204 Lake Avenue E Hill City, MN 55748
For Sale MLS# 6786681
8 beds 5 baths 4,096 sq ft Multi-family
Details for 204 Lake Avenue E
MLS# 6786681
Description for 204 Lake Avenue E, Hill City, MN, 55748
Seize this rare opportunity to own a fully occupied 4-plex in Hill City, MN, delivering $33,133 in current annual gross rental income with immediate upside potential. Priced at $365,000, this turnkey property offers a blend of stability, recent updates, and future income growth for savvy investors.Each spacious unit features 2 bedrooms and 1 bath (one unit includes 2 baths), averaging 1,000 sq ft per unit. With long-term tenants in place and one unit currently renting at $600 while others achieve up to $900, there is built-in opportunity for rent increases to boost returns.Key updates provide peace of mind for investors:All units feature new water heatersNew water softener serving all unitsFresh paint, carpet, and flooring in Units 1 & 3Updated electrical in Units 1 & 3Every unit equipped with a washer & dryer hook upTenants pay their own electric, cable, and internet, while the landlord covers city water/sewer, lawn care, snow removal, garbage, exterior maintenance, and insurance — keeping property management simple and predictable.The property sits in a prime Hill City location just 2 blocks from Hwy 169, one block from Hill Lake, and ½ mile from Hill City High School, ensuring consistent tenant demand and long-term value growth.Whether you're looking to add stable cash flow to your portfolio or seeking a turnkey property with built-in rent growth, this 4-plex checks all the boxes.
Listing Information
Property Type: Multi-family, Four Plex
Status: Active
Bedrooms: 8
Bathrooms: 5
Lot Size: 0.56 Acres
Square Feet: 4,096 sq ft
Year Built: 1985
Foundation: 4,096 sq ft
Stories: 2 Stories
Subdivision: Bucks Add
Number Of Units Total: 4
County: Aitkin
Days On Market: 163
Construction Status: Previously Owned
School Information
District: 2 - Hill City
Interior Features
Square Footage above: 4,096 sq ft
Accessibility: No Stairs Internal
Utilities
Water: City Water/Connected
Sewer: City Sewer/Connected
Heating: Electric, Baseboard
Exterior / Lot Features
Parking Description: Driveway - Gravel, Garage Sq Ft - 0.00
Exterior: Vinyl
Roof: Age Over 8 Years, Asphalt Shingles
Lot Dimensions: 175x140
Zoning: Residential-Multi-Family
Additional Exterior/Lot Features: Road Frontage - City
Community Features
Association Amenities: Deck, Patio
Unit Information
Unit 1 Units Total: 3
Unit 1 Actual Rent: 950
Unit 1 Baths Total: 1
Unit 1 Beds Total: 2
Unit 1 Rooms Total: 6
Unit 2 Units Total: 1
Unit 2 Actual Rent: 600
Unit 2 Baths Total: 2
Unit 2 Beds Total: 2
Unit 2 Rooms Total: 6
Driving Directions
Off 169 take right on Lake Ave, two blocks down on right.
Financial Considerations
Tenant Pays: Cable T.V.,Electric,Heat
Owner Pays: Insurance,Lawn,Maintenance/Repair,Snow,Taxes,Trash
Gross Income: 33133
Tax/Property ID: 571027200
Tax Amount: 2868
Tax Year: 2025
HomeStead Description: Non-Homesteaded
A broker reciprocity listing courtesy: Woods to Water Real Estate
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity℠ Program of the Regional Multiple Listing Service of Minnesota, Inc. Real estate listings held by brokerage firms other than Edina Realty, Inc. are marked with the Broker Reciprocity℠ logo or the Broker Reciprocity℠ thumbnail and detailed information about them includes the name of the listing brokers. Edina Realty, Inc. is not a Multiple Listing Service (MLS), nor does it offer MLS access. This website is a service of Edina Realty, Inc., a broker Participant of the Regional Multiple Listing Service of Minnesota, Inc. IDX information is provided exclusively for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Open House information is subject to change without notice. Information deemed reliable but not guaranteed.
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Payment Calculator
Interest rate and annual percentage rate (APR) are based on current market conditions, are for informational purposes only, are subject to change without notice and may be subject to pricing add-ons related to property type, loan amount, loan-to-value, credit score and other variables. Estimated closing costs used in the APR calculation are assumed to be paid by the borrower at closing. If the closing costs are financed, the loan, APR and payment amounts will be higher. If the down payment is less than 20%, mortgage insurance may be required and could increase the monthly payment and APR. Contact us for details. Additional loan programs may be available. Accuracy is not guaranteed, and all products may not be available in all borrower's geographical areas and are based on their individual situation. This is not a credit decision or a commitment to lend.
Sales History & Tax Summary for 204 Lake Avenue E
Sales History
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Tax Summary
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Data powered by ATTOM Data Solutions. Copyright© 2026. Information deemed reliable but not guaranteed.
Schools
Schools nearby 204 Lake Avenue E
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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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