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For Sale:  Albert Lea MLS# 6765157

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Active Lender Owned
$197,900
/mo Edit
Multi-family:  Four Plex
Built 1915
2,322 sqft • 0.14 acres
Albert Lea schools
MLS# 6765157
763-576-8286
Open House
         1p - 3p
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    Property Description

    Fantastic 4-Plex Investment Opportunity! This well-maintained 4-unit property is a rare find for both seasoned investors and owner-occupants alike. Live in one apartment and let the rental income cover your mortgage, or simply enjoy steady cash flow from a fully rented building with long-term tenants. Property Highlights: • Solid investment with established tenants and consistent rental history • Roof less than 10 years old, cedar siding, and newer landscaping • Ample off-street parking, two decks, and attractive curb appeal • Located in a revitalized neighborhood with continued growth potential Financials: • Estimated Rental Income: $2, 325/month ($27, 900/year) • Estimated Expenses: $925/month ($11, 100/year) • Net Income Potential: $1, 400/month ($16, 800/year) Current Units & Tenants: • Apt 1: $475/month – Upstairs Efficiency – 13-year tenant • Apt 2: $575/month – Upstairs 1 Bed/1 Bath – 1-year tenant • Apt 3: $575/month – Main 1 Bed/1 Bath – 4-year tenant • Apt 4: $700/month – Main 1 Bed/1 Bath – currently owner-occupied Apartment Features: • All units include window A/C and appliances • Utilities (electric, gas, water, garbage, satellite) included in rent • Basement with sump pump, water heater, and furnace Owner’s Apartment (Apt 4): Beautifully updated 1 bed/1 bath unit featuring: • Kitchen with pantry, stainless steel fridge, range, and dishwasher • Stackable washer/dryer hookups • Enclosed dog door with access to large outdoor kennel • Spacious dining & living areas, full bath with tub/shower • Gorgeous original woodwork, front & back entrances, and private deck • A must-see home full of character! Additional Details: • Buyer to pay closing costs Don’t miss this opportunity to own a strong income-producing property with long-term stability and the option for owner occupancy.

    Listing

    Listing Status: Active
    Contingency: None
    List Price: $197,900
    Price per sq ft: $85
    Property Type: Multi-family
    City: Albert Lea
    Garage Spaces: 0
    County: Freeborn
    Year Built: 1915
    State: MN
    Property Style: Four Plex
    Zip Code: 56007
    Subdivision Name: Morins Add

    Interior

    Finished Area: 2,322 ft2
    Living Area: 2,322 ft2
    Basement Details:
    • Block
    • Owner Access
    • Storage Space
    • Sump Basket
    • Sump Pump
    • Unfinished
    • Walkout

    Exterior

    Stories: Two
    Garage Spaces: 0
    Foundation Size: 1,184 ft2
    Handicap Accessible: None
    Heating System: Forced Air
    Exterior Material: Cedar
    Roof Details: Asphalt

    Lot & Land

    Acres: 0.14
    Geolocation: 43.645722, -93.372925
    Lot Dimensions: 50 x 120

    Schools

    School District: 241
    District Phone: 507-379-4800

    Expenses

    Annual Caretaker Expense: None
    Annual Electric Expense: $1,500
    Annual Fuel Expense: $1,800
    Annual Insurance Expense: $1,788
    Annual Maintenance Expense: None
    Annual Gross Expense: $9,312
    Annual Trash Expense: $360
    Annual Water/Sewer Expense: $720

    Financial & Taxes

    Tax Year: 2025
    Annual Taxes: $2,407
    Lender-owned: Yes
    Assessment Pending: No
    Taxes w/ Assessments: $2,832

    Income

    Annual Gross Income: $27,900

    Units

    Total Units: 4

    Miscellaneous

    Fuel System: Natural Gas
    Sewer System: City Sewer - In Street
    Water System: City Water - In Street

    Mortgage Calculator

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    Payment:  /mo

    Local Home Mortgage Professionals

    Eric Bloomstrand
    Branch Sales Manager
    Fairway Home Mortgage    NMLS#274211
    612-961-2600
    Eric Bloomstrand is a Branch Sales Manager at Fairway Home Mortgage with 30+ years of experience in the mortgage banking services industry. Eric has extensive skills in construction loans, FHA financing, VA loans, USDA, and first-time buyer down payment assistance programs. He is a well-qualified finance professional with a Bachelor of Science focused in Finance and Marketing from Minnesota State University, Mankato. Helping individuals acquire their dream home is his passion.
    Connect with Eric today to get started with your home purchase!

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    Listing provided by RMLS, courtesy of LandProz Real Estate, LLC.
    Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.