Accessibility: Wheelchair Ramp, Elevator

Additional Interior Features: Elevator, Security System, Smoke Detectors

Utilities


Water: City

Sewer: City

Available Utilities:

Other Utilities:

Cooling: Ductless Unit

Heating: Electric, Forced Air

Exterior / Lot Features


Parking Spaces: 63

Parking Description: Detached Garage, Driveway - Asphalt, Contract Parking Required

Exterior: Brick

Roof: Rubber

Lot View:

Lot Dimensions:

Farm Type:

Crop Type:

Zoning:

Additional Exterior/Lot Features: Sprinkler System, Road Frontage - City Street

Soil Type:

Tillable Acres:

Driving Directions


City Centre Apartments are located in downtown Luverne, MN. Luverne is located approximately 30 miles East of Sioux Falls, SD at the junction of US Hwy 75 and Interstate 90.

Financial Considerations


Other Deposit Fees:

Covenants/Deed Restrictions:

Terms: Cash,Conventional,Other (L)

Tenant Pays: Broadband,Cable TV,Electric,Fuel

Owner Pays: Janitorial,Lawn,Maint./Repair,Snow,Trash,Water/Sewer,Association Fee

Ownership Type:

Tax/Property ID: 20-1696-101

Tax Amount: $11,878

Tax Year: 2019

HomeStead Description:

Sales History

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Schools nearby 109 E Luverne Street

Schools in attendance boundaries Grades Distance SchoolDigger® Rating i
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The schools shown represent both the assigned schools and schools by distance based on local school and district attendance boundaries. Attendance boundaries change based on various factors and proximity does not guarantee enrollment eligibility. Please consult your real estate agent and/or the school district to confirm the schools this property is zoned to attend. Information is deemed reliable but not guaranteed.

SchoolDigger® Rating

The SchoolDigger rating system is a 1-5 scale with 5 as the highest rating. SchoolDigger ranks schools based on test scores supplied by each state's Department of Education. They calculate an average standard score by normalizing and averaging each school's test scores across all tests and grades.

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Status Definitions

For sale: Properties which are available for showings and purchase

Active contingent: Properties which are available for showing but are under contract with another buyer

Pending: Properties which are under contract with a buyer and are no longer available for showings

Sold: Properties on which the sale has closed.

Coming soon: Properties which will be on the market soon and are not available for showings.

Contingent and Pending statuses may not be available for all listings