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Historic multi-family investment opportunity in downtown Luverne, MN, located 30 miles East of Sioux Falls, SD. Property was built as a school in 1925 and converted to 37 condominiums in 2000. This 75,000 SF building encompasses an entire city block! The property is set up as an LLC with 37 individual parcel ID's and an HOA for flexible ownership opportunities including seller retaining possible partial ownership of several units. New owner could continue operating as a rental property or sell off individual condominiums. Condo/Apartment Info: 1 studio (600 SF) 10 - 1BR (798 SF) 22 - 2BR (839 SF) 4 - 3 BR (1002 SF) Additional income from on-site laundry and garage unit rentals. 63 total parking spaces - 24 detached garage units and 39 paved parking spaces There is room on the 2.21 acre parcel to expand rental units, garages or other amenities. Approximately 30% of the Luverne population are renters and have an average median income of $41,179. City population has grown 3% between 2000 - 2010. City Centre Apartments provides safe, well-maintained, affordable housing for tenants ranging from families to the elderly. Tenants are responsible for their own cable, internet, electric and heat. A professional management company takes care of all renter applications, collecting rent, AP and AR, monthly rent roll and P&L reports, maintenance, lawn care and snow removal. There is a property manager that is on call 24 hours/day and lives very close to the property. This is truly a "hands off" investment for an owner who wants to be almost entirely absentee.
2019 Rental Income = $237,762
2019 NOI to absentee owner = $103,523
2020 Rental Income = $221,510
2020 NOI to absentee owner = $80,007
Real Property Included
Could live on-site in an apartment
City Centre Apartments are located in downtown Luverne, MN. Luverne is located approximately 30 miles East of Sioux Falls, SD at the junction of US Hwy 75 and Interstate 90.
Owner wants to complete a 1031 exchange
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