Listing Courtesy of: Charlie Hornig - Lakes Sotheby's International Realty
952-230-3101
$2,650,000
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2009 Commerce Boulevard Mound, MN 55364
Low-Rise
Residence
Beds
Baths
...
Bed/Bath
16,324
Sq. Ft.
Property Activity
Time on Site
days
Days on Market
Views
Saves
VALUE-ADD! 23-unit apartment property in growing western suburb of Lake Minnetonka. Charming side-by-side buildings with new pitched roofs, gutters, AC-Smith water heaters, and common area lights. New boilers in 2018, hot water baseboards individually controlled via in-unit thermostats. We just beg...an rolling out RUBS, where tenants are responsible for heat, water/sewer, and trash use, 4 units so far and plan was to continue to 100% implementation as units turn. Separate electric with in-unit breakers paid directly by tenants. 2009 Commerce has 12 units and was built in 1963. 2017 Commerce has 11 units and was built in 1970. Eight studios with current average rent $818 (proforma $995), 15 one bedroom units with current average rent $905 (proforma $1,125). Many long-term residents. 11 units have been updated. Significant upside remaining; current ownership must sell as part of a 1031. Price and surety of close important. Neighboring properties provide potential for future development. Demand vs supply and demographics very strong. Nearby Mound Westonka ranks #12 in MN. Main intersection of Commerce and Shoreline Drive including Jubilee (grocery), Walgreens, Carbone's Pizzeria Bar and Grille, Anytime Fitness, True Value Hardware, expanding park and plaza with connecting Dakota Rail Trail, public parking ramp and transit center, Ice Arena... and more, less than 0.5 miles away. Great opportunity!
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MLS#
6627694
Property Type
Low-Rise
Year Built
1963
Square Feet
16,324
sq. ft
Lot Size
0.57
Stories
2.0
Sewer
City Sewer
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