For Sale: Kensington MLS# 6689872
Active
$685,000
Commercial: Apartments
Built 1984
0.35 acres
West Central Area schools
MLS# 6689872
Ask the Agent℠
Ask the Agent℠
Thank You!
An agent will be in contact with you soon to answer your question.
Property Description
Discover the Runestone Grand Apartments, a prime investment opportunity featuring a fully-rented 8-unit apartment building in Kensington, MN. This property comprises seven spacious 2-bedroom, 1-bath units (approx. 875 sq ft each) and one cozy 1-bedroom, 1-bath unit (approx. 550 sq ft). Most units have undergone extensive renovations, showcasing modern appliances, updated flooring, fresh paint, updated plumbing, and lighting. Tenants cover their own electricity and optional internet/cable, while the owner is responsible for water, sewer, trash, and snow removal. Fiber-optic internet is available to each unit. Efficient heating and cooling systems. Low-maintenance steel siding. Each unit features wall-mounted air conditioning and electric baseboard heating (metered separately to each unit). A shared coin-operated laundry facility and off-street parking are available to tenants. Currently generating a gross monthly income of $6, 160. With a list price of $685, 000, the projected cap rate for Runestone Grand is over 8%. This investment offers consistent cash flow in a desirable rental market. Don�??t miss your chance to own a well-maintained apartment complex in West Central MN!
Listing
Listing Status:
Active
Contingency:
None
List Price:
$685,000
Property Type:
Commercial
City:
Kensington
Garage Spaces:
0
County:
Douglas
Year Built:
1984
State:
MN
Property Style:
Apartments
Zip Code:
56343
Subdivision Name:
Original Kensington
Interior
Ranges:
One Per Unit
Refrigerators:
One Per Unit
Basement Details:
Slab
Exterior
Stories:
Two
Garage Spaces:
0
Other Parking Spaces:
11
Air Conditioning:
Wall Unit(s)
Foundation Size:
3,500 ft2
Foundation Dimensions:
70 x 50
Handicap Accessible:
None
Road Responsibility:
Public Maintained Road
Heating System:
Baseboard
Parking Features:
- Assigned
- Parking Lot
Shared Amenities:
Coin-op Laundry Owned
Road Frontage:
- City Street
- Paved Streets
Exterior Material:
Steel Siding
Roof Details:
Asphalt
Lot & Land
Acres:
0.35
Geolocation:
45.7792454477, -95.6931613056
Inclusions:
Building, Fixture/Equipment, Land, Leases
Lot Dimensions:
100, 142, 100, 142
Zoning:
Residential-Multi-Family
Schools
School District:
2342
District Phone:
320-528-2650
Expenses
Annual Caretaker Expense:
None
Annual Electric Expense:
$2,513
Annual Fuel Expense:
None
Annual Insurance Expense:
$3,872
Annual Maintenance Expense:
None
Annual Gross Expense:
$16,381
Annual Trash Expense:
$1,788
Annual Water/Sewer Expense:
$3,622
Tenant Expenses:
Cable TV, Electricity, Insurance
Financial & Taxes
Tax Year:
2025
Annual Taxes:
$4,057
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$5,090
Income
Annual Gross Income:
$71,028
Rent
Annual Net Income:
$64,647
Units
Total Units:
8
Miscellaneous
Current Use:
Residential
Fuel System:
Electric
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
- Electric Common
- Electric Separate
- Heating Separate
- Hot Water Common
Water System:
City Water/Connected
Mortgage Calculator
Use this calculator to estimate your monthly mortgage payment, including taxes and insurance. Simply enter
the price of the home, your down payment and loan term. Property taxes are based on the last
known value for this property or 0.012 of property
price when data is unavailable. Your interest rate and insurance rates will vary based on
credit score, loan type, etc.
This amortization schedule shows how much of your monthly payment will go towards the principle and how
much will go towards the interest.
| Month | Principal | Interest | P&I | Balance |
|---|---|---|---|---|
| Year | Principal | Interest | P&I | Balance |
Listing provided by RMLS,
courtesy of Counselor Realty Inc of Alex.
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.