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For more information on this property, contact Maureen D. McGarry at 651-222-3456 or maureen@InvestorsRealtyMN.com

523 NW 7th Avenue
Grand Rapids, Minnesota MN 55744
Sold For: $300,000
Listing ID 6130442
Status Closed
Sold Date 10/13/2023
SqFt 3,720
Acres 0.410
Subdivision Grand Rapids Second Div
Year Built 1950

Property Description:

Variance Approved for 7 more units , total of 9 possible units! Great potential in this multifamily apartment building. 17,800 total square feet. Great GR location close to parks, shopping, and amenities. With some sweat equity and vision, this can be a tremendous investment opportunity. 2 units are finished and have been rented for years at $2,750 total per month. Remaining build-out could potentially have 7 more units. View supplement info for renderings on the potential layout. Much of the infrastructure has been completed water/sewer/electric is set up in the building. Zoned LB so some possible commercial applications also.

Primary Features

County: Itasca
Price Reduction Date: 2023-05-02T16:34:11+00:00
Property Sub Type: Apartment
Property Type: Residential Income
Subdivision: Grand Rapids Second Div
Year Built: 1950

Interior

Above Grade Finished Area: 3720
Basement: Block, Concrete, Partially Finished, Unfinished
Heating: Baseboard
Levels: One and One Half
Number Of Units Total: 2

External

Construction Materials: Brick/Stone
Electric: 200+ Amp Service
Foundation Area: 6056
Fuel: Electric
Lot Features: Corner Lot
Lot Size Dimensions: 10725
Lot Size Units: Acres
Parking Features: On-Street Parking Only, Paved
Road Frontage Type: City Street, Street Lights, Storm Sewer
Roof: Asphalt
Sewer: City Sewer/Connected
Water Source: City Water/Connected, City Water - In Street

Location

High School District: Grand Rapids
Postal City: Grand Rapids
Public Survey Range: 25
Public Survey Section: 20
Public Survey Township: 55
School District Number: 318
Zoning Description: Residential-Multi-Family,Other

Additional

Accessibility Features: Doors 36"+
Down Payment Resource: Y
Rental License: no
Yearly/Seasonal: Yearly

Financial

Assessment Pending: No
Contingency: None
Gross Income: 33000
Tax Annual Amount: 5370
Tax With Assessments: 5856.0000
Tax Year: 2021
Tenant Pays: Electricity, Water

Zoning Info


Area Info


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Contact - Listing ID 6130442

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Maureen D. McGarry

1076 West County Rd B, Suite 103
Roseville, MN 55113
United States
Phone: 651-222-3456

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