Property Information:

308 2nd St. SE, Osseo, MN 55369

12-units

10- 2 bed / 1 bath

2 - 1 bed / 1 bath

Year Built: 1960

.26 acres / 11,469sf

 

ASKING PRICE: $1,350,000

 

Story of the sale:

Owner has taken good care of the property since 2015 doing moderate updates as needed.

 

However, a 3rd party property management company took over a few years ago and the expenses have significantly risen to the point where he would like to sell and 1031 exchange into another property.  No seller financing or loan assumption will be considered.  

 

Value-add proposition:

The owner has had excellent historical occupancy and will reflect showing that some tenants that have been living there as far back as 1984.  Thus, increasing rents to market and lowering expenses will dramatically improve the NOI.

 

The property includes 2 washers and 2 drying machines including storage lockers per unit, which there is no additional fee to use the lockers. 

Continuous updates to the units will allow new owner to increase the rents to market.  Additionally, bringing management inhouse will reduce fees and expenses. for a copy of the offering memorandum

 

Feel free to reach out with any question or for link to property photos

 

Email:   David@InvestRealEstate.org

Phone: (612) 718-4444