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For Sale:  Shakopee MLS# 6766095

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Active NEW!
$1,549,000
/mo Edit
Commercial:  Apartments
Built 1970
0.69 acres
Shakopee schools
MLS# 6766095
763-576-8286
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    Property Description

    1409 E Shakopee Ave is a rare opportunity to acquire a stable 10-unit apartment complex in the highly sought after city of Shakopee, MN. The unit mix is nine two-bedroom, one-bath and a unique three-bedroom, one-bath apartment. Long-term owners have kept this asset in perfect condition, with a historically low vacancy rate, and a zero accounts receivable record. The exterior features a classical well tuckpointed Chicago brick look with vinyl replacement windows new in 2016. Apartments are above average square feet compared to the market and have corridor kitchens, eat-in-dining areas, and spacious living rooms with large picture windows. Residents enjoy plenty of extra closet space within the units plus lower level additional storage lockers. Amenities to point out are the newer coin operated washers and dryers, secured keyless entrances for safety, super over-sized parking lot for residents and guests, and close to downtown main street Shakopee with many newer business’s and shoppes. Fully occupied with below market rents that can be raised organically over time in a non rent-controlled community. Newer hot water boiler (2022) and hot water heater (2023) are a bonus for a new owner!! Tours are to be set up through the listing broker Monday - Friday.

    Listing

    Listing Status: Active
    Contingency: None
    List Price: $1,549,000
    Property Type: Commercial
    City: Shakopee
    Garage Spaces: 0
    County: Scott
    Year Built: 1970
    State: MN
    Property Style: Apartments
    Zip Code: 55379
    Subdivision Name: Hesses 1st Add

    Interior

    Ceiling Height: 8-10
    Ranges: One Per Unit
    Refrigerators: One Per Unit
    Appliances Included:
    • Range
    • Refrigerator
    Basement Details:
    • Block
    • Finished
    • Full

    Exterior

    Stories: Three Or More
    Garage Spaces: 0
    Other Parking Spaces: 20
    Air Conditioning: Wall Unit(s)
    Foundation Size: 4,084 ft2
    Handicap Accessible: None
    Road Responsibility: Public Maintained Road
    Heating System:
    • Boiler
    • Hot Water
    Parking Features:
    • Asphalt
    • Parking Lot
    • Paved
    Road Frontage: City Street
    Exterior Material: Brick/Stone
    Roof Details:
    • Age Over 8 Years
    • Asphalt
    • Pitched

    Lot & Land

    Acres: 0.69
    Geolocation: 44.790434, -93.506782
    Inclusions: Building, Land, Leases
    Lot Dimensions: Irregular
    Zoning: Residential-Multi-Family
    Lot Description:
    • Irregular Lot
    • Some Trees

    Farm

    Topography: Level

    Schools

    School District: 720
    District Phone: 952-496-5006

    Expenses

    Annual Caretaker Expense: $6,000
    Annual Electric Expense: $1,000
    Annual Fuel Expense: $4,244
    Annual Insurance Expense: $6,000
    Annual Maintenance Expense: None
    Annual Gross Expense: $48,577
    Annual Trash Expense: $3,081
    Annual Water/Sewer Expense: $5,500
    Tenant Expenses: Electricity

    Financial & Taxes

    Tax Year: 2025
    Annual Taxes: $15,402
    Lender-owned: No
    Assessment Pending: No
    Taxes w/ Assessments: $15,402

    Income

    Annual Gross Income: $164,883

    Rent

    Annual Net Income: $116,306

    Units

    Total Units: 10

    Miscellaneous

    Current Use: Residential
    Fuel System: Natural Gas
    Owner Occupied: No
    Sewer System: City Sewer/Connected
    Available Utilities:
    • Electric Separate
    • Heating Common
    • Hot Water Common
    Water System: City Water/Connected

    Mortgage Calculator

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    Payment:  /mo

    Listing provided by RMLS, courtesy of Apartment Cash Flow, Inc..
    Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.