4011 4th St Lake Park, MN $ 899,000
4011 4th St
$ 899,000
New Construction
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4011 4th St

Lake Park, MN, 56554
$ 899,000
Baths0.0 Sq 11,928

Monthly Estimate*

$ 6,280

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Studio

Commercial Property for sale in Lake Park, MN

for $899,000. This 11,928 square foot building was built in 1968 on a lot size of 0.52.

What a great investment opportunity in the City of Lake Park! Welcome to Park Terrance Apartments, a 12-plex building located between Detroit Lakes, MN and Fargo, ND. Featuring 11-2bed/1bath units, 1-1bed/1 bath unit, 6 garage stalls and parking lot, shared/coin-op laundry in the lower level, common interior hallways, and more. Each 2nd and 3rd floor unit has a balcony, and two of the lower-level units have a walk-out patio. Over half of the units have been updated (2 current vacancies under construction). The roof was replaced about 10 years ago. New common water heater (5 years old). Laundry updates underway. Plenty of Upside with current market rates, garage stall income, and coin-op laundry. Book your showing today! 48 hr notice required.

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Commercial Active

Price

$ 899,000

Bedrooms

Studio

Property Type

Commercial

Taxes

$ 6,302

Style

Apartment

Lot Size

0.52

Year Built

1968

Town/City

Lake Park

County/Region

Becker

MLS | Web ID

6467604

Features
General
Sewer City Sewer/Connected
Heating Baseboard
Cooling Wall Unit(s)
Utilities Electric Separate Hot Water Common
Roof Age Over 8 Years Flat Rubber
Garage Spaces 6
Construction Materials Brick/Stone
Year Built 1968
Tenant Pays Cable TV Electricity
Levels Two
Property SubType Apartment
Tax Year 2023
Current Use Residential
Gross Income 111600
Accessibility None
County Becker
Net Operating Income 78985.32
Operating Expense 32614.68
Insurance Expense 6000
Property Type Commercial Sale
Association Amenities Coin-op Laundry Owned
Contingency None
Subdivision Name Canfields 1st Add
Directions From Hwy 10 in Lake Park Drive North on Second St and Turn Left on Hawley St. Drive 2 Blocks to apartment building on left.
City Lake Park
Buyer Agent Compensation 2.25
High School District Lake Park-Audubon Schools
Zoning Description Business/Commercial Residential-Multi-Family
Total Units 12
Street Name 4th St
Land Lease Y/N N
Tax Annual Amount 6302
Electric Expense 2259.18
Fuel Expense 0
Trash Expense 2400
Water Sewer Expense 11000
Additional Parcels Y/N N
Virtual Tour https://player.vimeo.com/video/894722805?badge=0&autopause=0&player_id=0&app_id=58479
Days on Market 75
Standard Status Active
Lender Owned No
Buyer Agent Compensation Type %
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Exterior
Parking Features Detached Guest Parking Parking Lot Paved
Water Source City Water/Connected
Inclusions Building Fixture/Equipment Leases
Lot Size Area 0.52
Building Area Total 11928
Lot Dimensions 150x150
Lot Size Units Acres
Foundation Area 3976
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Interior
Basement (Y/N) N
Fuel Electric Natural Gas
Garage Dimensions 22x63
Garage Square Feet 1386
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Internal Only
Street Number 1 4011
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* Excluded Features
List By
The Real Estate Company Of Detroit Lakes

Broker

cnord@mnlakesrealtor.com

Email

Affordability Calculator

$6,805
Per Month
92%
8%
0%
Monthly Principal & Interest
$6,280
Monthly Property Taxes
$525
Monthly Home Insurance
--
Default based on a 30-year fixed rate of 7.49% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
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Nearby
3406058 Elementary School
3406057 Middle School
Unknown High School High School
Pricing History
DatePricePrice ChangeDescription
12/15/2023$899,000 Listed Price

Map


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4011 4th St, Lake Park, MN, 56554 is a Commercial Property for sale at $899,000 with 11,928 sqft and a lot size of 0.52. 4011 4th St is a studio with 0.0 baths and was built in 1968. The property's zip code is 56554 which is in Lake Park, MN