For Sale: Albert Lea MLS# 7104298
Active
$249,900
Multi-family: Fourplex
4 br • 4 ba • Built 1949
2,800 sqft • 0.161 acres
Albert Lea schools
MLS# 7104298
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Property Description
Exceptional 3 Bedroom 4 Bath 4-Plex located on the corner of 7th Street and James Ave. The fourth unit is a commercial space that is currently a laundry service. It was formally a salon and could be converted back to a salon or another apartment. This property has been rented continuously with a solid rental history. Significant remodeling occurred on the property since it was purchased including new roof, medal siding, electric services, mini-splits, paint and some flooring. The property is licensed through the city and the rent is just under $3000/month. The tenants are responsible for paying their own utilities. There is ample parking on the large gravel parking lot and the 3-stall garage.
This turn key property is definitely one to look at.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$249,900
Price per sq ft:
$89
Property Type:
Multi-family
City:
Albert Lea
Garage Spaces:
2
County:
Freeborn
Year Built:
1949
State:
MN
Property Style:
Fourplex
Zip Code:
56007
Interior
Bedrooms:
4
Bathrooms:
4
Finished Area:
2,800 ft2
Living Area:
2,800 ft2
Basement Details:
None
Exterior
Stories:
Two
Garage Spaces:
2
Garage Dimensions:
22x28
Garage Size:
616 ft2
Foundation Size:
1,400 ft2
Foundation Dimensions:
28x50
Handicap Accessible:
None
Heating System:
- Baseboard
- Ductless Mini-Split
Parking Features:
- Carport
- Detached Garage
- Gravel
Lake & Waterfront
Waterfront Present:
N
Lot & Land
Acres:
0.161
Geolocation:
43.636638, -93.365822
Lot Dimensions:
50 x 140
Schools
School District:
241
District Phone:
5073794800
Expenses
Annual Caretaker Expense:
$600
Annual Electric Expense:
$1,800
Annual Fuel Expense:
None
Annual Insurance Expense:
$2,500
Annual Maintenance Expense:
$500
Annual Trash Expense:
$700
Annual Water/Sewer Expense:
$1,168
Tenant Expenses:
Electricity
Financial & Taxes
Tax Year:
2026
Annual Taxes:
$3,584
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$5,652
Income
Annual Gross Income:
$34,920
Rent
Annual Net Income:
$15,690
Units
Total Units:
4
Miscellaneous
Fuel System:
Electric
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Water System:
City Water/Connected
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Local Home Mortgage Professionals
Eric Bloomstrand
Branch Sales Manager
Fairway Home Mortgage NMLS#274211
612-961-2600
Eric Bloomstrand is a Branch Sales Manager at Fairway Home Mortgage with 30+ years of experience in the mortgage banking services industry. Eric has extensive skills in construction loans, FHA financing, VA loans, USDA, and first-time buyer down payment assistance programs. He is a well-qualified finance professional with a Bachelor of Science focused in Finance and Marketing from Minnesota State University, Mankato. Helping individuals acquire their dream home is his passion.
Connect with Eric today to get started with your home purchase!
Listing provided by RMLS,
courtesy of Keller Williams Premier Realty.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.