2,322 SqFt
2,322 SqFt
Key Details
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Active
Purchase Type For Sale
Square Footage 2,322 sqft
Price per Sqft $85
Subdivision Morins Add
MLS Listing ID 6765157
Year Built 1915
Annual Tax Amount $2,407
Tax Year 2025
Contingent None
Lot Size 6,098 Sqft
Acres 0.14
Lot Dimensions 50x120
Property Sub-Type Quadruplex
Property Description
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.
Location
State MN
County Freeborn
Rooms
Basement Block, Owner Access, Storage Space, Sump Basket, Sump Pump, Unfinished, Walkout
Interior
Heating Forced Air
Fireplace No
Exterior
Roof Type Asphalt
Building
Story Two
Foundation 1184
Sewer City Sewer - In Street
Water City Water - In Street
Level or Stories Two
Structure Type Cedar
New Construction false
Schools
School District Albert Lea
Others
Special Listing Condition Real Estate Owned
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REALTOR® | Lic# 20504253