905 E 5th ST, Blue Earth, MN 56013
905 E 5th ST, Blue Earth, MN 56013
905 E 5th ST, Blue Earth, MN 56013
905 E 5th ST, Blue Earth, MN 56013
905 E 5th ST, Blue Earth, MN 56013
905 E 5th ST, Blue Earth, MN 56013
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Rori Harvet

Rori Harvet

+1(612) 590-3336
$ 419,900
Est. payment | /mo

0.6 Acres Lot

Save
$ 419,900
Est. payment | /mo
Save

0.6 Acres Lot

Key Details

Property Type Commercial

Listing Status Active

Purchase Type For Sale

Subdivision Blue Earth

MLS Listing ID 7015348

Year Built 1955

Annual Tax Amount $4,410

Tax Year 2025

Contingent None

Lot Size 0.600 Acres

Lot Dimensions 145x180

Property Description

The Oaks Apartments are located in an "Opportunity Zone." The Oaks offers a 9.1 Cap Rate, a 5.4 GRM, 10% Cash on Cash 1st year with a 1.25 DSCR loan at a 51% operating expense ratio. There are eleven units with a mix of two studio, three one bedroom, five two bedroom, and one three bedroom apartments. The units are well maintained with all repair and maintenance issues addressed promptly and professionally. The Oaks Apartments offers a low vacancy and turn over rate. There are a few legacy tenants. There is plenty of parking for residents and guests. The coin operated washer and dryer on site are owned by the seller and included in the sale. Low maintenance vinyl and stone exterior with a metal roof. The Oaks runs like a well oiled machine!

The Oaks Apartments was formerly the Beacon Motel.
It was repourposed in the early 2000's.
It has a metal roof and vinyl siding.
Each unit pays their own natural gas and electric billing with individual metering.
Each unit has an electric breaker panel and dedicated furnace.
Ten of the units have central air.
The owner pays water/sewer, water softener rental and salt delivery, garbage, common gas and electric.
There is one set of coin operated washer and dryer. They are owned by the seller and included with the sale. The laundry room is set up for two washing machines and two dryers.
The owner pays for hot water. There are two water heaters. One is gas and one is electric.

Location

State MN

County Faribault

Zoning Residential-Multi-Family

Interior

Heating Forced Air

Inclusions Building, Land, Leases

Fireplace No

Exterior

Parking Features Parking Lot

Utilities Available Electric Separate, Heating Separate, Hot Water Common

Present Use Residential

Building

Foundation 6531

Sewer City Sewer/Connected

Water City Water/Connected

New Construction false

Schools

School District Blue Earth Area Schools

Listed by Kevin Goettl • RE/MAX Results

Schools and Properties Nearby

Rori Harvet

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+1(612) 590-3336

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905 E 5th ST